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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04875

Name of Registrant: Royce Value Trust, Inc.

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

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

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


Item 1.  Reports to Shareholders.

                  JUNE 30, 2015                       2015 Semiannual     Review and Report to Stockholders                                               Royce Value Trust             Royce Micro-Cap Trust             Royce Global Value Trust                                                                                                                                                                                                                                       roycefunds.com                        
      A Few Words on Closed-End Funds  
Royce & Associates, LLC manages three closed-end funds: Royce Value Trust, which invests primarily in small-cap securities; Royce Micro-Cap Trust, which invests primarily in micro-cap securities; and Royce Global Value Trust, which invests in both U.S. and non-U.S. small-cap stocks. A closed-end fund is an investment company whose shares are listed and traded on a stock exchange. Like all investment companies, including open-end mutual funds, the assets of a closed-end fund are professionally managed in accordance with the investment objectives and policies approved by the fund’s Board of Directors. A closed-end fund raises cash for investment by issuing a fixed number of shares through initial and other public offerings that may include shelf offerings and periodic rights offerings. Proceeds from the offerings are invested in an actively managed portfolio of securities. Investors wanting to buy or sell shares of a publicly traded closed-end fund after the offerings must do so on a stock exchange, as with any publicly traded stock. Shares of closed-end funds frequently trade at a discount to their net asset value. This is in contrast to open-end mutual funds, which sell and redeem their shares at net asset value on a continuous basis.
 
A Closed-End Fund Can Offer Several Distinct Advantages        
A closed-end fund does not issue redeemable securities or offer its securities on a continuous basis, so it does not need to liquidate securities or hold uninvested assets to meet investor demands for cash redemptions.
       
In a closed-end fund, not having to meet investor redemption requests or invest at inopportune times can be effective for value managers who attempt to buy stocks when prices are depressed and sell securities when prices are high.
       
A closed-end fund may invest in less liquid portfolio securities because it is not subject to potential stockholder redemption demands. This is potentially beneficial for Royce-managed closed-end funds, which invest primarily in small- and micro-cap securities.
       
The fixed capital structure allows permanent leverage to be employed as a means to enhance capital appreciation potential.
       
Royce Value Trust and Royce Micro-Cap Trust distribute capital gains on a quarterly basis. Each of these Funds has adopted a quarterly distribution policy for its common stock.
     
We believe that the closed-end fund structure can be an appropriate investment for a long-term investor who understands the benefits of a more stable pool of capital.
Why Dividend Reinvestment Is Important  
A very important component of an investor’s total return comes from the reinvestment of distributions. By reinvesting distributions, our investors can maintain an undiluted investment in a Fund. To get a fair idea of the impact of reinvested distributions, please see the charts on pages 12 and 13. For additional information on the Funds’ Distribution Reinvestment and Cash Purchase Options and the benefits for stockholders, please see page 14 or visit our website at www.roycefunds.com.
  Managed Distribution Policy  
The Board of Directors of each of Royce Value Trust and Royce Micro-Cap Trust has authorized a managed distribution policy (“MDP”). Under the MDP, Royce Value Trust and Royce Micro-Cap Trust pay quarterly distributions at an annual rate of 7% of the average of the prior four quarter-end net asset values, with the fourth quarter being the greater of these annualized rates or the distribution required by IRS regulations. With each distribution, the Fund will issue a notice to its stockholders and an accompanying press release that provides detailed information regarding the amount and composition of the distribution (including whether any portion of the distribution represents a return of capital) and other information required by a Fund’s MDP. You should not draw any conclusions about a Fund’s investment performance from the amount of distributions or from the terms of a Fund’s MDP. A Fund’s Board of Directors may amend or terminate the MDP at any time without prior notice to stockholders; however, at this time there are no reasonably foreseeable circumstances that might cause the termination of any of the MDPs.










This page is not part of the 2015 Semiannual Report to Stockholders
       
Table of Contents                       Semiannual Review               Letter to Our Stockholders   2           Performance   5                   Semiannual Report to Stockholders               Managers’ Discussions of Fund Performance              

Royce Value Trust

  6          

Royce Micro-Cap Trust

  8          

Royce Global Value Trust

  10           History Since Inception   12  

 

      Distribution Reinvestment and Cash Purchase Options   14  

 

      Schedules of Investments and Other Financial Statements      

 

     

Royce Value Trust

  15  

 

     

Royce Micro-Cap Trust

  30  

 

     

Royce Global Value Trust

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

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

Letter to Our Stockholders

“THE TIME IS OUT OF JOINT”

Anyone reestablishing contact with the wider world at the end of June would no doubt be pleased by the numbers that guide the financial and economic parts of our lives. The economy, following a first-quarter stumble in which GDP is estimated to have grown by 0.6%, appears once again to be growing at a faster clip. One could argue that its pace could be livelier, but healthy employment numbers, improving wages, and robust housing and auto markets would seem to promise a quickening in the coming months. Inflation is, for now, not a matter of great concern. Interest rates remain low—and will remain that way on an absolute basis, even with an increase (or two) in short-term rates likely before the end of 2015. And a Fed-led increase in short rates may cause long-term rates to back up as well, which would be bad news for the bond markets, though perhaps not for stocks.

     One could find positive developments in the equity markets through the first half of the year—or so it would seem. Returns for each of the major domestic indexes were in the black through the end of June, while a welcome recovery finally arrived for many non-U.S. stocks in the year’s first six months. Three- and five-year average annualized returns for the small-cap Russell 2000 Index, the Nasdaq Composite, and the large-cap Russell 1000 and S&P 500 Indexes all topped 17%, well above the rolling three- and five-year historical averages for each index. It would appear that we are living through good times for the economy and possibly great ones for equities.
     Why, then, have we purloined a line from Hamlet to introduce our own take on stocks in the first half, one in which the titular protagonist warns of a troubling dislocation in the world around him? Some of the reasons are clear enough: Positive results for the first half notwithstanding, global equities were rocked by the highly publicized Greek default late in June. On the second-to-last trading day of the first half, many stocks gave away most, if not all, of their second-quarter gains. Markets in China faced arguably even more significant problems, considering how much larger and more important that nation’s economy is to the world compared to that of Greece. Chinese stocks plummeted 30% in the three weeks leading up to our Independence Day, making what seemed like a typical correction in June far more worrisome. A cut in interest rates and more relaxed rules for margin trading—both hastily put in place late in June—did little to stem the tide of selling.

     Closer to home, there is the matter of how thoroughly disjointed results were for domestic equities. Large-cap returns, for example, were paltry—as can be seen from the table on page 3—brought even lower by the Greek drama that ushered out the month of June. Performance for small-caps and the Nasdaq looked appreciably better, but in each case looks are almost assuredly deceiving. Health Care was by far the dominant sector in every market cap range, from micro to large, that Russell Investments tracks. Yet the rule in the first half seemed to be the smaller—and more growth-driven—the company, the loftier the results, especially if it was involved in biotech, the industry that has reigned supreme within the Russell 2000 over much of the last two years. This has had the
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LETTER TO OUR STOCKHOLDERS
      effect of creating decidedly narrow market leadership within the small-cap space. Outside of biotech, strong first-half performances were mostly limited to a handful of other Health Care industries, software companies, and a few outliers such as construction materials and tobacco. The small-cap market has thus moved from the tightly correlated markets of 2011-2013 into a new phase of wide divergence and constricted leadership. From our perspective, then, the market is indeed out of joint.

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

     Most notably, there was a positive directional trend dating from the first-half low for the 10-year Treasury on January 30


Equity Indexes
As of June 30, 2015 (%)
        Greek Drama Creates Underwhelming Results—The Greek default late in June eroded gains—giving equities second-quarter results that more closely hugged the flat line. The tech-oriented Nasdaq Composite was the leader, up 1.8%, followed by the small-cap Russell 2000 Index, which finished the quarter with a gain of 0.4%. The large-cap S&P 500 and Russell 1000 Indexes rose 0.3% and 0.1%, respectively.         Long-Term Returns in Excess—Both large-cap and small-cap indexes’ three- and five-year average annual total returns for the periods ended 6/30/15 were above 17%, well in excess of each index’s historical average.         Healthy and Informed—Health Care and Information Technology were the best performing sectors in the Russell 2000 year-to-date through 6/30/15—the former led by a wide margin—while Utilities and Materials were the worst performers in the year’s first half.             YTD1   1-YR   3-YR   5-YR   10-YR     Russell 2000   4.75   6.49   17.81   17.08   8.40     S&P Small Cap 600   4.15   6.70   18.81   18.44   9.28     S&P 500   1.23   7.42   17.31   17.34   7.89     Russell 1000   1.71   7.37   17.73   17.58   8.13     Nasdaq Composite   5.30   13.13   19.33   18.78   9.26     Russell Midcap   2.35   6.63   19.26   18.23   9.40     Russell Microcap   6.03   8.21   19.25   17.48   7.07     Russell Global ex-U.S. Small Cap   7.74   -3.46   11.35   8.99   7.07     Russell Global ex-U.S. Large Cap   4.23   -5.02   9.96   8.13   5.80     1Not annualized For details on The Royce Funds’ performance in the period, please turn to the Managers’ Discussions that begin on page 6.
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LETTER TO OUR STOCKHOLDERS  
through the end of the first half. During this period, which included the bearish month of April, we were pleased with the way many of our portfolios either outperformed their benchmarks or began to narrow the gap. This was very clear during the growth scare engendered by (at the time) negative first-quarter GDP numbers, which led many companies to begin revising their earnings expectations downward. Of course, when it became clear that much of what put a drag on first-quarter numbers was temporary, including such factors as the awful winter weather, the West Coast port strike, and the plunge in oil prices, things began to pick up again fairly quickly, at least for the more speculative areas within Health Care and a few other narrow equity locales.

“THE READINESS IS ALL”
Yet this period also offered a potential preview of how the landscape for stocks will look when short-term interest rates begin to rise—which is likely to be later this year. We see higher rates breeding more uncertainty, be it about inflation, the cost of capital, or a number of other issues. This in turn typically leads to more mispricing in the short run, which creates precisely the opportunities that we crave as risk-conscious bargain hunters. To us, high rates are synonymous with higher risk. A higher-risk environment also tends to benefit quality companies (by which we mean conservatively capitalized, profitable businesses with high returns on invested capital and effective, shareholder-friendly management). So we have no worries about rising rates or greater volatility in the markets. In fact, we welcome both.

        We see quality differentiating itself when risk premiums rise because quality businesses are better businesses—as profitable, financially sound enterprises, they are purpose-built and run to survive periods of higher risk and/or greater uncertainty, which helps to explain why the market of the last several years has seen many of these companies disadvantaged in the easy-money,

  ZIRP environment. In a phase in which few if any of the traditional penalties were paid for larding leverage onto corporate balance sheets, there were also scant advantages that have historically accrued to higher-quality, more conservatively capitalized companies.

        We feel confident that this era is over. Our expectation is for lower returns for stocks as a whole, but relatively better returns for both high-quality companies and more cyclical, less defensive sectors. We suspect that in a few years market observers will look back at 2015—and perhaps the longer span covering 2013-2015—as a hinge period in which the gradual sun-setting of interventionist Fed policies, coupled with the steady growth of the economy, restored the capital markets to something closer to more familiar historical patterns of performance and volatility. This is why we have been patiently holding so many companies in cyclical sectors, such as Industrials, Materials, and, more recently, Energy—they boast many attractive characteristics that the market has not yet fully recognized, a phenomenon we expect will change as the economy heats up. In our estimation their profitability, growth prospects, and reasonable to attractive valuations make them coiled springs. Until then, we wait.

        To be sure, it has been a cycle of, at times, seemingly endless challenges for our active and risk-conscious approaches. Our collective patience has been sorely tested as we have waited (and waited) for many of our highest-confidence holdings to turn around. Of course, transitions are never easy, and the turn we have been anticipating has taken longer, after a few false starts, than any of us initially anticipated. Change, however, can take time—and we are often aware that a dramatic turn has occurred only in retrospect. We are content, then, to continue investing in the same way that we have for more than four decades—with a close eye on risk as we look for the intersection of attractive valuation and organic growth potential.

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

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

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    MANAGER’S DISCUSSION       Royce Value Trust (RVT)          
Chuck Royce
FUND PERFORMANCE Royce Value Trust (NYSE: RVT) gained 1.7% on an NAV (net asset value) basis and 0.3% on a market price basis for the year-to-date period ended June 30, 2015, lagging each of its unleveraged small-cap benchmarks. For the same period, the Russell 2000 Index rose 4.8% while the S&P SmallCap 600 climbed 4.2%. Equities got off to a slow start in 2015 but soon righted themselves, with a bearish January giving way to solid first-quarter gains that were driven mostly by a strong rebound in February. RVT was up 1.0% on an NAV basis and 2.0% on a market price basis during the first quarter, trailing the Russell 2000, which gained 4.3%, and the S&P SmallCap 600, which advanced 4.0%.

    A similar pattern could be seen in the second quarter, as small-cap share prices stumbled through a downturn in April (when RVT lost less than both small-cap indexes on an NAV and market price basis) before rallying in May. June wound up being a volatile month, though this was not fully felt until its second-to-last day when the Greek default sent global stock prices into a tailspin. On an NAV basis, the Fund felt the brunt less than its benchmarks, which helped to make the second quarter a relatively strong one. RVT was up 0.7% based on NAV but fell 1.7% based on market price, while the Russell 2000 was up 0.4% and the S&P Small Cap 600 rose 0.2%. This was not enough, however, to overcome the portfolio’s first-quarter disadvantage. On an NAV and market price basis, the Fund outperformed the Russell 2000 for the 15-, 20-, 25-year, and since inception (11/26/86) periods ended June 30, 2015 while trailing the S&P SmallCap 600. RVT’s average annual NAV total return for the since inception period was 10.6%.


WHAT WORKED… AND WHAT DIDN’T
On a relative basis versus the Russell 2000, two sectors made a significant negative impact for the semiannual period. Health Care was the clear leader within the small-cap market as a whole, driven by highly impressive results for biotech stocks. The Fund was significantly underweight this sector and had very limited exposure to biotech companies, which hurt relative performance. RVT was slightly overweight in Information Technology during the first half but was also meaningfully underweight in software companies, which dominated overall small-cap returns in a fashion similar to what biotech did in Health Care.

    RVT’s first-half results were also affected by net losses in the Energy and Materials sectors. In the former, the energy equipment & services group had a sizable negative impact while the metals & mining group in Materials detracted most out of all the Fund’s industry groups. Net losses at the position level were relatively modest. ADTRAN manufactures telecommunications networking equipment and internetworking products. We began reducing our position in the first half, primarily due to our frustration with waiting several quarters for revenues from a telecom equipment deal with AT&T to produce revenue. ADTRAN then announced that this project had been effectively scrapped because AT&T was rethinking its capital spending plans. Absent this business, which we thought would be a key revenue driver going forward, ADTRAN’s outlook looked far less attractive relative to other opportunities. We chose to hold our shares of Anixter International as its stock slipped. The company provides security systems and solutions, makes enterprise cabling, and also distributes electrical and electronic wire. Its stock was hurt when the company reduced its organic growth outlook for the year in two of its core distribution businesses—the enterprise cabling and security solutions line and its electronic wire and cable segment. Still, we like its prospects for recovery. We also held shares of another detractor, Qalaa Holdings (formerly Citadel Capital), a leading investment company in Africa and the Middle East. Its stock suffered from fears that lower oil prices would result in a reduction in Egyptian investment by the oil-producing countries of the Persian Gulf.
      Turning to those areas that contributed to first-half returns, Industrials topped all of RVT’s 10 equity sectors and was positive relative to the Russell 2000. Top-contributing positions included The Hackett Group, which offers business consulting and technology implementation services. The firm’s shares moved higher in mid-May following the announcement of sterling results for its fiscal first quarter. Value Partners Group is a Hong Kong-based asset manager. Its stock rose sharply into May before correcting with the decline in Chinese stocks. We were pleased to see growth in its assets under management and improved performance and management fees, all of which helped its earnings. Nautilus, like The Hackett Group a top-10 holding at the end of June, makes branded health and fitness products such as Schwinn, Bowflex, and Nautilus itself. Its stock grew stronger after the firm reported double-digit earnings growth for its fiscal first quarter.  
Top Contributors to Performance
Year-to-Date Through 6/30/15 (%)1
          Hackett Group (The)   0.37   Value Partners Group   0.34   Nautilus   0.33   Insperity   0.18   On Assignment   0.17   1 Includes dividends    
Top Detractors from Performance
Year-to-Date Through 6/30/15 (%)2
          ADTRAN   -0.14   Anixter International   -0.13   Citadel Capital   -0.13   Preformed Line Products   -0.12   Ethan Allen Interiors   -0.11   2 Net of dividends    
CURRENT POSITIONING AND OUTLOOK At the end of June, RVT remained overweight in Industrials, Materials, and Information Technology—substantially so in the first two of the three sectors. Our focus remains on companies that look poised for profit margin expansion as their revenue growth normalizes in concert with a faster-moving U.S. economy.
6 | 2015 Semiannual Report to Stockholders
       
PERFORMANCE AND PORTFOLIO REVIEW   SYMBOLS  MARKET PRICE RVT NAV XRVTX
  Performance                                     Average Annual Total Return (%) Through 6/30/15       JAN-JUN 2015**   1-YR   3-YR   5-YR   10-YR   15-YR   20-YR   25-YR   SINCE INCEPTION (11/26/86)   RVT (NAV)   1.69   -0.49   15.08   13.90   7.34   8.87   10.26   10.77   10.61   *Not Annualized                              

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

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


The Morningstar Style Map is the Morningstar Style 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           Nautilus   1.2   Hackett Group (The)   1.1   Ritchie Bros. Auctioneers   1.1   HEICO Corporation   1.1   On Assignment   1.1   Woodward   0.9   SEI Investments   0.9   Forward Air   0.9   Newport Corporation   0.8   Reliance Steel & Aluminum   0.8  

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

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

Portfolio Diagnostics           Fund Net Assets   $1,224 million   Number of Holdings   503   Turnover Rate   17%   Net Asset Value   $15.85   Market Price   $13.79   Average Market Capitalization1   $1,344 million   Weighted Average P/E Ratio2,3   20.4x   Weighted Average P/B Ratio2   2.6x   Holdings ≥ 75% of Total Investments   159   Active Share4   90%   U.S. Investments (% of Net Assets)   81.8%   Non-U.S. Investments (% of Net Assets)   17.0%   1 Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.   2 Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks.   3 The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (12% of portfolio holdings as of 6/30/15).   4 Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.  
Important Performance and Risk Information All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 6, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to date performance for 2015.
2015 Semiannual Report to Stockholders |  7
       

    MANAGER’S DISCUSSION        Royce Micro-Cap Trust (RMT)          
Chuck Royce
FUND PERFORMANCE For the year-to-date period ended June 30, 2015, Royce Micro-Cap Trust (NYSE: RMT) was down 0.5% on an NAV (net asset value) basis and fell 4.2% on a market price basis, trailing both of its unleveraged benchmarks. The small-cap Russell 2000 Index gained 4.8% while the Russell Microcap Index increased 6.0% for the same period. The Fund got off to a difficult start, losing more than each benchmark during the bearish January and underperforming for the first quarter as a whole—RMT lost 0.8% on an NAV basis and was down 0.6% on a market price basis compared to a gain of 4.3% for the Russell 2000 and an increase of 3.1% for the Russell Microcap in the opening quarter of 2015.

The second quarter was similarly underwhelming. RMT was up 0.3% on an NAV basis but slipped 3.6% based on market price versus respective second-quarter gains of 0.4% and 2.8% for the small-cap and micro-cap indexes. Long-term results offered more encouragement. The Fund outperformed the Russell 2000 on an NAV basis for the three-, 15-, 20-year, and since inception (12/14/93) periods ended June 30, 2015 while also beating the Russell Microcap for the 10- and 15-year periods ended June 30, 2015. (Returns for the Russell Microcap only go back to 2000.) RMT’s average annual NAV total return since inception was 11.2%.

  WHAT WORKED... AND WHAT DIDN’T When comparing the Fund’s results for the semiannual period to those of its benchmarks, three sectors stand out as problem areas—Consumer Discretionary, Health Care, and Information Technology. Only the first of these sectors, however, posted a net loss in the portfolio, mostly due to dismal results for five industries: the diversified consumer services, media, specialty retail, household durables, and textile, apparel & luxury goods groups. Health Care cut both ways in the first half. It led all of the portfolio’s 10 equity sectors by a good-sized margin, yet its performance paled before that area’s results within the Russell 2000 and Microcap indexes. Much of this can be traced to the Fund being significantly underweight the sector as a whole as well as having very little exposure to biotech stocks, which dominated first-half results for both of RMT’s benchmarks. Most biotech companies, however, lack the fundamental attributes we seek in our holdings. While Information Technology showed a net gain in the Fund for the first half, it also came up short versus that same sector’s results in the small-cap and micro-cap indexes. Two industry groups—Internet software & services and software—fared poorly versus the indexes. As was the case with Consumer Discretionary, we were overweight Information Technology at the end of June and believed that many holdings in both sectors can continue to rebound in concert with a more robustly recovering economy.  

The Industrials sector posted respectable net gains on both an absolute and relative basis, keyed by a terrific performance from the Fund’s top contributor, Frontier Services Group. The Hong Kong-based company provides logistical services in Africa and benefited from a large capital gain on a portfolio investment and investor perception that its enhanced liquidity position will help fund FSG’s plan to expand its logistics network. Two of RMT’s top-10 holdings also made solid contributions. Shares of Ohio-based investment management firm Diamond Hill Investment Group climbed over much of the last few years, boosted most recently by strong earnings and growing revenues. Nautilus offers branded health and fitness products such as Schwinn, Bowflex, and Nautilus itself. Its stock gained strength after the firm reported double-digit earnings growth for its fiscal first quarter, part of a multi-year turnaround that kicked off when new management came on board four years ago. New products and operational discipline helped to improve profitability.

      As for those positions that detracted from results, we added shares of LeapFrog Enterprises early in the year when its stock was falling. The company makes technology-based educational platforms with curriculum interactive software content and standalone products. Around the same time the firm reported a fiscal third-quarter loss (caused primarily by poor sales and late product shipments), a class action suit was announced. We like its solid brand and think its business has value. EZCORP owns and operates pawn shops. Its stock fell sharply in the first quarter as the firm revised earnings downward before it declined further on news in April that it would delay its fiscal second-quarter earnings release because of an ongoing review of a loan portfolio. We reduced our position in March. Value Line produces investment-related periodical publications and also provides investment advisory services to mutual funds, institutions, and individuals. While the company remained solidly profitable and pays a dividend, its shares trended downward through much of the first half. We were happy to hold shares at the end of June.

Top Contributors to Performance
Year-to-Date Through 6/30/15 (%)1
      Frontier Services Group   0.97   Diamond Hill Investment Group   0.39   Nautilus   0.27   Smith & Wesson Holding Corporation   0.24   GTT Communications   0.22   1 Includes dividends    
Top Detractors from Performance
Year-to-Date Through 6/30/15 (%)2
      LeapFrog Enterprises Cl. A   -0.32   EZCORP Cl. A   -0.24   Value Line   -0.22   Qumu Corporation   -0.20   Graham Corporation   -0.20   2 Net of dividends    
CURRENT POSITIONING AND OUTLOOK The Fund had a significant overweight in Industrials and was also overweight in Consumer Discretionary, Information Technology, and Materials at the end of the semiannual period. We continue to believe that economic growth will accelerate, which should help portfolio holdings in these more cyclical sectors.
8 | 2015 Semiannual Report to Stockholders
       
PERFORMANCE AND PORTFOLIO REVIEW   SYMBOLS  MARKET PRICE RMT NAV XOTCX
  Performance                                 Average Annual Total Return (%) Through 6/30/15           JAN-JUN 2015*   1-YR   3-YR   5-YR   10-YR   15-YR   20-YR   SINCE INCEPTION (12/14/93)   RMT (NAV)   -0.52   -0.05   17.94   16.05   8.25   10.15   11.16   11.20   *Not Annualized                          


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

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

The Morningstar Style Map is the Morningstar Style 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           Diamond Hill Investment Group   1.2   Integrated Electrical Services   1.1   Atrion Corporation   1.1   MVC Capital   1.1   Seneca Foods   1.0   Nautilus   1.0   Newport Corporation   1.0   NN   1.0   Heritage-Crystal Clean   0.9   Mesa Laboratories   0.9  

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

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

Portfolio Diagnostics           Fund Net Assets   $376 million   Number of Holdings   358   Turnover Rate   17%   Net Asset Value   $10.77   Market Price   $9.22   Net Leverage1   6%   Average Market Capitalization2   $349 million   Weighted Average P/E Ratio3,4   19.6x   Weighted Average P/B Ratio3   2.1x   Holdings ≥ 75% of Total Investments   155   Active Share5   95%   U.S. Investments (% of Net Assets)   90.8%   Non-U.S. Investments (% of Net Assets)   15.4%   1
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.
2
Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
3
Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks.
4
The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (25% of portfolio holdings as of 6/30/15).
5
Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.


Important Performance and Risk Information
All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. Certain immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 12/31/12 and 12/31/14 for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 8, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2015.
2015 Semiannual Report to Stockholders | 9
       

    MANAGER’S DISCUSSION        Royce Global Value Trust (RGT)          
Chuck Royce
FUND PERFORMANCE Royce Global Value Trust gained 5.6% on an NAV (net asset value) basis and 3.4% on a market price basis for the year-to-date period ended June 30, 2015, lagging its benchmark, the Russell Global Small Cap Index, which advanced 6.4% for the same period. For most U.S. stocks, 2015 started on a discouraging note while non-U.S. equities had more mixed results. We were disappointed to see the Fund shed more value than the benchmark in January, lag in the bullish February, in which results were driven largely by U.S. and European equities, and fall back into the red in March. In the first quarter, Global Value Trust was up 0.6% on an NAV basis and 0.1% on a market price basis versus 3.9% for the index.

The Fund’s fortunes shifted in the opening month of the second quarter, when it held a generous lead over the global small-cap index on an NAV basis (+5.7% versus +2.3%). Unfortunately, this advantage did not last, and the Fund fell behind during May, when returns were lower though positive, and June, which turned decidedly bearish late in the month thanks to the Greek default and the quickening pace of decline for Chinese stocks. Global Value Trust, however, hung on to its relative edge thanks to its terrific April. For the second quarter, the Fund rose 4.9% on an NAV basis and 3.2% on a market price basis, outpacing the benchmark, which advanced 2.4% for the same period. While the Fund’s initial results have been underwhelming on both an absolute and relative basis, we remain confident that our disciplined, bottom-up approach can be successful.

  WHAT WORKED... AND WHAT DIDN’T Of the Fund’s eight equity sectors, Financials and Industrials—followed by Consumer Discretionary—led performance in the semiannual period. We were pleased that the first of these groups also achieved better results than the sector did within the portfolio’s benchmark while the second had a modestly negative impact relative to the benchmark. Three other sectors—Information Technology, Materials, and Health Care—had a more pronounced adverse effect on relative results. The first two were the largest detractors on an absolute basis as well. The Fund’s two biggest net losses at the position level came from Information Technology and are based in Germany. Aixtron engineers and manufactures metal organic chemical vapor deposition (MOVD) systems used to produce compound semiconductor layer structures for use in LED, laser, solar cell, and other applications. Its stock has been mostly trending downward over the last couple of years and began to fall more steadily late in 2014 and into 2015 as growth in revenues and earnings remained poor. We sold our position in mid-March. LPKF Laser & Electronics develops specialized mechanical engineering products for electronics production, the automotive industry, and in the manufacture of solar cells. After a disappointing 2014, its shares rallied briefly in February only to begin falling again in March after a disappointing first-quarter report led to a wave of selling. We reduced our position in the first half.
      At the country level, holdings in the U.S. and Brazil had the largest negative impact on results in the first half. Net losses were somewhat mitigated, however, by holdings in Japan, the U.K., and Hong Kong. The advantage for the third of those nations was largely due to a position in the capital markets industry. Also a top-10 position at the end of June, Value Partners Group is a Hong Kong-based asset manager with a value orientation similar to our own. Its shares benefited from the meteoric rise in the Hong Kong and Shanghai markets in early May before cooling off with the bear market for Chinese stocks in June. We were pleased to see growth in its assets under management and improved performance and management fees, all of which helped its earnings. We trimmed our position before the correction. London-based Clarkson was the Fund’s biggest position at the end of June and second-largest contributor to performance in the first six months of 2015. An investment holding company whose subsidiaries provide integrated shipping services worldwide, its stock began to rise in February and did well through the remainder of 2015’s first half. Strong results for fiscal 2014, which were well ahead of market expectations, and a double-digit growth outlook helped drive performance. The company’s entrance into the FTSE 250 index on the London Stock Exchange in mid-April, a move which mandates that U.K. index funds invest in the stock, also played a part.

Top Contributors to Performance
Year-to-Date Through 6/30/15 (%)1
      Value Partners Group   0.80   Clarkson   0.64   Relo Holdings   0.49   Pico Far East Holdings   0.41   Trancom   0.31   1 Includes dividends    
Top Detractors from Performance
Year-to-Date Through 6/30/15 (%)2
      Aixtron ADR   -0.22   LPKF Laser & Electronics   -0.20   New World Department Store China   -0.19   Daphne International Holdings   -0.19   RHJ International   -0.19   2 Net of dividends    
CURRENT POSITIONING AND OUTLOOK As the global economy continues to recover, we continue to look for opportunities in several sectors and regions. At the end of the semiannual period Global Value Trust had substantial overweights in Industrials and Materials while also having greater exposure than its benchmark to Consumer Discretionary and Financials. At the country level the portfolio had far less exposure to the U.S. while having significantly greater exposure to the U.K., Canada, France, Hong Kong, Switzerland, Germany, and Brazil.
10  |  2015 Semiannual Report to Stockholders
       
PERFORMANCE AND PORTFOLIO REVIEW   SYMBOLS  MARKET PRICE RGT NAV XRGTX
  Performance             Average Annual Total Return (%) Through 6/30/15               JAN-JUN 2015*   1-YR   SINCE INCEPTION (10/17/13)   RGT (NAV)   5.62   -6.18   1.04   *Not Annualized            

The Morningstar Style Map is the Morningstar Style 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       Clarkson   2.0   Genworth MI Canada   2.0   Value Partners Group   1.6   CETIP - Mercados Organizados   1.5   Relo Holdings   1.4   Consort Medical   1.3   TGS-NOPEC Geophysical   1.3   New World Department Store China   1.2   Shimano   1.2   Ashmore Group   1.2  

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

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

Portfolio Country Breakdown1,2     % of Net Assets       United States   14.8   United Kingdom   13.4   Japan   11.9   Canada   10.1   France   8.7   Hong Kong   7.4   Switzerland   5.3   Germany   4.1   Brazil   3.6   1 Represents countries that are 3% or more of net assets. 2 Securities are categorized by the country of their headquarters.

Portfolio Diagnostics       Fund Net Assets   $101 million   Number of Holdings   269   Turnover Rate   34%   Net Asset Value   $9.77   Market Price   $8.31   Net Leverage1   6%   Average Market Capitalization2   $1,330 million   Weighted Average P/E Ratio3,4   18.6x   Weighted Average P/B Ratio3   2.7x   Holdings ≥ 75% of Total Investments   111   Active Share5   98%   1 Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets. 2 Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median. 3 Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks. 4 The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (6% of portfolio holdings as of 6/30/15). 5 Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.
Important Performance and Risk Information
All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 10, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2015.
2015 Semiannual Report to Stockholders  |  11

History Since Inception

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

HISTORY   AMOUNT INVESTED   PURCHASE PRICE1   SHARES   NAV VALUE2   MARKET VALUE2     Royce Value Trust 11/26/86   Initial Purchase   $ 10,000   $ 10.000     1,000   $ 9,280   $ 10,000     10/15/87   Distribution $0.30           7.000     42                 12/31/87   Distribution $0.22           7.125     32     8,578     7,250     12/27/88   Distribution $0.51           8.625     63     10,529     9,238     9/22/89   Rights Offering     405     9.000     45                 12/29/89   Distribution $0.52           9.125     67     12,942     11,866     9/24/90   Rights Offering     457     7.375     62                 12/31/90   Distribution $0.32           8.000     52     11,713     11,074     9/23/91   Rights Offering     638     9.375     68                 12/31/91   Distribution $0.61           10.625     82     17,919     15,697     9/25/92   Rights Offering     825     11.000     75                 12/31/92   Distribution $0.90           12.500     114     21,999     20,874     9/27/93   Rights Offering     1,469     13.000     113                 12/31/93   Distribution $1.15           13.000     160     26,603     25,428     10/28/94   Rights Offering     1,103     11.250     98                 12/19/94   Distribution $1.05           11.375     191     27,939     24,905     11/3/95   Rights Offering     1,425     12.500     114                 12/7/95   Distribution $1.29           12.125     253     35,676     31,243     12/6/96   Distribution $1.15           12.250     247     41,213     36,335     1997   Annual distribution total $1.21           15.374     230     52,556     46,814     1998   Annual distribution total $1.54           14.311     347     54,313     47,506     1999   Annual distribution total $1.37           12.616     391     60,653     50,239     2000   Annual distribution total $1.48           13.972     424     70,711     61,648     2001   Annual distribution total $1.49           15.072     437     81,478     73,994     2002   Annual distribution total $1.51           14.903     494     68,770     68,927     1/28/03   Rights Offering     5,600     10.770     520                 2003   Annual distribution total $1.30           14.582     516     106,216     107,339     2004   Annual distribution total $1.55           17.604     568     128,955     139,094     2005   Annual distribution total $1.61           18.739     604     139,808     148,773     2006   Annual distribution total $1.78           19.696     693     167,063     179,945     2007   Annual distribution total $1.85           19.687     787     175,469     165,158     2008   Annual distribution total $1.723           12.307     1,294     95,415     85,435     3/11/09   Distribution $0.323           6.071     537     137,966     115,669     12/2/10   Distribution $0.03           13.850     23     179,730     156,203     2011   Annual distribution total $0.783           13.043     656     161,638     139,866     2012   Annual distribution total $0.80           13.063     714     186,540     162,556     2013   Annual distribution total $2.194           16.647     1,658     250,219     220,474     2014   Annual distribution total $1.82           14.840     1,757     252,175     222,516     2015   Year-to-Date distribution total $0.59           14.196     652                 6/30/15       $ 21,922           16,180   $ 256,453   $ 223,122         1 The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for the year. 2 Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase. 3 Includes a return of capital. 4 Includes Royce Global Value Trust spin-off of $1.40 per share.
12  |   2015 Semiannual Report to Stockholders
HISTORY     AMOUNT INVESTED     PURCHASE PRICE1     SHARES     NAV VALUE2     MARKET VALUE2     Royce Micro-Cap Trust 12/14/93   Initial Purchase   $ 7,500   $ 7.500     1,000   $ 7,250   $ 7,500     10/28/94   Rights Offering     1,400     7.000     200                 12/19/94   Distribution $0.05           6.750     9     9,163     8,462     12/7/95   Distribution $0.36           7.500     58     11,264     10,136     12/6/96   Distribution $0.80           7.625     133     13,132     11,550     12/5/97   Distribution $1.00           10.000     140     16,694     15,593     12/7/98   Distribution $0.29           8.625     52     16,016     14,129     12/6/99   Distribution $0.27           8.781     49     18,051     14,769     12/6/00   Distribution $1.72           8.469     333     20,016     17,026     12/6/01   Distribution $0.57           9.880     114     24,701     21,924     2002   Annual distribution total $0.80           9.518     180     21,297     19,142     2003   Annual distribution total $0.92           10.004     217     33,125     31,311     2004   Annual distribution total $1.33           13.350     257     39,320     41,788     2005   Annual distribution total $1.85           13.848     383     41,969     45,500     2006   Annual distribution total $1.55           14.246     354     51,385     57,647     2007   Annual distribution total $1.35           13.584     357     51,709     45,802     2008   Annual distribution total $1.193           8.237     578     28,205     24,807     3/11/09   Distribution $0.223           4.260     228     41,314     34,212     12/2/10   Distribution $0.08           9.400     40     53,094     45,884     2011   Annual distribution total $0.533           8.773     289     49,014     43,596     2012   Annual distribution total $0.51           9.084     285     57,501     49,669     2013   Annual distribution total $1.38           11.864     630     83,110     74,222     2014   Annual distribution total $2.90           10.513     1,704     86,071     76,507     2015   Year-to-Date distribution total $0.45           9.597     360                 6/30/15       $ 8,900           7,950   $ 85,622   $ 73,299     Royce Global Value Trust 10/17/13   Initial Purchase   $ 8,975   $ 8.975     1,000   $ 9,780   $ 8,975     12/11/14   Distribution $0.15           7.970     19     9,426     8,193     6/30/15       $ 8,975           1,019   $ 9,956   $ 8,468                                          
1 The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for the year. 2 Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase. 3 Includes a return of capital.
2015 Semiannual Report to Stockholders  |  13

Distribution Reinvestment and Cash Purchase Options

Why should I reinvest my distributions?
By reinvesting distributions, a stockholder can maintain an undiluted investment in the Fund. The regular reinvestment of distributions has a significant impact on stockholder returns. In contrast, the stockholder who takes distributions in cash is penalized when shares are issued below net asset value to other stockholders.

How does the reinvestment of distributions from the Royce closed-end funds work?
The Funds automatically issue shares in payment of distributions unless you indicate otherwise. The shares are generally issued at the lower of the market price or net asset value on the valuation date.

How does this apply to registered stockholders?
If your shares are registered directly with a Fund, your distributions are automatically reinvested unless you have otherwise instructed the Funds’ transfer agent, Computershare, in writing, in which case you will receive your distribution in cash. A registered stockholder also may have the option to receive the distribution in the form of a stock certificate.

What if my shares are held by a brokerage firm or a bank?
If your shares are held by a brokerage firm, bank, or other intermediary as the stockholder of record, you should contact your brokerage firm or bank to be certain that it is automatically reinvesting distributions on your behalf. If they are unable to reinvest distributions on behalf, you should have your shares registered in your name in order to participate.

What other features are available for registered stockholders?
The Distribution Reinvestment and Cash Purchase Plans also allow registered stockholders to make optional cash purchases of shares of a Fund’s common stock directly through Computershare on a monthly basis, and to deposit certificates representing your RVT and RMT shares with Computershare for safekeeping. (RGT does not issue shares in certificated form). Plan participants are subject to a $0.75 service fee for each voluntary cash purchase under the Plans. The Funds’ investment adviser absorbed all commissions on optional cash purchases under the Plans through December 31, 2014.
How do the Plans work for registered stockholders?
Computershare maintains the accounts for registered stockholders in the Plans and sends written confirmation of all transactions in the account. Shares in the account of each participant will be held by Computershare in non-certificated form in the name of the participant, and each participant will be able to vote those shares at a stockholder meeting or by proxy. A participant may also send stock certificates for RVT and RMT held by them to Computershare to be held in non-certificated form. RGT does not issue shares in certificated form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from a Plan account, Computershare will deduct a $2.50 service fee from the sale transaction. The Funds’ investment adviser absorbed all commissions on optional sales under the Plans through December 31, 2014. If a nominee is the registered owner of your shares, the nominee will maintain the accounts on your behalf.

How can I get more information on the Plans?
You can call an Investor Services Representative at (800) 221-4268 or you can request a copy of the Plan for your Fund from Computershare. All correspondence (including notifications) should be directed to: [Name of Fund] Distribution Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 43078, Providence, RI 02940-3078, telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.).
14  |   2015 Semiannual Report to Stockholders
Royce Value Trust June 30, 2015 (unaudited)
  Schedule of Investments Common Stocks – 98.8%     SHARES   VALUE   CONSUMER DISCRETIONARY12.4%       AUTO COMPONENTS - 1.2%      

Drew Industries

  93,736   $ 5,438,563

Fuel Systems Solutions 1

  107,000     800,360

Gentex Corporation

  223,050     3,662,481

Global & Yuasa Battery

  28,500     977,296

Motorcar Parts of America 1

  7,990     240,419

MRF

  800     429,585

Selamat Sempurna

  1,816,700     628,845

Standard Motor Products

  50,391     1,769,732

Superior Industries International

  21,600     395,496                     14,342,777           AUTOMOBILES - 1.1%      

Thor Industries 2

  153,460     8,636,729

Winnebago Industries

  211,400     4,986,926                     13,623,655           DISTRIBUTORS - 0.8%      

Core-Mark Holding Company

  115,200     6,825,600

Weyco Group

  97,992     2,922,121                     9,747,721           DIVERSIFIED CONSUMER SERVICES - 1.2%      

American Public Education 1

  36,100     928,492

Collectors Universe

  50,400     1,004,976

Lincoln Educational Services 1

  712,300     1,438,846

Regis Corporation 1, 2, 3

  233,800     3,684,688

Sotheby’s

  138,200     6,252,168

Universal Technical Institute

  130,432     1,121,715                     14,430,885           HOTELS, RESTAURANTS & LEISURE - 0.3%      

Biglari Holdings 1

  700     289,625

Century Casinos 1

  209,600     1,320,480

Monarch Casino & Resort 1

  28,103     577,798

MTY Food Group

  48,400     1,283,433

Thomas Cook (India)

  100,000     350,581

Tropicana Entertainment 1, 4

  10,000     157,600                     3,979,517           HOUSEHOLD DURABLES - 2.4%      

Ethan Allen Interiors

  320,800     8,449,872

Flexsteel Industries

  23,700     1,021,233

Forbo Holding

  110     130,831

Harman International Industries

  28,600     3,401,684

Lifetime Brands

  53,726     793,533

Mohawk Industries 1, 2

  28,000     5,345,200

Natuzzi ADR 1

  2,096,300     4,402,230

NVR 1

  2,340     3,135,600

Stanley Furniture 1, 5

  1,012,235     3,006,338                     29,686,521           INTERNET & CATALOG RETAIL - 0.2%      

Blue Nile 1

  67,100     2,039,169

Manutan International

  4,200     199,609                     2,238,778           LEISURE PRODUCTS - 1.3%      

Beneteau

  20,800     354,326

LeapFrog Enterprises Cl. A 1

  348,100     487,340

Nautilus 1

  667,100     14,349,321

Shimano

  3,500     477,591

Smith & Wesson Holding Corporation 1

  30,600     507,654                     16,176,232           MEDIA - 1.4%      

E.W. Scripps Company Cl. A

  76,640     1,751,224

Harte-Hanks

  166,730     993,711

McClatchy Company (The) Cl. A 1

  334,200     360,936

Morningstar

  84,600     6,729,930

Pico Far East Holdings

  3,484,400     1,114,785

Rentrak Corporation 1

  17,400     1,214,520

RLJ Entertainment 1

  35,600     14,026

T4F Entretenimento 1

  143,800     168,817

Technicolor

  30,000     195,656

Television Broadcasts

  173,400     1,027,889

Wiley (John) & Sons Cl. A

  62,440     3,394,863                     16,966,357           MULTILINE RETAIL - 0.1%      

New World Department Store China

  2,947,500     790,913

Parkson Retail Asia

  345,800     121,955                     912,868           SPECIALTY RETAIL - 1.2%      

Aeropostale 1

  110,000     178,200

Buckle (The) 2

  110,965     5,078,868

Destination Maternity

  42,200     492,052

Genesco 1

  62,935     4,155,598

I.T

  1,127,000     424,539

Lewis Group

  75,000     607,780

Oriental Watch Holdings

  543,000     92,467

Signet Jewelers

  1,900     243,656

Systemax 1

  194,000     1,676,160

TravelCenters of America LLC 1

  62,500     928,125

West Marine 1

  131,100     1,263,804                     15,141,249           TEXTILES, APPAREL & LUXURY GOODS - 1.2%      

Asia Brands

  59,900     28,418

Crown Crafts

  139,141     1,113,128

Culp

  48,400     1,500,400

Daphne International Holdings

  662,800     165,880

Grendene

  100,000     538,098

J.G. Boswell Company 4

  2,492     1,756,860

Kewal Kiran Clothing

  1,482     49,361

Movado Group

  122,651     3,331,201

Pacific Textiles Holdings

  285,500     456,709

Stella International Holdings

  155,700     371,597

Van de Velde

  11,700     672,144

Wolverine World Wide 2

  123,500     3,517,280

YGM Trading

  1,082,600     1,399,417                     14,900,493   Total (Cost $124,747,109)         152,147,053   CONSUMER STAPLES2.5%       BEVERAGES - 0.2%      

Compania Cervecerias Unidas ADR

  134,000     2,838,120

Crimson Wine Group 1, 4

  11,876     111,041                     2,949,161           FOOD PRODUCTS - 1.9%      

Alico

  27,000     1,224,720

Binggrae

  14,000     1,060,559

Cal-Maine Foods

  78,436     4,094,359

Farmer Bros. 1

  57,300     1,346,550

Industrias Bachoco ADR

  36,045     1,950,395

Sanderson Farms

  7,500     563,700

Seneca Foods Cl. A 1

  229,255     6,366,411

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

Royce Value Trust

  Schedule of Investments (continued)                 SHARES   VALUE   CONSUMER STAPLES (continued)       FOOD PRODUCTS (continued)      

Seneca Foods Cl. B 1

  13,840   $ 411,878

SunOpta 1

  116,100     1,245,753

Tootsie Roll Industries 2

  127,859     4,131,124

Waterloo Investment Holdings 1, 6

  598,676     227,497                     22,622,946           PERSONAL PRODUCTS - 0.4%      

Nu Skin Enterprises Cl. A 2, 3

  99,460     4,687,550   Total (Cost $26,210,495)         30,259,657   ENERGY2.8%       ENERGY EQUIPMENT & SERVICES - 2.5%      

CARBO Ceramics 2, 3

  63,000     2,622,690

Ensign Energy Services

  134,000     1,313,178

Gulf Island Fabrication

  32,964     368,208

Helmerich & Payne

  42,780     3,012,568

ION Geophysical 1

  1,078,200     1,153,674

Oil States International 1

  30,733     1,144,190

Pason Systems

  351,560     6,290,925

SEACOR Holdings 1

  131,042     9,296,119

TGS-NOPEC Geophysical

  78,060     1,822,955

Tidewater 2

  24,000     545,520

Unit Corporation 1

  112,330     3,046,390                     30,616,417           OIL, GAS & CONSUMABLE FUELS - 0.3%      

Green Plains

  28,000     771,400

Permian Basin Royalty Trust

  161,000     1,297,660

World Fuel Services

  16,600     795,970

WPX Energy 1

  110,000     1,350,800                     4,215,830   Total (Cost $44,917,420)         34,832,247   FINANCIALS17.1%       BANKS - 1.5%      

Bank of N.T. Butterfield & Son

  1,784,161     2,908,183

BCB Holdings 1

  209,426     27,970

Blue Hills Bancorp 1

  104,180     1,458,520

Farmers & Merchants Bank of Long Beach 4

  1,200     7,176,000

Fauquier Bankshares

  160,800     2,555,112

First Citizens BancShares Cl. A

  17,026     4,478,519                     18,604,304           CAPITAL MARKETS - 8.5%      

AllianceBernstein Holding L.P.

  102,000     3,012,060

Ares Management L.P.

  101,600     1,879,600

Artisan Partners Asset Management Cl. A

  134,210     6,235,396

ASA Gold and Precious Metals

  324,821     3,154,012

Ashmore Group

  649,800     2,952,727

Azimut Holding

  8,000     234,029

BHF Kleinwort Benson Group 1

  293,500     1,436,445

CETIP - Mercados Organizados

  485,700     5,323,938

Citadel Capital 1

  11,799,921     3,077,548

†Citadel Capital (Rights) 1, 6

  2,507,483     0

Cowen Group 1

  421,158     2,695,411

Dundee Corporation Cl. A 1

  329,800     3,311,202

Eaton Vance 2, 3

  40,500     1,584,765

Edmond de Rothschild (Suisse)

  133     2,745,494

Federated Investors Cl. B

  299,420     10,027,576

GAMCO Investors Cl. A

  20,200     1,387,942

GCA Savvian

  24,000     298,076

Jupiter Fund Management

  230,000     1,610,704

Lazard Cl. A

  79,695     4,482,047

Medley Management Cl. A

  152,200     1,802,048

mutares

  330     37,894

MVC Capital

  324,200     3,306,840

Newtek Business Services

  89,800     1,591,256

Paris Orleans

  196,893     6,289,947

Partners Group Holding

  1,075     321,367

RCS Capital Cl. A 1

  66,100     506,326

SEI Investments

  226,135     11,087,399

Sprott

  590,000     1,166,773

U.S. Global Investors Cl. A

  661,751     1,839,668

Value Partners Group

  5,428,000     8,571,024

Virtus Investment Partners

  26,240     3,470,240

VZ Holding

  1,300     312,851

Westwood Holdings Group

  54,573     3,250,914

ZAIS Group Holdings Cl. A 1

  492,300     5,366,070                     104,369,589           CONSUMER FINANCE - 0.2%      

EZCORP Cl. A 1

  213,000     1,582,590

Shriram City Union Finance

  12,500     350,188                     1,932,778           DIVERSIFIED FINANCIAL SERVICES - 1.5%      

Bajaj Holdings & Investment

  15,600     356,928

Banca Finnat Euramerica

  1,060,000     575,508

First Pacific

  1,020,000     859,260

MarketAxess Holdings

  100,000     9,277,000

PICO Holdings 1

  100,400     1,477,888

Sofina

  19,698     2,198,227

TMX Group

  91,000     3,872,418                     18,617,229           INSURANCE - 2.1%      

Alleghany Corporation 1

  4,179     1,958,948

Atlas Financial Holdings 1

  9,500     188,385

E-L Financial

  16,500     8,661,575

Erie Indemnity Cl. A

  25,000     2,051,750

Greenlight Capital Re Cl. A 1

  230,561     6,725,465

Independence Holding Company

  349,423     4,608,889

Lancashire Holdings

  50,000     484,338

MBIA 1

  19,400     116,594

ProAssurance Corporation

  17,139     791,993

†WMIH 1, 4

  77,742     202,129                     25,790,066           INVESTMENT COMPANIES - 0.3%      

RIT Capital Partners

  149,000     3,621,778           REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.1%      

AV Homes 1

  55,500     797,535

E-House (China) Holdings ADR 2, 3

  108,765     730,901

Forestar Group 1

  102,000     1,342,320

FRP Holdings 1

  212,958     6,906,228

Hopefluent Group Holdings

  680,000     230,715

Kennedy Wilson Europe Real Estate

  24,000     428,386

Kennedy-Wilson Holdings

  101,300     2,490,967

Midland Holdings 1

  700,000     316,969

St. Joe Company (The) 1, 2

  177,000     2,748,810

Sun Frontier Fudousan

  17,600     142,658

Tejon Ranch 1

  342,600     8,808,246

16   |   2015 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2015 (unaudited)
  Schedule of Investments (continued)                 SHARES   VALUE   FINANCIALS (continued)       REAL ESTATE MANAGEMENT & DEVELOPMENT (continued)      

Tejon Ranch (Warrants) 1

  96,561   $ 43,452                     24,987,187           THRIFTS & MORTGAGE FINANCE - 0.9%      

Genworth MI Canada

  251,903     6,615,227

Timberland Bancorp 5

  444,200     4,450,884

Vestin Realty Mortgage II 1

  53,557     208,337                     11,274,448   Total (Cost $189,071,119)         209,197,379   HEALTH CARE5.0%       BIOTECHNOLOGY - 0.5%      

Aquinox Pharmaceuticals 1

  65,232     452,710

ARIAD Pharmaceuticals 1, 2

  140,000     1,157,800

Cancer Genetics 1

  56,900     669,144

Celsion Corporation 1

  97,604     229,370

Genomic Health 1

  33,000     917,070

Green Cross

  3,100     712,851

Myriad Genetics 1, 2, 3

  18,993     645,572

Zealand Pharma 1

  102,000     1,684,275                     6,468,792           HEALTH CARE EQUIPMENT & SUPPLIES - 2.2%      

Analogic Corporation

  38,135     3,008,851

Atrion Corporation 2, 3

  17,079     6,700,262

bioMerieux

  4,000     425,694

Cerus Corporation 1

  198,000     1,027,620

CONMED Corporation

  81,500     4,749,005

Derma Sciences 1

  87,142     623,937

DiaSorin

  7,000     319,572

IDEXX Laboratories 1, 2, 3

  114,822     7,364,683

Invacare Corporation

  38,900     841,407

Meridian Bioscience

  39,600     738,144

Synergetics USA 1, 2

  53,665     252,226

Trinity Biotech ADR Cl. A

  66,100     1,193,766                     27,245,167           HEALTH CARE PROVIDERS & SERVICES - 0.4%      

Aceto Corporation

  39,015     960,939

Addus HomeCare 1

  49,000     1,365,140

Landauer

  50,000     1,782,000

Psychemedics Corporation

  39,600     587,268                     4,695,347           HEALTH CARE TECHNOLOGY - 0.2%      

Medidata Solutions 1

  40,000     2,172,800           LIFE SCIENCES TOOLS & SERVICES - 1.1%      

Bio-Rad Laboratories Cl. A 1

  23,828     3,588,735

Bio-Techne

  39,993     3,938,111

PAREXEL International 1

  56,600     3,639,946

PerkinElmer

  39,000     2,052,960                     13,219,752           PHARMACEUTICALS - 0.6%      

Boiron

  4,200     412,048

Lannett Company 1

  21,140     1,256,562

Lipocine 1

  144,333     1,238,377

Medicines Company (The) 1

  58,000     1,659,380

Repros Therapeutics 1

  62,000     443,300

Santen Pharmaceutical

  52,000     736,332

Stallergenes

  8,000     488,304

Theravance Biopharma 1

  63,291     824,049

Vetoquinol

  10,400     431,313                     7,489,665   Total (Cost $37,598,792)         61,291,523   INDUSTRIALS28.4%       AEROSPACE & DEFENSE - 2.0%      

Ducommun 1

  117,200     3,008,524

HEICO Corporation

  155,938     9,091,186

HEICO Corporation Cl. A

  80,808     4,102,622

Hexcel Corporation

  47,500     2,362,650

Magellan Aerospace

  124,800     1,704,634

Moog Cl. A 1

  25,000     1,767,000

Teledyne Technologies 1

  20,600     2,173,506                     24,210,122           AIR FREIGHT & LOGISTICS - 2.6%      

Expeditors International of Washington

  158,900     7,326,085

Forward Air

  209,750     10,961,535

Frontier Services Group 1

  2,301,714     968,011

Hub Group Cl. A 1, 2, 3

  149,400     6,026,796

UTi Worldwide 1

  635,400     6,347,646                     31,630,073           BUILDING PRODUCTS - 0.7%      

American Woodmark 1

  117,135     6,424,855

Burnham Holdings Cl. B 4

  36,000     665,280

Patrick Industries 1

  18,450     702,022

Polypipe Group

  121,000     516,179                     8,308,336           COMMERCIAL SERVICES & SUPPLIES - 2.8%      

Atento 1

  76,600     1,101,508

Brady Corporation Cl. A

  45,900     1,135,566

CompX International Cl. A

  211,100     2,406,540

Copart 1

  178,360     6,328,213

Heritage-Crystal Clean 1

  102,527     1,507,147

InnerWorkings 1

  114,000     760,380

Intersections 1

  178,500     547,995

Kaba Holding

  600     357,131

Kimball International Cl. B

  286,180     3,479,949

Latchways

  35,000     431,701

Ritchie Bros. Auctioneers

  484,494     13,527,072

Societe BIC

  1,500     239,135

Steelcase Cl. A

  109,950     2,079,155                     33,901,492           CONSTRUCTION & ENGINEERING - 2.4%      

EMCOR Group 2, 3

  149,400     7,136,838

Integrated Electrical Services 1

  677,482     4,810,122

Jacobs Engineering Group 1, 2, 3

  164,900     6,698,238

KBR

  421,192     8,204,820

Northwest Pipe 1

  38,000     774,060

Sterling Construction 1

  326,671     1,306,684                     28,930,762           ELECTRICAL EQUIPMENT - 1.2%      

EnerSys

  5,100     358,479

Franklin Electric

  209,200     6,763,436

Global Power Equipment Group

  159,519     1,237,868

Powell Industries

  94,500     3,323,565

Preformed Line Products

  91,600     3,455,152                     15,138,500          

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

Royce Value Trust


  Schedule of Investments (continued)                 SHARES   VALUE   INDUSTRIALS (continued)       INDUSTRIAL CONGLOMERATES - 0.5%      

A. Soriano

  2,791,000   $ 427,099

Carlisle Companies 2, 3

  21,595     2,162,092

Raven Industries

  197,125     4,007,551                     6,596,742           MACHINERY - 10.5%      

Astec Industries

  20,000     836,400

Burckhardt Compression Holding

  8,400     3,182,737

Chen Hsong Holdings

  1,159,000     343,893

China Metal International Holdings

  249,000     80,628

CIRCOR International

  89,962     4,905,628

CLARCOR

  92,500     5,757,200

Columbus McKinnon

  104,885     2,622,125

Deutz

  115,000     658,988

Donaldson Company

  193,559     6,929,412

Federal Signal

  98,640     1,470,722

Graco

  104,776     7,442,239

Graham Corporation

  20,568     421,438

Hurco Companies

  25,952     898,458

Hyster-Yale Materials Handling Cl. A

  15,485     1,072,801

IDEX Corporation

  67,400     5,296,292

John Bean Technologies

  175,536     6,598,398

Kennametal

  198,160     6,761,219

Lincoln Electric Holdings

  46,360     2,822,860

Lindsay Corporation 2, 3

  36,000     3,164,760

Lydall 1

  65,220     1,927,903

Mincon Group

  384,100     297,232

Mueller Water Products Cl. A

  33,600     305,760

NN

  308,700     7,878,024

Nordson Corporation

  24,296     1,892,416

Pfeiffer Vacuum Technology

  14,000     1,247,383

PMFG 1

  378,352     2,432,803

Rational

  1,000     367,287

RBC Bearings 1

  121,800     8,740,368

Rotork

  100,000     365,473

Semperit AG Holding

  12,940     533,768

Spirax-Sarco Engineering

  7,600     405,175

Sun Hydraulics

  71,018     2,706,496

Tecumseh Products 1

  46,700     115,349

Tennant Company

  78,900     5,155,326

Valmont Industries 2

  67,235     7,992,225

Wabash National 1

  40,400     506,616

WABCO Holdings 1

  43,400     5,369,448

Wabtec Corporation

  82,840     7,806,842

Woodward

  208,400     11,459,916                     128,772,008           MARINE - 0.6%      

Clarkson

  164,671     7,081,694           PROFESSIONAL SERVICES - 3.6%      

Acacia Research

  61,100     535,847

Advisory Board (The) 1, 2, 3

  150,277     8,215,644

Franklin Covey 1

  69,700     1,414,213

Heidrick & Struggles International

  88,080     2,297,126

ICF International 1

  30,546     1,064,833

ManpowerGroup

  83,858     7,495,228

On Assignment 1

  334,995     13,158,604

Robert Half International

  14,812     822,066

Towers Watson & Co. Cl. A

  65,300     8,214,740

Volt Information Sciences 1

  49,000     475,790                     43,694,091           ROAD & RAIL - 0.8%      

Genesee & Wyoming Cl. A 1

  20,000     1,523,600

Landstar System

  99,400     6,646,878

Trancom

  8,000     437,309

Universal Truckload Services

  78,916     1,732,995                     10,340,782           TRADING COMPANIES & DISTRIBUTORS - 0.5%      

Kloeckner & Co

  31,300     282,473

MISUMI Group

  27,000     383,429

MSC Industrial Direct Cl. A 2

  84,023     5,862,285                     6,528,187           TRANSPORTATION INFRASTRUCTURE - 0.2%      

Hopewell Highway Infrastructure

  1,012,000     497,413

Touax

  40,040     662,883

Wesco Aircraft Holdings 1

  68,400     1,036,260                     2,196,556   Total (Cost $214,361,387)         347,329,345   INFORMATION TECHNOLOGY19.7%       COMMUNICATIONS EQUIPMENT - 0.5%      

ADTRAN

  234,973     3,818,311

Alliance Fiber Optic Products

  42,900     795,795

Bel Fuse Cl. B

  30,238     620,484

EVS Broadcast Equipment

  7,800     226,092

Extreme Networks 1

  212,000     570,280                     6,030,962           ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 9.4%      

Agilysys 1

  165,125     1,515,847

Anixter International 1, 2

  70,895     4,618,809

Benchmark Electronics 1

  156,900     3,417,282

Cognex Corporation

  69,800     3,357,380

Coherent 1

  156,006     9,903,261

Dolby Laboratories Cl. A

  93,410     3,706,509

DTS 1

  245,000     7,470,050

FARO Technologies 1

  90,000     4,203,000

FEI Company

  82,100     6,808,553

FLIR Systems

  262,600     8,093,332

HollySys Automation Technologies

  35,582     855,035

IPG Photonics 1, 2, 3

  58,760     5,004,883

Kimball Electronics 1

  214,635     3,131,525

LRAD Corporation 1

  548,244     1,091,005

Mercury Systems 1

  38,200     559,248

MTS Systems

  5,200     358,540

National Instruments

  251,850     7,419,501

Newport Corporation 1

  541,000     10,257,360

Oxford Instruments

  4,200     64,046

PC Connection

  16,301     403,287

Perceptron 1

  357,700     3,777,312

Plexus Corporation 1

  176,100     7,727,268

Richardson Electronics

  573,732     4,635,755

Rofin-Sinar Technologies 1

  257,501     7,107,028

Rogers Corporation 1

  57,066     3,774,345

TTM Technologies 1, 2, 3

  496,400     4,959,036

Vishay Precision Group 1

  74,826     1,126,880                     115,346,077          

18   |   2015 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2015 (unaudited)
  Schedule of Investments (continued)                 SHARES   VALUE   INFORMATION TECHNOLOGY (continued)       INTERNET SOFTWARE & SERVICES - 1.4%      

Care.com 1

  369,400   $ 2,186,848

j2 Global

  32,870     2,233,188

QuinStreet 1

  463,732     2,991,071

RealNetworks 1

  376,750     2,038,217

Spark Networks 1, 2

  346,700     1,064,369

Stamps.com 1

  34,400     2,530,808

Support.com 1

  1,599,399     2,255,153

Tomorrow Focus 1

  44,900     217,496

United Online 1

  102,371     1,604,154                     17,121,304           IT SERVICES - 2.7%      

Computer Task Group

  155,300     1,198,916

Convergys Corporation

  121,000     3,084,290

eClerx Services

  13,500     317,572

Hackett Group (The)

  1,039,366     13,958,685

Hexaware Technologies

  75,000     300,330

Innodata 1

  314,314     826,646

MAXIMUS

  107,500     7,065,975

MoneyGram International 1

  75,000     689,250

Persistent Systems

  35,000     329,362

Prodware 1

  20,100     137,588

Sykes Enterprises 1

  142,734     3,461,299

Unisys Corporation 1

  94,000     1,879,060                     33,248,973           SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%      

Amtech Systems 1

  105,371     1,094,805

Brooks Automation

  101,900     1,166,755

Cascade Microtech 1

  44,300     674,467

Diodes 1

  270,850     6,530,193

Exar Corporation 1

  157,576     1,541,093

Integrated Silicon Solution

  14,715     325,790

Intermolecular 1

  185,448     365,333

Kopin Corporation 1

  242,200     835,590

Kulicke & Soffa Industries 1

  63,800     747,098

MKS Instruments

  187,490     7,113,371

MoSys 1, 2, 3

  337,000     640,300

Nanometrics 1

  145,440     2,344,493

Photronics 1

  131,400     1,249,614

Teradyne

  130,000     2,507,700

Ultra Clean Holdings 1

  113,000     703,990

Veeco Instruments 1, 2, 3

  91,760     2,637,182                     30,477,774           SOFTWARE - 2.1%      

American Software Cl. A

  88,490     840,655

ANSYS 1, 2, 3

  95,000     8,667,800

AVEVA Group

  11,200     318,172

Blackbaud

  31,400     1,788,230

Computer Modelling Group

  192,000     1,946,133

Cyient

  39,000     349,732

Envivio 1

  262,532     498,811

ePlus 1

  12,700     973,455

Mentor Graphics

  92,083     2,433,754

Model N 1

  104,000     1,238,640

Monotype Imaging Holdings

  137,320     3,310,785

PSI 1

  52,500     605,781

SeaChange International 1

  228,369     1,600,867

SimCorp

  9,300     370,366

Totvs

  50,000     627,191                     25,570,372           TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.1%      

Avid Technology 1

  37,700     502,918

BlackBerry 1, 2

  10,000     81,800

Diebold 2, 3

  266,600     9,331,000

Intevac 1

  114,000     666,900

Kortek

  99,000     1,366,802

Silicon Graphics International 1

  141,410     914,923                     12,864,343   Total (Cost $184,727,597)         240,659,805   MATERIALS7.3%       CHEMICALS - 2.1%      

C. Uyemura & Co.

  5,800     311,836

Chase Corporation

  11,497     457,006

FutureFuel Corporation

  51,500     662,805

Hawkins

  86,178     3,480,729

Innospec

  57,178     2,575,297

KMG Chemicals

  44,000     1,119,360

Minerals Technologies

  94,843     6,461,654

Quaker Chemical

  109,669     9,742,994

Umicore

  6,000     284,487

Victrex

  8,000     242,601                     25,338,769           CONSTRUCTION MATERIALS - 0.9%      

Ash Grove Cement Cl. B 4

  50,518     10,154,118

Mardin Cimento Sanayii

  255,200     402,782                     10,556,900           CONTAINERS & PACKAGING - 0.7%      

Greif Cl. A

  106,344     3,812,433

Mayr-Melnhof Karton

  32,000     3,615,680

UFP Technologies 1

  59,609     1,247,020                     8,675,133           METALS & MINING - 3.5%      

AuRico Gold

  132,000     374,880

Central Steel & Wire 4

  4,862     3,014,440

Exeter Resource 1

  475,000     229,188

Franco-Nevada Corporation

  118,000     5,622,700

Fresnillo

  20,000     218,089

Gold Fields ADR

  865,000     2,793,950

Haynes International

  23,000     1,134,360

Hecla Mining

  660,000     1,735,800

IAMGOLD Corporation 1

  510,000     1,020,000

Imdex 1

  741,766     171,693

Kirkland Lake Gold 1

  90,000     405,685

Lundin Mining 1

  640,000     2,628,663

Major Drilling Group International

  491,323     2,458,582

Pan American Silver

  130,430     1,120,394

Pretium Resources 1

  246,000     1,331,433

Reliance Steel & Aluminum

  168,130     10,168,502

Seabridge Gold 1, 2

  282,000     1,723,020

Synalloy Corporation

  178,800     2,449,560

Victoria Gold 1

  550,000     61,649

Vista Gold 1

  124,000     40,920

Worthington Industries

  148,000     4,448,880                     43,152,388          

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2015 Semiannual Report to Stockholders   |   19
Royce Value Trust June 30, 2015 (unaudited)
  Schedule of Investments (continued)                 SHARES   VALUE   MATERIALS (continued)       PAPER & FOREST PRODUCTS - 0.1%      

Schweitzer-Mauduit International

  22,198   $ 885,256

TFS Corporation

  246,700     305,498                     1,190,754   Total (Cost $80,095,702)         88,913,944   TELECOMMUNICATION SERVICES0.5%       WIRELESS TELECOMMUNICATION SERVICES - 0.5%      

Spok Holdings

  18,595     313,140

Telephone and Data Systems

  208,270     6,123,138   Total (Cost $5,721,184)         6,436,278   UTILITIES0.1%       GAS UTILITIES - 0.1%      

Shizuoka Gas

  110,000     768,476

Toho Gas

  60,000     355,436                     1,123,912           MULTI-UTILITIES - 0.0%      

Just Energy Group 2

  20,600     107,326   Total (Cost $1,234,656)         1,231,238   MISCELLANEOUS 73.0%         Total (Cost $34,748,812)         37,321,928   TOTAL COMMON STOCKS         (Cost $943,434,273)         1,209,620,397   REPURCHASE AGREEMENT7.3%       Fixed Income Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value $89,420,000
(collateralized by obligations of various U.S. Government Agencies, 2.125% due 1/31/21,
valued at $91,208,579)
  (Cost $89,420,000)         89,420,000   TOTAL INVESTMENTS106.1%         (Cost $1,032,854,273)         1,299,040,397               LIABILITIES LESS CASH AND OTHER ASSETS(6.1)%     (74,840,748)             NET ASSETS 100.0%       $ 1,224,199,649  

  New additions in 2015. 1 Non-income producing. 2
All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2015. Total market value of pledged securities at June 30, 2015, was $110,779,080.
3
At June 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $65,665,298.
4
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. See Notes to Financial Statements.
5
At June 30, 2015, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. See Notes to Financial Statements.
6
Securities for which market quotations are not readily available represent 0.0% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
7
Includes securities first acquired in 2015 and less than 1% of net assets.
     
Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.
     
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,033,991,063. At June 30, 2015, net unrealized appreciation for all securities was $265,049,334, consisting of aggregate gross unrealized appreciation of $347,502,881 and aggregate gross unrealized depreciation of $82,453,547. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
 

20   |   2015 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Value Trust June 30, 2015 (unaudited)
  Statement of Assets and Liabilities           ASSETS:         Investments at value          

Non-Affiliated Companies (cost $935,250,548)

  $ 1,202,163,175    

Affiliated Companies (cost $8,183,725)

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

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2015 Semiannual Report to Stockholders   |   21
Royce Value Trust Six Months Ended June 30, 2015 (unaudited)
  Statement of Operations           INVESTMENT INCOME:         INCOME:         Dividends          

Non-Affiliated Companies

  $ 9,042,544    

Affiliated Companies

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

22   |   2015 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Value Trust
  Statement of Changes in Net Assets                         SIX MONTHS ENDED
6/30/15
(UNAUDITED)
      YEAR ENDED 12/31/14     INVESTMENT OPERATIONS:                 Net investment income (loss)   $ 5,207,628     $ 9,123,977     Net realized gain (loss) on investments and foreign currency     42,691,967       130,855,526     Net change in unrealized appreciation (depreciation) on investments and foreign currency     (30,329,801 )     (140,388,974 )   Net increase (decrease) in net assets from investment operations     17,569,794       (409,471 )   DISTRIBUTIONS:                 Net investment income           (10,008,114 )   Net realized gain on investments and foreign currency           (123,263,927 )   Quarterly distributions 1     (44,964,305 )         Total distributions     (44,964,305 )     (133,272,041 )   CAPITAL STOCK TRANSACTIONS:                 Reinvestment of distributions     19,639,522       57,806,861     Total capital stock transactions     19,639,522       57,806,861     Net Increase (Decrease) In Net Assets     (7,754,989 )     (75,874,651 )   NET ASSETS:                   Beginning of period     1,231,954,638       1,307,829,289     End of period (including undistributed net investment income (loss) of $7,493,931 at 6/30/15 and $2,286,303 at 12/31/14)   $ 1,224,199,649     $ 1,231,954,638    
1 To be allocated to net investment income, net realized gains and/or return of capital at year end.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2015 Semiannual Report to Stockholders   |   23
Royce Value Trust Six Months Ended June 30, 2015 (unaudited)
  Statement of Cash Flows           CASH FLOWS FROM OPERATING ACTIVITIES:         Net increase (decrease) in net assets from investment operations   $ 17,569,794     Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:          

Purchases of long-term investments

    (202,375,047 )  

Proceeds from sales and maturities of long-term investments

    282,196,062    

Net purchases, sales and maturities of short-term investments

    (59,865,000 )  

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

    58,603    

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

    (196,204 )  

Net change in unrealized appreciation (depreciation) on investments

    30,510,696    

Net realized gain on investments and foreign currency

    (42,691,967 )   Net cash provided by operating activities     25,206,937     CASH FLOWS FROM FINANCING ACTIVITIES:         Distributions     (44,964,305 )   Reinvestment of distributions     19,639,522     Net cash used for financing activities     (25,324,783 )   INCREASE (DECREASE) IN CASH:     (117,846 )   Cash and foreign currency at beginning of period     125,821     Cash and foreign currency at end of period   $ 7,975    

24   |   2015 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Value Trust     Financial Highlights
This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.

    SIX MONTHS   YEARS ENDED       ENDED
6/30/15
(UNAUDITED)
  12/31/14   12/31/13   12/31/12   12/31/11   12/31/10   Net Asset Value, Beginning of Period   $ 16.24     $ 18.17     $ 15.40     $ 14.18     $ 16.73     $ 12.87     INVESTMENT OPERATIONS:                                                 Net investment income (loss)     0.07       0.12       0.12       0.23       0.10       0.24     Net realized and unrealized gain (loss) on investments and foreign currency     0.17       (0.13 )     4.89       2.02       (1.62 )     3.85     Total investment operations     0.24       (0.01 )     5.01       2.25       (1.52 )     4.09     DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:                                                 Net investment income                       (0.04 )     (0.03 )     (0.20 )   Net realized gain on investments and foreign currency                       (0.13 )     (0.16 )         Total distributions to Preferred Stockholders                       (0.17 )     (0.19 )     (0.20 )   Net Increase (Decrease) in Net Assets Applicable to Common Stockholders from                                                

Investment Operations

    0.24       (0.01 )     5.01       2.08       (1.71 )     3.89     DISTRIBUTIONS TO COMMON STOCKHOLDERS:                                                 Net investment income           (0.14 )     (0.11 )     (0.17 )     (0.08 )     (0.03 )   Net realized gain on investments and foreign currency           (1.68 )     (2.08 )     (0.63 )     (0.43 )         Return of capital                             (0.27 )         Quarterly distributions 1     (0.59 )                                 Total distributions to Common Stockholders     (0.59 )     (1.82 )     (2.19 )     (0.80 )     (0.78 )     (0.03 )   CAPITAL STOCK TRANSACTIONS:                                                 Effect of reinvestment of distributions by Common Stockholders     (0.04 )     (0.10 )     (0.05 )     (0.06 )     (0.06 )     (0.00 )   Total capital stock transactions     (0.04 )     (0.10 )     (0.05 )     (0.06 )     (0.06 )     (0.00 )   Net Asset Value, End of Period   $ 15.85     $ 16.24     $ 18.17     $ 15.40     $ 14.18     $ 16.73     Market Value, End of Period   $ 13.79     $ 14.33     $ 16.01     $ 13.42     $ 12.27     $ 14.54     TOTAL RETURN: 2                                                 Net Asset Value     1.69 % 3     0.78 %     34.14 %     15.41 %     (10.06 )%     30.27 %   Market Value     0.27 % 3     0.93 %     35.63 %     16.22 %     (10.46 )%     35.05 %   RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:                                                 Investment advisory fee expense 4     0.48 % 5     0.46 %     0.54 %     0.56 %     0.86 %     0.11 %   Other operating expenses     0.17 % 5     0.15 %     0.25 %     0.15 %     0.12 %     0.12 %   Total expenses (net) 6     0.65 % 5     0.61 %     0.79 %     0.71 %     0.98 %     0.23 %   Expenses net of fee waivers and excluding interest expense     0.58 % 5     0.55 %     0.65 %     0.68 %     0.98 %     0.23 %   Expenses prior to fee waivers and balance credits     0.65 % 5     0.61 %     0.79 %     0.71 %     0.98 %     0.23 %   Expenses prior to fee waivers     0.65 % 5     0.61 %     0.79 %     0.71 %     0.98 %     0.23 %   Net investment income (loss)     0.85 % 5     0.72 %     0.70 %     1.57 %     0.63 %     1.69 %   SUPPLEMENTAL DATA:                                                 Net Assets Applicable to Common Stockholders, End of Period (in thousands)   $ 1,224,200     $ 1,231,955     $ 1,307,829     $ 1,082,426     $ 966,640     $ 1,105,879     Liquidation Value of Preferred Stock, End of Period (in thousands)                                   $ 220,000     $ 220,000     Portfolio Turnover Rate     17 %     40 %     33 %     25 %     26 %     30 %   PREFERRED STOCK:                                                 Total shares outstanding                                     8,800,000       8,800,000     Asset coverage per share                                   $ 134.88     $ 150.67     Liquidation preference per share                                   $ 25.00     $ 25.00     Average month-end market value per share                                   $ 25.37     $ 25.06     REVOLVING CREDIT AGREEMENT:                                                 Asset coverage     1849 %     1860 %     1289 %     822 %                   Asset coverage per $1,000   $ 18,489     $ 18,599     $ 12,889     $ 8,216                    
1
To be allocated to net investment income, net realized gains and/or return of capital at year end.
2
The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3 Not annualized 4
The investment advisory fee is calculated based on average net assets over a rolling 60-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets applicable to Common Stockholders over a 12-month basis.
5 Annualized 6
Expense ratios based on total average net assets including liquidation value of Preferred Stock were 0.60%, 0.82% and 0.18% for the years ended December 31, 2012, 2011 and 2010, respectively.


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

Royce Value Trust

Notes to Financial Statements (unaudited)

Summary of Significant Accounting Policies:
Royce Value Trust, Inc. (the "Fund"), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.

VALUATION OF INVESTMENTS:
Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
  Level 1 – 
quoted prices in active markets for identical securities.
  Level 2 – 
other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.
  Level 3 – 
significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2015. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

  LEVEL 1 LEVEL 2 LEVEL 3 TOTAL   Common Stocks $1,186,155,432 $23,237,468 $227,497 $1,209,620,397   Cash Equivalents                     –   89,420,000           –      89,420,000  

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


26   |   2015 Semiannual Report to Stockholders


Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

  BALANCE AS OF 12/31/14 PURCHASES SALES REALIZED AND UNREALIZED
GAIN (LOSS) 1
BALANCE AS OF 6/30/15   Common Stocks $ 270,001             $ 0 $           1        $ (42,503)        $227,497   Preferred Stocks 1,216,350               – 724,062         (492,288)                   –   1
The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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

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

SECURITIES LENDING:
The Fund loans securities through a lending agent to qualified institutional investors for the purpose of realizing additional income. Collateral for the Fund on all securities loaned is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral maintained is at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending. The Fund’s securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.

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

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

DISTRIBUTIONS:
The Fund pays quarterly distributions on the Fund’s Common Stock at the annual rate of 7% of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s Common Stock, with the fourth quarter distribution being the greater of 1.75% of the rolling average or the distribution required by IRS regulations. Prior to November 15, 2012, distributions to Preferred Stockholders were accrued daily and paid quarterly. Distributions to Common Stockholders are recorded on ex-dividend date. Distributable capital gains and/or net investment income were first allocated to Preferred Stockholder distributions, with any excess allocable to Common Stockholders. If capital gains and/or net investment income were allocated to both Preferred and Common Stockholders, the tax character of such allocations was proportional. To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may

2015 Semiannual Report to Stockholders   |   27


Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

DISTRIBUTIONS (continued):
differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.

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

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

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

Capital Stock:
The Fund issued 1,382,488 and 3,894,284 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2015 and the year ended December 31, 2014, respectively.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.
As of June 30, 2015, the Fund has outstanding borrowings of $70,000,000. During the six months ended June 30, 2015, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 1.22%. The maximum amount outstanding during the six months ended June 30, 2015 was $70,000,000. As of June 30, 2015, the aggregate value of rehypothecated securities was $65,665,298. During the six months ended June 30, 2015, the Fund earned $265,265 in fees from rehypothecated securities.

Investment Advisory Agreement:
As compensation for its services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (“Basic Fee”) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the S&P SmallCap 600 Index (“S&P 600").

28   |   2015 Semiannual Report to Stockholders


Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

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

Purchases and Sales of Investment Securities:
For the six months ended June 30, 2015, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $207,153,233 and $277,887,228, respectively.

Transactions in Affiliated Companies:
An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The Fund effected the following transactions in shares of such companies for the six months ended June 30, 2015:

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

2015 Semiannual Report to Stockholders   |   29


Royce Micro-Cap Trust

  Schedule of Investments Common Stocks – 105.9%                 SHARES   VALUE   CONSUMER DISCRETIONARY16.6%       AUTO COMPONENTS - 2.6%      

Drew Industries 1, 2

  55,400   $ 3,214,308

Fuel Systems Solutions 3

  152,000     1,136,960

Global & Yuasa Battery

  50,500     1,731,700

Motorcar Parts of America 3

  50,000     1,504,500

Standard Motor Products

  61,853     2,172,278                     9,759,746           DISTRIBUTORS - 0.7%      

Core-Mark Holding Company

  16,800     995,400

Weyco Group

  59,600     1,777,272                     2,772,672           DIVERSIFIED CONSUMER SERVICES - 1.9%      

American Public Education 3

  68,300     1,756,676

Capella Education

  1,300     69,771

Collectors Universe

  83,100     1,657,014

Liberty Tax Cl. A

  108,264     2,679,534

Lincoln Educational Services 3

  425,800     860,116                     7,023,111           HOTELS, RESTAURANTS & LEISURE - 0.6%      

Monarch Casino & Resort 3

  31,997     657,858

MTY Food Group

  55,300     1,466,402

Nathan’s Famous

  2,100     77,826                     2,202,086           HOUSEHOLD DURABLES - 3.1%      

Cavco Industries 3

  18,691     1,410,049

Ethan Allen Interiors 1

  69,700     1,835,898

Flexsteel Industries 1, 2

  53,900     2,322,551

iRobot Corporation 1, 2, 3

  15,000     478,200

Lifetime Brands

  192,094     2,837,228

Skyline Corporation 3

  183,400     539,196

Stanley Furniture 3

  93,468     277,600

Universal Electronics 3

  37,900     1,888,936                     11,589,658           INTERNET & CATALOG RETAIL - 1.0%      

Blue Nile 3

  76,500     2,324,835

FTD Companies 3

  48,700     1,372,853                     3,697,688           LEISURE PRODUCTS - 1.7%      

Arctic Cat

  11,500     381,915

LeapFrog Enterprises Cl. A 1, 3

  446,000     624,400

Nautilus 3

  177,700     3,822,327

Smith & Wesson Holding Corporation 1, 2, 3

  92,600     1,536,234

Sturm, Ruger & Co.

  1,100     63,195                     6,428,071           MEDIA - 1.1%      

Rentrak Corporation 3

  34,500     2,408,100

Sizmek 3

  5,800     41,180

Value Line

  169,000     1,754,220                     4,203,500           SPECIALTY RETAIL - 1.8%      

Aeropostale 3

  165,000     267,300

America’s Car-Mart 1, 2, 3

  18,100     892,692

Destination Maternity

  190,600     2,222,396

Kirkland’s

  7,900     220,173

Le Chateau Cl. A 3

  685,000     318,094

Lewis Group

  57,000     461,913

Shoe Carnival 1

  31,628     912,784

Stage Stores 1

  27,800     487,334

Systemax 1, 2, 3

  44,000     380,160

West Marine 3

  86,000     829,040                     6,991,886           TEXTILES, APPAREL & LUXURY GOODS - 2.1%      

Crown Crafts

  159,359     1,274,872

Culp

  55,100     1,708,100

J.G. Boswell Company 4

  2,490     1,755,450

Movado Group 1

  44,374     1,205,198

YGM Trading

  1,422,000     1,838,141                     7,781,761   Total (Cost $56,674,496)         62,450,179   CONSUMER STAPLES2.8%       BEVERAGES - 0.1%      

Crimson Wine Group 3, 4

  58,124     543,459           FOOD PRODUCTS - 2.7%      

Binggrae

  18,078     1,369,484

Farmer Bros. 1, 3

  67,400     1,583,900

John B. Sanfilippo & Son

  26,900     1,396,110

Landec Corporation 3

  75,610     1,091,052

Limoneira Company

  6,400     142,272

Seneca Foods Cl. A 3

  51,400     1,427,378

Seneca Foods Cl. B 3

  42,500     1,264,800

SunOpta 3

  138,700     1,488,251

Waterloo Investment Holdings 3, 5

  806,207     306,359                     10,069,606   Total (Cost $7,527,262)         10,613,065   ENERGY1.7%       ENERGY EQUIPMENT & SERVICES - 0.9%      

Canadian Energy Services & Technology

  25,000     144,115

Dawson Geophysical 3

  93,654     440,174

Geospace Technologies 1, 2, 3

  9,500     218,975

Gulf Island Fabrication

  103,216     1,152,923

Matrix Service 1, 2, 3

  25,300     462,484

North American Energy Partners

  50,000     121,500

Pioneer Energy Services 1, 3

  57,500     364,550

Tesco Corporation 1

  58,000     632,200                     3,536,921           OIL, GAS & CONSUMABLE FUELS - 0.8%      

Ardmore Shipping

  10,600     128,366

Permian Basin Royalty Trust

  266,333     2,146,644

Resolute Energy 1, 2, 3

  102,100     98,680

StealthGas 3

  74,500     502,875                     2,876,565   Total (Cost $9,118,156)         6,413,486   FINANCIALS19.8%       BANKS - 2.0%      

Bank of N.T. Butterfield & Son

  438,100     714,103

BCB Holdings 3

  566,936     75,718

Blue Hills Bancorp 3

  50,000     700,000

Bryn Mawr Bank

  25,000     754,000

Chemung Financial 1

  31,000     820,880

Fauquier Bankshares 1, 2

  140,200     2,227,778

First Bancorp (The)

  40,200     781,488

Peapack-Gladstone Financial

  53,606     1,191,125                     7,265,092           CAPITAL MARKETS - 11.1%      

ASA Gold and Precious Metals

  206,150     2,001,716

30   |   2015 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2015 (unaudited)
  Schedule of Investments (continued)
    SHARES     VALUE               FINANCIALS (continued)           CAPITAL MARKETS (continued)          

BHF Kleinwort Benson Group 3

  230,000   $ 1,125,664

Cowen Group 3

  245,900     1,573,760

Diamond Hill Investment Group 1,2

  23,354     4,662,860

Dundee Corporation Cl. A 3

  120,000     1,204,804

Equity Trustees

  43,150     678,832

FBR & Co. 3

  51,684     1,195,968

Fiera Capital Cl. A

  78,000     773,755

†Fifth Street Asset Management Cl. A

  211,603     2,175,279

INTL FCStone 1,2,3

  41,727     1,387,005

JZ Capital Partners

  253,999     1,789,945

Medley Management Cl. A

  210,800     2,495,872

MVC Capital 1,2

  387,400     3,951,480

Newtek Business Services

  86,600     1,534,552

OHA Investment

  230,820     1,313,366

Queen City Investments 4

  948     1,090,200

Silvercrest Asset Management Group Cl. A

  228,600     3,214,116

Sprott

  984,300     1,946,534

U.S. Global Investors Cl. A

  676,254     1,879,986

Urbana Corporation

  237,600     410,901

Westwood Holdings Group 1

  34,700     2,067,079

ZAIS Group Holdings Cl. A 3

  292,160     3,184,544                     41,658,218           CONSUMER FINANCE - 1.0%          

EZCORP Cl. A 1,2,3

  201,000     1,493,430

J.G. Wentworth Company Cl. A 3

  160,000     1,472,000

Regional Management 3

  51,400     918,004                     3,883,434           DIVERSIFIED FINANCIAL SERVICES - 0.6%          

Banca Finnat Euramerica

  1,310,000     711,241

GAIN Capital Holdings

  25,000     239,000

PICO Holdings 1,3

  45,700     672,704

Warsaw Stock Exchange

  52,900     666,033                     2,288,978           INSURANCE - 2.1%          

Hallmark Financial Services 3

  114,000     1,297,320

Independence Holding Company

  105,380     1,389,962

National Western Life Insurance Cl. A 1

  7,033     1,684,333

State Auto Financial 1,2

  97,264     2,329,473

United Fire Group 1

  38,603     1,264,635                     7,965,723           REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4%          

BRT Realty Trust 3

  230,331     1,619,227           REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.6%          

AV Homes 3

  75,300     1,082,061

Forestar Group 1,2,3

  53,000     697,480

FRP Holdings 1,2,3

  88,381     2,866,196

Griffin Industrial Realty

  47,746     1,529,782

Hopefluent Group Holdings

  1,400,000     475,002

Marcus & Millichap 3

  2,700     124,578

Tejon Ranch 1,2,3

  112,162     2,883,685

Tejon Ranch (Warrants) 3

  13,146     5,915                     9,664,699   Total (Cost $67,746,119)         74,345,371               HEALTH CARE10.7%           BIOTECHNOLOGY - 1.2%          

Aquinox Pharmaceuticals 3

  47,622     330,497

ARIAD Pharmaceuticals 1,3

  114,102     943,624

Celsion Corporation 3

  115,555     271,554

ChemoCentryx 3

  70,000     576,100

Fortress Biotech 3

  147,400     495,264

Zealand Pharma 3

  104,000     1,717,300                     4,334,339           HEALTH CARE EQUIPMENT & SUPPLIES - 4.5%          

Allied Healthcare Products 3

  45,172     66,403

AngioDynamics 1,2,3

  42,163     691,473

Atrion Corporation

  10,294     4,038,439

Cerus Corporation 1,2,3

  140,000     726,600

Cynosure Cl. A 3

  1,500     57,870

Derma Sciences 3

  74,958     536,699

Exactech 1,2,3

  137,200     2,857,876

Inogen 3

  5,400     240,840

Invacare Corporation 1

  44,300     958,209

Meridian Bioscience

  45,400     846,256

STRATEC Biomedical

  14,000     771,108

Symmetry Surgical 3

  2,975     25,942

Synergetics USA 1,3

  61,735     290,155

Syneron Medical 3

  69,200     734,904

TearLab Corporation 3

  100,000     202,000

Trinity Biotech ADR Cl. A

  81,600     1,473,696

Utah Medical Products

  38,100     2,271,903                     16,790,373           HEALTH CARE PROVIDERS & SERVICES - 3.4%          

Aceto Corporation

  72,219     1,778,754

Addus HomeCare 3

  66,900     1,863,834

CorVel Corporation 1,3

  40,000     1,280,800

Cross Country Healthcare 3

  240,700     3,052,076

Landauer

  32,343     1,152,704

National Research Cl. A

  40,033     568,869

PharMerica Corporation 1,2,3

  40,000     1,332,000

Psychemedics Corporation

  83,200     1,233,856

U.S. Physical Therapy

  12,600     689,976                     12,952,869           HEALTH CARE TECHNOLOGY - 0.6%          

Computer Programs and Systems

  24,000     1,282,080

HealthStream 3

  24,227     736,985

Vocera Communications 3

  33,100     378,995                     2,398,060           PHARMACEUTICALS - 1.0%          

Agile Therapeutics 1,3

  80,000     687,200

Lipocine 3

  122,800     1,053,624

Repros Therapeutics 3

  129,000     922,350

Theravance Biopharma 3

  83,509     1,087,287                     3,750,461   Total (Cost $30,310,628)         40,226,102               INDUSTRIALS 20.7%           AEROSPACE & DEFENSE - 1.6%          

Breeze-Eastern Corporation 3

  24,233     278,680

CPI Aerostructures 3

  90,700     907,907

Ducommun 1,2,3

  75,700     1,943,219

FLYHT Aerospace Solutions 3

  800,200     150,558

Innovative Solutions and Support 3

  142,828     471,332

Kratos Defense & Security Solutions 3

  72,324     455,641

SIFCO Industries

  45,800     682,420
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders  |  31
Royce Micro-Cap Trust       Schedule of Investments (continued)
    SHARES     VALUE               INDUSTRIALS (continued)           AEROSPACE & DEFENSE (continued)          

Sparton Corporation 1,2,3

  35,700   $ 975,324                     5,865,081           AIR FREIGHT & LOGISTICS - 0.7%          

Frontier Services Group 3

  6,137,286     2,581,103           BUILDING PRODUCTS - 1.7%          

AAON 1,2

  30,300     682,356

Apogee Enterprises

  31,900     1,679,216

Burnham Holdings Cl. A 4

  117,000     2,162,160

Insteel Industries

  60,500     1,131,350

Patrick Industries 3

  21,150     804,758                     6,459,840           COMMERCIAL SERVICES & SUPPLIES - 1.6%          

CompX International Cl. A

  107,500     1,225,500

Heritage-Crystal Clean 3

  235,077     3,455,632

Horizon North Logistics

  22,300     68,739

Intersections 1,2,3

  203,700     625,359

Team 1,2,3

  17,500     704,375                     6,079,605           CONSTRUCTION & ENGINEERING - 3.2%          

Ameresco Cl. A 3

  295,700     2,262,105

Integrated Electrical Services 3

  570,682     4,051,842

Layne Christensen 1,2,3

  50,000     447,500

MYR Group 1,2,3

  107,100     3,315,816

Northwest Pipe 3

  32,000     651,840

Orbit Garant Drilling 3

  1,512,500     1,235,188                     11,964,291           ELECTRICAL EQUIPMENT - 1.0%          

Encore Wire 1

  15,000     664,350

Global Power Equipment Group

  55,649     431,836

LSI Industries

  99,012     924,772

Orion Energy Systems 3

  100,000     251,000

Powell Industries

  28,400     998,828

Preformed Line Products

  17,243     650,406                     3,921,192           INDUSTRIAL CONGLOMERATES - 0.6%          

Raven Industries 1

  103,400     2,102,122           MACHINERY - 5.2%          

ARC Group Worldwide 1,2,3

  39,250     208,025

CIRCOR International 1

  1,100     59,983

Columbus McKinnon

  39,850     996,250

Douglas Dynamics

  50,000     1,074,000

Eastern Company (The)

  39,750     736,170

Foster (L.B.) Company 1

  46,400     1,605,904

Graham Corporation 1

  111,948     2,293,815

Hurco Companies

  57,266     1,982,549

Kadant

  21,200     1,000,640

Luxfer Holdings ADR

  27,812     361,556

NN

  141,600     3,613,632

Pfeiffer Vacuum Technology

  21,000     1,871,074

Sun Hydraulics

  8,200     312,502

Tecumseh Products 3

  265,000     654,550

Tennant Company 1,2

  33,500     2,188,890

Twin Disc

  7,000     130,480

Wabash National 3

  46,100     578,094                     19,668,114                       MARINE - 0.4%          

Clarkson

  32,700     1,406,267           PROFESSIONAL SERVICES - 2.7%          

Acacia Research 1

  69,700     611,269

CBIZ 3

  47,000     453,080

Franklin Covey 3

  78,700     1,596,823

Heidrick & Struggles International

  98,268     2,562,830

ICF International 3

  15,700     547,302

Kforce 1

  66,600     1,523,142

Mistras Group 3

  4,100     77,818

Navigant Consulting 3

  5,100     75,837

Resources Connection

  60,160     967,974

RPX Corporation 3

  104,900     1,772,810                     10,188,885           ROAD & RAIL - 1.0%          

Marten Transport

  3,300     71,610

†Patriot Transportation Holding 1,2,3

  29,460     726,189

Universal Truckload Services 1

  134,200     2,947,032                     3,744,831           TRADING COMPANIES & DISTRIBUTORS - 0.8%          

DXP Enterprises 3

  1,600     74,400

Houston Wire & Cable

  162,075     1,607,784

Lawson Products 3

  47,769     1,121,616

MFC Industrial 3

  70,000     283,500                     3,087,300           TRANSPORTATION INFRASTRUCTURE - 0.2%          

Touax

  53,197     880,704   Total (Cost $60,432,284)         77,949,335               INFORMATION TECHNOLOGY22.6%           COMMUNICATIONS EQUIPMENT - 1.2%          

Alliance Fiber Optic Products

  48,900     907,095

Applied Optoelectronics 1,2,3

  7,500     130,200

Bel Fuse Cl. A

  67,705     1,398,785

CalAmp Corporation 3

  5,500     100,430

Ceragon Networks 3

  29,700     34,155

ClearOne

  25,000     322,625

Extreme Networks 3

  320,000     860,800

KVH Industries 3

  8,900     119,705

Oclaro 3

  27,900     63,054

PCTEL

  44,100     316,638

Sandvine Corporation 3

  22,700     65,247                     4,318,734           ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.4%          

Agilysys 3

  170,587     1,565,989

Deswell Industries

  544,371     979,868

DTS 3

  96,300     2,936,187

†FARO Technologies 3

  60,000     2,802,000

Inficon Holding

  3,600     1,230,226

LRAD Corporation 3

  401,756     799,494

Mercury Systems 3

  47,500     695,400

Mesa Laboratories 1,2

  38,489     3,421,672

Newport Corporation 1,2,3

  200,023     3,792,436

Orbotech 1,2,3

  127,800     2,658,240

PC Connection

  43,716     1,081,534

Richardson Electronics

  330,900     2,673,672

Rofin-Sinar Technologies 3

  71,100     1,962,360

Rogers Corporation 1,3

  14,700     972,258

TTM Technologies 1,2,3

  179,400     1,792,206

Vishay Precision Group 3

  154,000     2,319,240                     31,682,782          
32  |  2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2015 (unaudited)

  Schedule of Investments (continued)
    SHARES       VALUE                 INFORMATION TECHNOLOGY (continued)             INTERNET SOFTWARE & SERVICES - 3.6%            

Care.com 1,2,3

  372,254     $ 2,203,744

LivePerson 3

  3,700       36,297

Marchex Cl. B

  95,000       470,250

QuinStreet 3

  306,900       1,979,505

Qumu Corporation 3

  161,800       1,333,232

RealNetworks 3

  244,000       1,320,040

Reis

  25,000       554,500

Stamps.com 3

  10,800       794,556

Support.com 3

  1,357,663       1,914,305

Textura Corporation 1,2,3

  50,000       1,391,500

United Online 3

  97,400       1,526,258                         13,524,187             IT SERVICES - 1.9%            

Cass Information Systems 1

  29,150       1,638,813

Computer Task Group 1

  256,233       1,978,119

Hackett Group (The)

  170,000       2,283,100

Innodata 3

  437,275       1,150,033

Sykes Enterprises 3

  6,300       152,775                         7,202,840             SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%            

Amtech Systems 3

  120,700       1,254,073

Brooks Automation

  116,300       1,331,635

Cascade Microtech 3

  86,200       1,312,395

Exar Corporation 3

  180,208       1,762,434

Intermolecular 3

  260,000       512,200

IXYS Corporation

  18,800       287,640

Kulicke & Soffa Industries 3

  72,300       846,633

MoSys 1,2,3

  402,275       764,322

Nanometrics 3

  50,800       818,896

Nova Measuring Instruments 3

  71,800       897,500

Photronics 3

  162,700       1,547,277

Rubicon Technology 1,2,3

  76,899       186,865

Ultra Clean Holdings 3

  128,300       799,309

Xcerra Corporation 3

  26,200       198,334                         12,519,513             SOFTWARE - 3.0%            

American Software Cl. A

  122,752       1,166,144

BSQUARE Corporation 3

  98,675       669,017

†Computer Modelling Group

  276,500       2,802,634

Envivio 3

  489,376       929,814

ePlus 3

  24,899       1,908,508

Gigamon 3

  3,600       118,764

Model N 3

  65,000       774,150

PSI 3

  34,000       392,316

Rubicon Project 3

  60,500       905,080

SeaChange International 3

  204,000       1,430,040                         11,096,467             TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2%            

Avid Technology 3

  49,500       660,330

Intevac 3

  251,700       1,472,445

Kortek

  135,007       1,863,918

TransAct Technologies

  78,600       525,048                         4,521,741   Total (Cost $80,654,554)           84,866,264                 MATERIALS 6.4%             CHEMICALS - 2.1%            

Balchem Corporation 1,2

  11,775       656,103

Chase Corporation

  13,503     536,744

FutureFuel Corporation

  109,700     1,411,839

Hawkins 1

  29,314     1,183,993

KMG Chemicals

  49,900     1,269,456

Quaker Chemical 1,2

  30,400     2,700,736                     7,758,871           CONSTRUCTION MATERIALS - 0.5%          

Ash Grove Cement 4

  8,000     1,608,000

Monarch Cement 4

  16,303     497,241                     2,105,241           CONTAINERS & PACKAGING - 0.4%          

UFP Technologies 3

  68,036     1,423,313           METALS & MINING - 3.4%          

AuRico Gold

  91,250     259,150

Central Steel & Wire 4

  788     488,560

Comstock Mining 3

  615,000     359,775

Exeter Resource 3

  246,500     118,936

Haynes International 1

  51,401     2,535,097

Hecla Mining

  44,518     117,082

Horsehead Holding Corporation 1,2,3

  11,900     139,468

Imdex 3

  633,900     146,726

MAG Silver 3

  96,050     752,072

Major Drilling Group International

  460,857     2,306,130

Materion Corporation

  50,000     1,762,500

Midway Gold 3,5

  275,000     2,750

Olympic Steel

  100,000     1,744,000

Pretium Resources 3

  90,000     487,110

Universal Stainless & Alloy Products 3

  73,800     1,450,170                     12,669,526   Total (Cost $23,496,105)         23,956,951               TELECOMMUNICATION SERVICES0.1%           DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%          

ORBCOMM 3

  38,000     256,500   Total (Cost $237,587)         256,500               UTILITIES 0.3%           GAS UTILITIES - 0.1%          

Shizuoka Gas

  40,000     279,446           INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0%          

Alterra Power 3

  450,000     151,321           WATER UTILITIES - 0.2%          

GWR Global Water Resources

  106,000     606,806   Total (Cost $936,784)         1,037,573               MISCELLANEOUS64.2%             Total (Cost $15,669,416)         15,627,997               TOTAL COMMON STOCKS             (Cost $352,803,391)         397,742,823               PREFERRED STOCK - 0.3%          

Seneca Foods Conv. 3,4

  45,409     1,208,787  

(Cost $578,719)

        1,208,787  
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders  |  33
Royce Micro-Cap Trust     June 30, 2015 (unaudited)                 Schedule of Investments (continued)    
    VALUE           REPURCHASE AGREEMENT9.5%       Fixed Income Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value
$35,460,000 (collateralized by obligations of various U.S. Government Agencies, 2.125%
due 1/31/21, valued at $36,170,243)
        (Cost $35,460,000)   $ 35,460,000           TOTAL INVESTMENTS 115.7%         (Cost $388,842,110)     434,411,610                   LIABILITIES LESS CASH AND OTHER ASSETS(15.7)%     (58,846,984)                 NET ASSETS – 100.0%   $ 375,564,626          
  New additions in 2015. 1
All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2015. Total market value of pledged securities at June 30, 2015, was $91,521,219.
2
At June 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $57,832,231.
3
Non-income producing.
4
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. See Notes to Financial Statements.
5
Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
6
Includes securities first acquired in 2015 and less than 1% of net assets.
     
Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.
     
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $389,802,264. At June 30, 2015, net unrealized appreciation for all securities was $44,609,346, consisting of aggregate gross unrealized appreciation of $91,413,136 and aggregate gross unrealized depreciation of $46,803,790. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
 
34  |  2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Micro-Cap Trust   June 30, 2015 (unaudited)               Statement of Assets and Liabilities    
ASSETS:         Total investments at value   $ 398,951,610     Repurchase agreements (at cost and value)     35,460,000     Cash and foreign currency     3,466     Receivable for investments sold     4,431,491     Receivable for dividends and interest     328,651     Prepaid expenses and other assets     37,662     Total Assets     439,212,880     LIABILITIES:         Revolving credit agreement     60,000,000     Payable for investments purchased     3,215,986     Payable for investment advisory fee     321,697     Payable for directors’ fees     24,227     Payable for interest expense     4,116     Accrued expenses     82,228     Total Liabilities     63,648,254     Net Assets   $ 375,564,626     ANALYSIS OF NET ASSETS:         Paid-in capital - $0.001 par value per share; 34,872,042 shares outstanding (150,000,000 shares authorized)   $ 296,277,254     Undistributed net investment income (loss)     (1,858,384 )   Accumulated net realized gain (loss) on investments and foreign currency     51,037,376     Net unrealized appreciation (depreciation) on investments and foreign currency     45,569,041     Quarterly distributions     (15,460,661 )   Net Assets (net asset value per share - $10.77)   $ 375,564,626     Investments at identified cost   $ 353,382,110    
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders  |  35
Royce Micro-Cap Trust Six Months Ended June 30, 2015 (unaudited)           Statement of Operations  
INVESTMENT INCOME:         INCOME:         Dividends   $ 2,367,224     Foreign withholding tax     (39,792 )   Rehypothecation income     115,684     Total income     2,443,116     EXPENSES:           Investment advisory fees     1,922,807     Interest expense     368,126     Stockholder reports     72,049     Custody and transfer agent fees     47,750     Directors’ fees     41,194     Administrative and office facilities     27,113     Professional fees     26,537     Other expenses     32,538     Total expenses     2,538,114     Net investment income (loss)     (94,998 )   REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:         NET REALIZED GAIN (LOSS):           Investments     23,665,285     Foreign currency transactions     (13,397 )   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):           Investments and foreign currency translations     (26,614,570 )   Other assets and liabilities denominated in foreign currency     5,651     Net realized and unrealized gain (loss) on investments and foreign currency     (2,957,031 )   NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS   $ (3,052,029 )  
36  |  2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Micro-Cap Trust                   Statement of Changes in Net Assets         SIX MONTHS ENDED
6/30/15
(UNAUDITED)
  YEAR ENDED 12/31/14                     INVESTMENT OPERATIONS:                 Net investment income (loss)   $ (94,998 )   $ (382,932 )   Net realized gain (loss) on investments and foreign currency     23,651,888       94,504,058     Net change in unrealized appreciation (depreciation) on investments and foreign currency     (26,608,919 )     (85,903,074 )   Net increase (decrease) in net assets from investment operations     (3,052,029 )     8,218,052     DISTRIBUTIONS:                 Net investment income           (1,343,094 )   Net realized gain on investments and foreign currency           (89,530,419 )   Quarterly distributions1     (15,460,661 )         Total distributions     (15,460,661 )     (90,873,513 )   CAPITAL STOCK TRANSACTIONS:                   Reinvestment of distributions     6,589,341       37,022,256     Total capital stock transactions     6,589,341       37,022,256     Net Increase (Decrease) In Net Assets     (11,923,349 )     (45,633,205 )   NET ASSETS:                   Beginning of period     387,487,975       433,121,180     End of period (including undistributed net investment income (loss) of $(1,858,384) at 6/30/15 and $(1,763,387) at 12/31/14)   $ 375,564,626     $ 387,487,975    
1 To be allocated to net investment income, net realized gains and/or return of capital at year end.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders  |  37
Royce Micro-Cap Trust Six Months Ended June 30, 2015 (unaudited)           Statement of Cash Flows  
CASH FLOWS FROM OPERATING ACTIVITIES:         Net increase (decrease) in net assets from investment operations   $ (3,052,029 )   Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:          

Purchases of long-term investments

    (65,222,690 )  

Proceeds from sales and maturities of long-term investments

    107,042,282    

Net purchases, sales and maturities of short-term investments

    (32,804,000 )  

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

    (542 )  

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

    (51,103 )  

Net change in unrealized appreciation (depreciation) on investments

    26,614,570    

Net realized gain on investments and foreign currency

    (23,651,888 )   Net cash provided by operating activities     8,874,600     CASH FLOWS FROM FINANCING ACTIVITIES:         Distributions     (15,460,661 )   Reinvestment of distributions     6,589,341     Net cash used for financing activities     (8,871,320 )   INCREASE (DECREASE) IN CASH:     3,280     Cash and foreign currency at beginning of period     186     Cash and foreign currency at end of period   $ 3,466    
38  |  2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Micro-Cap Trust    
  Financial Highlights
This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.

    SIX MONTHS
  YEARS ENDED                   ENDED
6/30/15
(UNAUDITED)
  12/31/14   12/31/13   12/31/12   12/31/11   12/31/10   Net Asset Value, Beginning of Period   $ 11.33     $ 14.12     $ 10.93     $ 9.86     $ 11.34     $ 8.90     INVESTMENT OPERATIONS:                                                 Net investment income (loss)     (0.00 )     (0.01 )     0.01       0.15       0.04       0.08    

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

    (0.08 )     0.25       4.64       1.58       (0.82 )     2.58     Total investment operations     (0.08 )     0.24       4.65       1.73       (0.78 )     2.66     DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:                                                 Net investment income                       (0.02 )     (0.02 )     (0.10 )   Net realized gain on investments and foreign currency                       (0.09 )     (0.11 )     (0.03 )   Total distributions to Preferred Stockholders     -       -       -       (0.11 )     (0.13 )     (0.13 )  

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

    (0.08 )     0.24       4.65       1.62       (0.91 )     2.53     DISTRIBUTIONS TO COMMON STOCKHOLDERS:                                                 Net investment income           (0.04 )     (0.03 )     (0.08 )     (0.05 )     (0.06 )   Net realized gain on investments and foreign currency           (2.86 )     (1.35 )     (0.43 )     (0.24 )     (0.02 )   Return of capital                             (0.24 )         Quarterly distributions1     (0.45 )                                 Total distributions to Common Stockholders     (0.45 )     (2.90 )     (1.38 )     (0.51 )     (0.53 )     (0.08 )   CAPITAL STOCK TRANSACTIONS:                                                 Effect of reinvestment of distributions by Common Stockholders     (0.03 )     (0.13 )     (0.08 )     (0.04 )     (0.04 )     (0.01 )   Total capital stock transactions     (0.03 )     (0.13 )     (0.08 )     (0.04 )     (0.04 )     (0.01 )   Net Asset Value, End of Period   $ 10.77     $ 11.33     $ 14.12     $ 10.93     $ 9.86     $ 11.34     Market Value, End of Period   $ 9.22     $ 10.08     $ 12.61     $ 9.45     $ 8.77     $ 9.80     TOTAL RETURN:2                                                 Net Asset Value     (0.43 )%3     3.46 %     44.66 %     17.23 %     (7.69 )%     28.50 % Market Value     (4.19 )%3     3.06 %     49.42 %     13.95 %     (4.99 )%     34.10 %  

RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:

                                                Investment advisory fee expense4     1.02 %5     0.93 %     0.82 %     1.12 %     0.97 %     0.97 %   Other operating expenses     0.33 %5     0.25 %     0.29 %     0.18 %     0.15 %     0.15 %   Total expenses (net)6     1.35 %5     1.18 %     1.11 %     1.30 %     1.12 %     1.12 %   Expenses net of fee waivers and excluding interest expense     1.16 %5     1.05 %     0.96 %     1.27 %     1.12 %     1.12 %   Expenses prior to fee waivers and balance credits     1.35 %5     1.18 %     1.11 %     1.32 %     1.15 %     1.17 %   Expenses prior to fee waivers     1.35 %5     1.18 %     1.11 %     1.32 %     1.15 %     1.17 %   Net investment income (loss)     (0.05 )%5     (0.09 )%     0.08 %     1.46 %     0.40 %     0.84 %   SUPPLEMENTAL DATA:                                                

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

  $ 375,565     $ 387,488     $ 433,121     $ 318,545     $ 279,292     $ 311,279     Liquidation Value of Preferred Stock, End of Period (in thousands)                                   $ 60,000     $ 60,000     Portfolio Turnover Rate     17 %     41 %     29 %     28 %     30 %     27 %   PREFERRED STOCK:                                                 Total shares outstanding                                     2,400,000       2,400,000     Asset coverage per share                                   $ 141.37     $ 154.70     Liquidation preference per share                                   $ 25.00     $ 25.00     Average month-end market value per share                                   $ 25.41     $ 25.11     REVOLVING CREDIT AGREEMENT:                                                 Asset coverage     726 %     746 %     1062 %     808 %                   Asset coverage per $1,000   $ 7,259     $ 7,458     $ 10,625     $ 8,079                    
1
To be allocated to net investment income, net realized gains and/or return of capital at year end.
2
The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3
Not annualized
4
The investment advisory fee is calculated based on average net assets over a rolling 36-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets applicable to Common Stockholders over a 12-month basis.
5
Annualized
6
Expense ratios based on total average net assets including liquidation value of Preferred Stock were 1.10%, 0.93% and 0.91% for the years ended December 31, 2012, 2011 and 2010, respectively.

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

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited)

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

VALUATION OF INVESTMENTS:
Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
  Level 1 –  quoted prices in active markets for identical securities.   Level 2 –  other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.   Level 3 –  significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2015. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

            LEVEL 1           LEVEL 2            LEVEL 3          TOTAL         Common Stocks     $389,288,643     $  8,145,071     $309,109     $397,742,823     Preferred Stocks         1,208,787         1,208,787     Cash Equivalents         35,460,000         35,460,000       For the six months ended June 30, 2015, certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At June 30, 2015, securities valued at $22,618,659 were transferred from Level 2 to Level 1 and securities valued at $2,750 were transferred from Level 1 to Level 3 within the fair value hierarchy.

40  | 2015 Semiannual Report to Stockholders


Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

      BALANCE AS OF 12/31/14     TRANSFERS IN     SALES     REALIZED AND UNREALIZED
GAIN (LOSS)1
    BALANCE AS OF 6/30/15   Common Stocks     $325,702     $2,750     $1     $(19,342)     $309,109   1
The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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

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

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

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

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

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

2015 Semiannual Report to Stockholders |  41


Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)


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

Capital Stock:
The Fund issued 686,578 and 3,505,620 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2015 and year ended December 31, 2014, respectively.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.
As of June 30, 2015, the Fund has outstanding borrowings of $60,000,000. During the six months ended June 30, 2015, the Fund borrowed an average daily balance of $60,000,000 at a weighted average borrowing cost of 1.22%. The maximum amount outstanding during the six months ended June 30, 2015 was $60,000,000. As of June 30, 2015, the aggregate value of rehypothecated securities was $57,832,231. During the six months ended June 30, 2015, the Fund earned $115,684 in fees from rehypothecated securities.

Investment Advisory Agreement:
As compensation for its services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (“Basic Fee”) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the Russell 2000.
The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund’s month-end net assets applicable to Common Stockholders, plus the liquidation value of outstanding Preferred Stock, for the rolling 36-month period ending with such month (the “performance period”). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the Russell 2000 for the performance period by more than two percentage points. The performance period for each such month is a rolling 36-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the Russell 2000 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the Russell 2000 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.
For the six rolling 36-month periods ended June 2015, the Fund’s investment performance ranged from 1% to 2% below the investment performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $1,922,807 and no adjustment for the performance of the Fund relative to that of the Russell 2000. For the six months ended June 30, 2015, the Fund accrued and paid Royce investment advisory fees totaling $1,922,807.

Purchases and Sales of Investment Securities:
For the six months ended June 30, 2015, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $67,772,993 and $90,086,737, respectively.

42  | 2015 Semiannual Report to Stockholders


Royce Global Value Trust   June 30, 2015 (unaudited)
  Schedule of Investments                 Common Stocks – 105.8%                       SHARES       VALUE                       AUSTRALIA 1.1%                

ALS

    45,300     $ 204,465  

Collection House

    140,658       242,010  

Imdex 1

    473,700       109,645  

Medusa Mining 1

    82,600       53,215  

†Platinum Asset Management

    37,000       213,534  

Programmed Maintenance Services

    27,400       60,884  

TFS Corporation

    85,000       105,259  

Webjet

    31,300       72,207     Total (Cost $1,299,400)             1,061,219       AUSTRIA 1.7%                

Mayr-Melnhof Karton

    10,800       1,220,292  

Semperit AG Holding

    11,000       453,744     Total (Cost $1,731,546)             1,674,036       BELGIUM 0.5%                

BHF Kleinwort Benson Group 1

    55,000       269,180  

Ion Beam Applications

    600       16,335  

Picanol Group

    900       51,573  

Van de Velde

    3,436       197,392     Total (Cost $477,806)             534,480       BERMUDA 1.0%                

Lazard Cl. A 2

    12,500       703,000  

†Signet Jewelers

    2,300       294,952     Total (Cost $824,194)             997,952       BRAZIL 3.6%                

Brasil Brokers Participacoes

    225,400       155,868  

CETIP - Mercados Organizados

    140,000       1,534,592  

MAHLE Metal Leve

    50,000       344,151  

Mills Estruturas e Servicos de Engenharia 1

    26,500       57,533  

T4F Entretenimento 1

    112,200       131,720  

Totvs

    73,000       915,699  

Valid Solucoes

    30,000       462,192     Total (Cost $4,273,296)             3,601,755       CANADA 10.1%                

†Absolute Software

    10,500       75,576  

Agnico Eagle Mines 2

    20,000       567,400  

AirBoss of America

    10,300       183,899  

Alamos Gold

    38,000       215,100  

†Altus Group

    11,000       156,765  

†Cameco Corporation

    24,500       349,860  

Canyon Services Group

    10,900       50,704  

COM DEV International

    27,000       124,732  

Computer Modelling Group

    57,300       580,799  

†Dundee Corporation Cl. A 1

    55,900       561,238  

†easyhome

    8,300       129,584  

E-L Financial

    200       104,989  

FLYHT Aerospace Solutions 1

    140,000       26,341  

Franco-Nevada Corporation 2, 3

    22,700       1,081,655  

†Genworth MI Canada

    75,000       1,969,576  

†HNZ Group Cl. B

    5,700       85,386  

Horizon North Logistics

    41,100       126,689  

Magellan Aerospace

    41,900       572,309  

Major Drilling Group International

    110,500       552,942  

MTY Food Group

    8,800       233,351  

Pan American Silver 2

    63,700       547,183  

Ritchie Bros. Auctioneers 2

    24,300       678,456  

Sprott     280,600       554,910  

†TMX Group     14,000       595,757  

Total Energy Services     5,200       63,491     Total (Cost $11,776,509)             10,188,692       CHILE 0.5%                

†Inversiones La Construccion     40,000       448,007     Total (Cost $465,957)             448,007       CHINA 1.5%                

Daphne International Holdings     1,696,500       424,587  

Daqo New Energy ADR 1, 2     1,800       42,390  

†E-House (China) Holdings ADR     33,600       225,792  

Hopefluent Group Holdings     280,000       95,001  

Noah Holdings ADR 1, 2     16,700       504,841  

Pacific Online     402,700       177,672  

Xtep International Holdings     213,000       77,489     Total (Cost $2,280,677)             1,547,772       CYPRUS 0.5%                

Globaltrans Investment GDR 1     112,000       532,000     Total (Cost $834,068)             532,000       DENMARK 1.6%                

Chr Hansen     10,000       487,903  

†Coloplast Cl. B     4,500       295,275  

SimCorp     8,000       318,594  

Zealand Pharma 1     30,200       498,678     Total (Cost $1,496,431)             1,600,450       FINLAND 1.7%                

BasWare     3,900       173,916  

Nokian Renkaat     27,000       846,137  

Vaisala Cl. A     27,500       720,472     Total (Cost $1,981,889)             1,740,525       FRANCE 8.7%                

aufeminin 1     2,100       57,172  

Gaztransport Et Technigaz     16,000       1,012,105  

Lectra     8,700       124,150  

Manutan International     21,700       1,031,315  

Neurones     28,450       473,225  

Nexity     18,500       725,990  

Paris Orleans     37,000       1,182,002  

Prodware 1     10,800       73,928  

Societe Internationale de Plantations d’Heveas 1     1,531       58,101  

Stallergenes     17,300       1,055,958  

†Tarkett     22,500       485,377  

†Thermador Groupe     4,900       409,762  

Vetoquinol     24,139       1,001,102  

Virbac     4,820       1,031,726     Total (Cost $8,897,151)             8,721,913       GERMANY 4.1%                

†Adler Modemaerkte     5,700       65,135  

†ADLER Real Estate 1     10,900       156,273  

Amadeus Fire     600       53,513  

†Bertrandt     5,000       656,368  

†Carl Zeiss Meditec     17,500       446,191  
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders |  43

Royce Global Value Trust

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

†CompuGroup Medical

    10,000     $ 349,896  

†Deutz

    11,100       63,607  

†Fielmann

    3,500       237,903  

GFT Technologies

    5,800       119,688  

KUKA

    9,000       749,714  

†KWS Saat

    1,000       332,783  

LPKF Laser & Electronics

    15,500       133,057  

mutares

    800       91,864  

†SQS Software Quality Systems

    15,200       147,477  

†STRATEC Biomedical

    5,500       302,935  

Tomorrow Focus 1

    39,600       191,823  

XING

    406       66,604     Total (Cost $3,817,992)             4,164,831       GREECE 0.3%                

Hellenic Exchanges - Athens Stock Exchange

    28,000       144,841  

StealthGas 1, 2

    17,000       114,750     Total (Cost $286,362)             259,591       HONG KONG 7.4%                

Anxin-China Holdings 1, 4

    2,500,000       80,629  

China Metal International Holdings

    430,000       139,237  

First Pacific

    180,000       151,634  

Great Eagle Holdings

    203,125       759,929  

I.T

    500,000       188,349  

Le Saunda Holdings

    268,600       129,595  

Luen Thai Holdings

    475,000       103,560  

Luk Fook Holdings (International)

    120,100       354,030  

Midland Holdings 1

    1,400,000       633,938  

New World Department Store China

    4,659,700       1,250,353  

Oriental Watch Holdings

    2,223,000       378,551  

Pico Far East Holdings

    1,053,300       336,989  

†Stella International Holdings

    100,000       238,662  

Television Broadcasts

    81,000       480,156  

Texwinca Holdings

    302,000       320,640  

Tse Sui Luen Jewellery (International)

    215,000       83,209  

Value Partners Group

    1,015,000       1,602,725  

YGM Trading

    169,400       218,974     Total (Cost $8,667,949)             7,451,160       INDIA 1.0%                

†Bajaj Finance

    6,000       513,317  

†Kewal Kiran Clothing

    6,300       209,835  

†Motherson Sumi Systems

    35,500       288,660     Total (Cost $947,168)             1,011,812       INDONESIA 0.3%                

Selamat Sempurna

    593,300       205,369  

Supra Boga Lestari 1

    3,945,000       106,521     Total (Cost $366,447)             311,890       IRELAND 0.2%                

†Keywords Studios

    75,000       197,977     Total (Cost $176,944)             197,977       ISRAEL 0.3%                

Fox Wizel

    2,900       58,477  

†Nova Measuring Instruments 1

    7,200       90,000  

Sarine Technologies

    80,300       135,935     Total (Cost $267,954)             284,412       ITALY 2.1%                

†Azimut Holding

    13,000       380,298  

De’Longhi

    49,500       1,134,605  

†DiaSorin

    8,500       388,051  

†Recordati

    10,000       209,703     Total (Cost $1,768,082)             2,112,657       JAPAN 11.9%                

C. Uyemura & Co.

    7,300       392,483  

EPS Holdings

    74,000       897,904  

FamilyMart

    8,200       377,219  

Freund Corporation

    42,200       509,979  

Fujimori Kogyo

    2,000       60,465  

GCA Savvian

    8,300       103,084  

†Horiba

    8,500       345,876  

Itoki Corporation

    34,300       195,904  

†Leopalace21 Corporation 1

    20,600       126,409  

†Meitec Corporation

    9,500       353,965  

Milbon

    3,100       98,660  

MISUMI Group

    64,800       920,230  

Namura Shipbuilding

    9,600       82,363  

Nishikawa Rubber

    8,200       132,663  

Nitto Kohki

    9,100       206,113  

Obara Group

    3,900       209,683  

†Pressance Corporation

    4,400       147,583  

Relo Holdings

    14,000       1,384,157  

Santen Pharmaceutical

    50,000       708,012  

Shimano

    9,100       1,241,737  

SPARX Group

    66,400       139,435  

†Square Enix Holdings

    16,500       365,229  

Sun Frontier Fudousan

    10,200       82,677  

T Hasegawa

    7,000       101,524  

Tokai Corporation

    4,400       159,448  

†TOTO

    19,000       342,477  

Trancom

    22,000       1,202,598  

†Trend Micro

    11,500       393,717  

†USS

    18,500       334,069  

YAMADA Consulting Group

    6,400       213,621  

Zuiko Corporation

    4,400       151,718     Total (Cost $9,974,254)             11,981,002       MALAYSIA 0.7%                

Asia Brands

    71,600       33,969  

CB Industrial Product Holding

    1,000,000       530,082  

Media Prima

    199,500       77,199  

NTPM Holdings

    242,300       43,348     Total (Cost $698,050)             684,598       MEXICO 1.0%                

Bolsa Mexicana de Valores

    250,000       432,639  

Fresnillo

    55,000       599,746     Total (Cost $1,245,701)             1,032,385       NEW ZEALAND 0.2%                

Trade Me Group

    83,000       193,397     Total (Cost $280,441)             193,397       NORWAY 2.1%                

Borregaard

    16,300       115,383  

Ekornes

    45,000       545,249  
44  | 2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2015 (unaudited)
  Schedule of Investments (continued)                                         SHARES       VALUE                       NORWAY (continued)                

†Kongsberg Automotive 1

    143,000     $ 99,401  

Oslo Bors VPS Holding

    8,500       98,655  

TGS-NOPEC Geophysical

    55,000       1,284,429     Total (Cost $2,619,835)             2,143,117       PHILIPPINES 0.9%                

Asian Terminals     375,000       106,454  

Universal Robina     195,000       838,988     Total (Cost $659,732)             945,442       POLAND 0.4%                

†Warsaw Stock Exchange     33,000       415,484     Total (Cost $459,764)             415,484       SINGAPORE 1.2%                

†Asian Pay Television Trust     150,000       94,666  

Hour Glass (The)     858,000       535,115  

Parkson Retail Asia     274,300       96,739  

†Riverstone Holdings     76,400       95,865  

Silverlake Axis     552,000       401,648     Total (Cost $1,046,101)             1,224,033       SOUTH AFRICA 2.5%                

Blue Label Telecoms     390,000       259,337  

Cashbuild     17,500       432,969  

Coronation Fund Managers     59,000       399,654  

JSE     15,000       158,421  

Lewis Group     60,000       486,224  

Metrofile Holdings     314,100       117,213  

PSG Group     36,500       614,884     Total (Cost $1,981,754)             2,468,702       SOUTH KOREA 0.3%                

Eugene Technology     12,036       172,644  

Handsome     2,200       70,411  

Hankuk Carbon     10,000       62,307  

Huvis Corporation     3,900       37,935     Total (Cost $373,452)             343,297       SPAIN 0.3%                

Atento 1, 2     18,000       258,840     Total (Cost $261,557)             258,840       SRI LANKA 0.1%                

Distilleries Company of Sri Lanka     46,100       93,027     Total (Cost $76,313)             93,027       SWEDEN 0.5%                

Bufab Holding     55,000       326,423  

Nolato Cl. B     4,400       100,581  

Recipharm Cl. B     3,300       61,702     Total (Cost $496,573)             488,706       SWITZERLAND 5.3%                

†Belimo Holding     175       417,402  

†Burckhardt Compression Holding     600       227,338  

†Burkhalter Holding     2,650       308,947  

Forbo Holding     975       1,159,634  

†Geberit     800       266,710  

†Inficon Holding     1,250       427,162  

†Kaba Holding     550       327,370  

†LEM Holding     500       384,245  

†Partners Group Holding     1,200       358,736  

†Straumann Holding     1,000       274,346  

†VZ Holding     4,700       1,131,077     Total (Cost $4,979,066)             5,282,967       TAIWAN 0.8%                

†Flytech Technology     35,900       143,114  

Kinik Company     48,500       92,427  

Lumax International     74,200       132,025  

Makalot Industrial     17,959       154,535  

Shih Her Technologies     67,800       90,094  

Taiwan Paiho     55,800       157,339     Total (Cost $692,309)             769,534       TURKEY 0.5%                

Mardin Cimento Sanayii     300,000       473,490     Total (Cost $752,323)             473,490       UNITED ARAB EMIRATES 0.7%                

Aramex     750,000       710,610     Total (Cost $652,528)             710,610       UNITED KINGDOM 13.4%                

†Abcam     45,000       366,258  

Ashmore Group     269,000       1,222,351  

†AVEVA Group     16,200       460,213  

Brammer     14,000       67,917  

†Character Group     11,400       85,173  

Clarkson     47,800       2,055,644  

Consort Medical     92,500       1,322,600  

e2v technologies     125,000       492,980  

Elementis     110,000       443,501  

Fenner     75,000       244,231  

†Fidessa Group     12,500       446,824  

Hargreaves Services     11,000       59,024  

HellermannTyton Group     55,000       297,108  

†ITE Group     200,000       537,367  

Jupiter Fund Management     108,000       756,330  

Kennedy Wilson Europe Real Estate     25,000       446,235  

Latchways     29,000       357,695  

Luxfer Holdings ADR 2     4,500       58,500  

Mattioli Woods     10,600       85,774  

Norcros     543,600       164,420  

Pendragon     144,600       86,337  

†Polypipe Group     95,700       408,251  

Rotork     214,000       782,112  

Senior     80,000       360,759  

Spirax-Sarco Engineering     21,989       1,172,289  

†Synthomer     40,000       195,841  

Trifast     82,700       159,829  

†Victrex     12,500       379,064     Total (Cost $13,150,143)             13,514,627       UNITED STATES 14.8%                

Bel Fuse Cl. A 2     26,672       551,044  

Brooks Automation 2     18,100       207,245  

†Century Casinos 1     6,200       39,060  

Commercial Metals 2     42,000       675,360  
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders |  45
Royce Global Value Trust   June 30, 2015 (unaudited)
  Schedule of Investments (continued)                                         SHARES       VALUE                       UNITED STATES (continued)                

Diebold 2, 3

    28,800     $ 1,008,000  

Diodes 1, 2, 3

    20,500       494,255  

EnerSys 2

    11,000       773,190  

Expeditors International of Washington 2, 3

    19,300       889,827  

Fairchild Semiconductor International 1, 2, 3

    24,600       427,548  

Greif Cl. A 2

    13,400       480,390  

Hallador Energy 2, 3

    18,600       155,124  

Innospec 2

    12,457       561,063  

†INTL FCStone 1

    21,800       724,632  

KBR 2, 3

    59,200       1,153,216  

†MSC Industrial Direct Cl. A

    7,200       502,344  

Nanometrics 1, 2, 3

    44,500       717,340  

†National Instruments

    17,900       527,334  

Quaker Chemical 2, 3

    8,400       746,256  

Rogers Corporation 1, 2

    6,000       396,840  

Schnitzer Steel Industries Cl. A 2

    19,100       333,677  

SEACOR Holdings 1, 2, 3

    6,000       425,640  

Sensient Technologies 2, 3

    12,100       826,914  

Sun Hydraulics 2

    15,139       576,947  

Tecumseh Products 1, 2

    84,900       209,703  

Tennant Company 2

    6,200       405,108  

Valmont Industries

    6,200       736,994  

†Wiley (John) & Sons Cl. A

    7,000       380,590     Total (Cost $15,961,671)             14,925,641       TOTAL COMMON STOCKS                   (Cost $108,999,389)             106,392,030       REPURCHASE AGREEMENT 3.2%                 Fixed Income Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value
$3,261,000 (collateralized by obligations of various U.S. Government Agencies, 1.875%
due 6/30/20, valued at $3,327,950)
  (Cost $3,261,000)             3,261,000       TOTAL INVESTMENTS 109.0%                   (Cost $112,260,389)             109,653,030                       LIABILITIES LESS CASH AND OTHER ASSETS (9.0)%             (9,067,913 )                                     NET ASSETS 100.0%           $ 100,585,117    
  † 
New additions in 2015.
1
Non-income producing.
2
All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2015. Total market value of pledged securities at June 30, 2015, was $15,622,944.
3
At June 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $6,502,726.
4
A security for which market quotations are not readily available represents 0.1% of net assets. This security has been valued at its fair value under procedures approved by the Fund’s Board of Directors. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
     
Securities of Global/International Funds are categorized by the country of their headquarters, with the exception of exchange-traded funds.
     
Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.
     
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $113,433,246. At June 30, 2015, net unrealized depreciation for all securities was $3,780,216, consisting of aggregate gross unrealized appreciation of $8,709,780 and aggregate gross unrealized depreciation of $12,489,996. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
 
46  | 2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Global Value Trust   June 30, 2015 (unaudited)
  Statement of Assets and Liabilities                   ASSETS:         Total investments at value   $ 106,392,030     Repurchase agreements (at cost and value)     3,261,000     Receivable for investments sold     812,885     Receivable for dividends and interest     179,011     Prepaid expenses and other assets     37,663     Total Assets     110,682,589     LIABILITIES:         Revolving credit agreement     8,000,000     Payable to custodian for cash and foreign currency overdrawn     286,748     Payable for investments purchased     1,653,109     Payable for investment advisory fee     105,219     Payable for directors’ fees     7,870     Payable for interest expense     548     Accrued expenses     40,810     Deferred capital gains tax     3,168     Total Liabilities     10,097,472     Net Assets   $ 100,585,117     ANALYSIS OF NET ASSETS:         Paid-in capital - $0.001 par value per share; 10,295,973 shares outstanding (150,000,000 shares authorized)   $ 116,575,937     Undistributed net investment income (loss)     595,867     Accumulated net realized gain (loss) on investments and foreign currency     (13,978,721 )   Net unrealized appreciation (depreciation) on investments and foreign currency     (2,607,966 )   Net Assets (net asset value per share - $9.77)   $ 100,585,117     Investments at identified cost   $ 108,999,389    
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders |  47
Royce Global Value Trust   Six Months Ended June 30, 2015 (unaudited)
  Statement of Operations                   INVESTMENT INCOME:         INCOME:         Dividends   $ 1,761,171     Foreign withholding tax     (160,705 )   Rehypothecation income     1,050     Securities lending     247     Total income     1,601,763     EXPENSES:           Investment advisory fees     609,914     Custody and transfer agent fees     55,214     Interest expense     45,330     Stockholder reports     42,756     Professional fees     15,091     Directors’ fees     13,050     Administrative and office facilities     6,752     Other expenses     18,487     Total expenses     806,594     Net investment income (loss)     795,169     REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:         NET REALIZED GAIN (LOSS):           Investments     (7,445,330 )   Foreign currency transactions     (13,297 )   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):           Investments and foreign currency translations     11,962,130     Other assets and liabilities denominated in foreign currency     1,707     Net realized and unrealized gain (loss) on investments and foreign currency     4,505,210     NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS   $ 5,300,379    
48  | 2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust

  Statement of Changes in Net Assets                                         SIX MONTHS ENDED               6/30/15               (UNAUDITED)     YEAR ENDED 12/31/14     INVESTMENT OPERATIONS:                 Net investment income (loss)   $ 795,169     $ 1,335,060     Net realized gain (loss) on investments and foreign currency     (7,458,627 )     (6,230,541 )   Net change in unrealized appreciation (depreciation) on investments and foreign currency     11,963,837       (1,573,933 ) Net increase (decrease) in net assets from investment operations     5,300,379       (6,469,414 )   DISTRIBUTIONS:                 Net investment income           (1,533,038 )   Net realized gain on investments and foreign currency               Total distributions           (1,533,038 )   CAPITAL STOCK TRANSACTIONS:                 Reinvestment of distributions           603,492   Total capital stock transactions           603,492     Net Increase (Decrease) In Net Assets     5,300,379       (7,398,960 )   NET ASSETS:                   Beginning of period     95,284,738       102,683,698     End of period (including undistributed net investment income (loss) of $595,867 at 6/30/15 and $(199,302) at 12/31/14)   $ 100,585,117     $ 95,284,738    
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders |  49
Royce Global Value Trust   Six Months Ended June 30, 2015 (unaudited)
  Statement of Cash Flows                   CASH FLOWS FROM OPERATING ACTIVITIES:         Net increase (decrease) in net assets from investment operations   $ 5,300,379     Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash used for operating activities:          

Purchases of long-term investments     (39,557,494 )  

Proceeds from sales and maturities of long-term investments     34,123,323    

Net purchases, sales and maturities of short-term investments     (3,261,000 )  

Net (increase) decrease in dividends and interest receivable and other assets     (60,830 )  

Net increase (decrease) in interest expense payable, accrued expenses and other liabilities     (12,118 )  

Net change in unrealized appreciation (depreciation) on investments     (11,962,130 )  

Net realized gain on investments and foreign currency     7,458,627     Net cash used for operating activities     (7,971,243 )   CASH FLOWS FROM FINANCING ACTIVITIES:         Net increase (decrease) in revolving credit agreement     8,000,000     Net cash provided by financing activities     8,000,000     INCREASE (DECREASE) IN CASH:     28,757     Cash and foreign currency at beginning of period     (315,505 )   Cash and foreign currency at end of period   $ (286,748 )  
50  | 2015 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust


Financial Highlights

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

      SIX MONTHS ENDED                       6/30/2015     YEAR ENDED     PERIOD ENDED       (UNAUDITED)     12/31/2014     12/31/20131   Net Asset Value, Beginning of Period   $ 9.25     $ 10.05     $ 9.78     INVESTMENT OPERATIONS:                         Net investment income (loss)     0.08       0.13       (0.00 )   Net realized and unrealized gain (loss) on investments and foreign currency     0.44       (0.77 )     0.27     Net increase (decrease) in net assets from investment operations     0.52       (0.64 )     0.27     DISTRIBUTIONS:                         Net investment income           (0.15 )         Net realized gain on investments and foreign currency                     Total distributions           (0.15 )         CAPITAL STOCK TRANSACTIONS:                         Effect of reinvestment of distributions by Common Stockholders           (0.01 )         Total capital stock transactions           (0.01 )         Net Asset Value, End of Period   $ 9.77     $ 9.25     $ 10.05     Market Value, End of Period   $ 8.31     $ 8.04     $ 8.89     TOTAL RETURN: 2                         Net Asset Value     5.62 %3     (6.23 )%     2.76 %3 Market Value     3.36 %3     (7.86 )%     (0.95 )%3   RATIOS BASED ON AVERAGE NET ASSETS:                         Investment advisory fee expense     1.25 %4     1.25 %     1.25 %4   Other operating expenses     0.40 %4     0.24 %     0.37 %4   Total expenses (net)     1.65 %4     1.49 %     1.62 %4   Expenses excluding interest expense     1.56 %4     1.49 %     1.62 %4   Expenses prior to balance credits     1.65 %4     1.49 %     1.62 %4   Net investment income (loss)     1.63 %4     1.30 %     (0.13 )%4   SUPPLEMENTAL DATA:                         Net Assets End of Period (in thousands)   $ 100,585   $ 95,285   $ 102,684   Portfolio Turnover Rate     34 %     43 %     7 %   REVOLVING CREDIT AGREEMENT:                         Asset coverage     1357 %                   Asset coverage per $1,000     13,573                    
1 The Fund commenced operations on October 18, 2013. 2
The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
Not annualized Annualized
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2015 Semiannual Report to Stockholders |  51

Royce Global Value Trust

Notes to Financial Statements (unaudited)

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

VALUATION OF INVESTMENTS:
Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
  Level 1 – 
quoted prices in active markets for identical securities.
  Level 2 – 
other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Any Level 2 securities with values based on quoted prices for similar securities would be noted in the Schedule of Investments.
  Level 3 – 
significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2015. For a detailed breakout of common stocks by country, please refer to the Schedule of Investments.

      LEVEL 1     LEVEL 2     LEVEL 3   TOTAL   Common Stocks     $106,311,401     $                  –     $80,629   $106,392,030   Cash Equivalents                      –            3,261,000              –        3,261,000  
For the six months ended June 30, 2015, certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At June 30, 2015, securities valued at $58,121,457 were transferred from Level 2 to Level 1 and securities valued at $80,629 were transferred from Level 2 to Level 3 within the fair value hierarchy.

52  | 2015 Semiannual Report to Stockholders


Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

                  UNREALIZED             BALANCE AS OF 12/31/14     TRANSFERS IN     GAIN (LOSS)1     BALANCE AS OF 6/30/15   Common Stocks     $ –     $ 80,629     $ –     $ 80,629   1
The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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

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

SECURITIES LENDING:
The Fund loans securities through a lending agent to qualified institutional investors for the purpose of realizing additional income. Collateral for the Fund on all securities loaned is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral maintained is at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending. The Fund’s securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.

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

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

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

2015 Semiannual Report to Stockholders | 53


Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)


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

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

Capital Stock:
The Fund issued 75,721 shares of Common Stock as reinvestment of distributions for the year ended December 31, 2014.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.
As of June 30, 2015, the Fund has outstanding borrowings of $8,000,000. During the six months ended June 30, 2015, the Fund borrowed an average daily balance of $7,381,215 at a weighted average borrowing cost of 1.22%. The maximum amount outstanding during the six months ended June 30, 2015 was $8,000,000. As of June 30, 2015, the aggregate value of rehypothecated securities was $6,502,726. During the six months ended June 30, 2015, the Fund earned $1,050 in fees from rehypothecated securities.

Investment Advisory Agreement:
The Investment Advisory Agreement between Royce and the Fund provides for fees to be paid at an annual rate of 1.25% of the Fund’s average daily net assets. For the six months ended June 30, 2015, the Fund accrued and paid Royce investment advisory fees totaling $609,914.

Purchases and Sales of Investment Securities:
For the six months ended June 30, 2015, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $41,210,604 and $34,808,867, respectively.

54 | 2015 Semiannual Report to Stockholders


Directors and Officers

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

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

2015 Semiannual Report to Stockholders |  55


Board Approval of Investment Advisory Agreements

At meetings held on June 3-4, 2015, the Funds’ respective Boards of Directors, including all of the non-interested directors, approved the continuance of the Investment Advisory Agreements between Royce & Associates, LLC (“R&A”) and each of Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., and Royce Global Value Trust, Inc. (each, a “Fund” and collectively, the “Funds”). In reaching these decisions, each Board reviewed the materials provided by R&A, which included, among other things, information prepared internally by R&A and independently by Morningstar Associates, LLC (“Morningstar”) containing detailed expense ratio and investment performance comparisons for the Funds with other funds in their respective “peer groups”, information regarding the past performance of the Funds and other registered investment companies managed by R&A and a memorandum outlining the legal duties of each Board prepared by independent counsel to the non-interested directors. R&A also provided the directors with an analysis of its profitability with respect to providing investment advisory services to each of the Funds. In addition, each Board took into account information furnished throughout the year at regular Board meetings, including reports on investment performance, stockholder services, regulatory compliance, brokerage commissions and research, and brokerage and execution products and services provided to the Funds. Each Board also considered other matters it deemed important to the approval process, such as allocation of Fund brokerage commissions, “soft dollar” research services R&A receives and other direct and indirect benefits to R&A and its affiliates, from their relationship with the relevant Fund. The directors also met throughout the year with investment advisory personnel from R&A. Each Board, in its deliberations, recognized that, for many of the Funds’ stockholders, the decision to purchase Fund shares included a decision to select R&A as the investment adviser and that there was a strong association in the minds of Fund stockholders between R&A and each Fund. In considering factors relating to the approval of the continuance of the Investment Advisory Agreements, the non-interested directors received assistance and advice from, and met separately with, their independent counsel. While the Investment Advisory Agreements were considered at the same Board meetings, the Boards dealt with each agreement separately. Among other factors, the directors considered the following:

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

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

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

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

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

56  |  2015 Semiannual Report to Stockholders


Board Approval of Investment Advisory Agreements (continued)

discussed with R&A its methodology in allocating its costs to each Fund and concluded that its allocations were reasonable. Each Board concluded that R&A’s profits were reasonable in relation to the nature and quality of services provided.

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

    Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients: Each Board reviewed the investment advisory fee paid by each Fund and compared both the services to be rendered and the fees to be paid under the Investment Advisory Agreements to other contracts of R&A and to contracts of other investment advisers to registered investment companies investing in small- and micro-cap stocks, as provided by Morningstar. In the case of RVT, its Board noted that it had a 1.00% basic fee that is subject to adjustment up or down (up to 0.50% in either direction) based on its performance versus the S&P 600 SmallCap Index over a rolling period of 60 months. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an appropriate incentive to R&A to manage RVT for the benefit of its long-term common stockholders. The Board also noted that the fee arrangement, which also includes a provision for no fee in periods where RVT’s trailing three-year performance is negative, requires R&A to measure RVT’s performance monthly against the S&P 600, an unmanaged index. Instead of receiving a set fee regardless of its performance, R&A is penalized for poor performance. The Board noted that RVT’s net expense ratio placed it in the 1st percentile within its Morningstar peer group for 2014. In the case of RMT, the Board noted that it also had a 1.00% basic fee subject to adjustment up or down based on its performance versus the Russell 2000 Index over a rolling 36 month period. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an incentive to R&A to manage RMT for the benefit of its long-term common stockholders. The Board noted that RMT’s net expense ratio placed it in the 1st quartile when compared against its Morningstar peer group for 2014. Finally, in the case of RGT, the Board noted that its net expense ratio based on average net assets fell within the 75th percentile of its Morningstar-assigned open-end peer group, 15 basis points above the Morningstar peer group median.

    Each Board also noted that R&A manages the relevant Fund in an active fashion. The industry accepted metric for measuring how actively an equity portfolio is managed is called “active share.” In particular, active share measures how much the holdings of an equity portfolio differ from the holdings of its appropriate passive benchmark index. At the extremes, a portfolio with no holdings in common with the benchmark would have 100% active share, while a portfolio that is identical to the benchmark would have 0% active share. R&A presented a chart to the Boards which demonstrated that funds with high active share scores had higher expense ratios than funds with lower active share scores due to the resources required for the active management of those funds.

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

    It was noted that no single factor was cited as determinative to the decision of the directors. Rather, after weighing all of the considerations and conclusions discussed above, each entire Board, including all of the non-interested directors, approved the continuation of the existing Investment Advisory Agreement, concluding that a contract continuation on the existing terms was in the best interest of the stockholders of each Fund and that each investment advisory fee rate was reasonable in relation to the services provided.

2015 Semiannual Report to Stockholders  |  57


Notes to Performance and Other Important Information

The thoughts expressed in this Review and Report concerning recent market movements and future prospects for small company stocks are solely the opinion of Royce at June 30, 2015, and, of course, historical market trends are not necessarily indicative of future market movements. Statements regarding the future prospects for particular securities held in the Funds’ portfolios and Royce’s investment intentions with respect to those securities reflect Royce’s opinions as of June 30, 2015 and are subject to change at any time without notice. There can be no assurance that securities mentioned in this Review and Report will be included in any Royce-managed portfolio in the future. Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve considerably more risk than investments in securities of larger-cap companies. All publicly released material information is always disclosed by the Funds on the website at www.roycefunds.com.

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

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

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

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

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

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

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

Authorized Share Transactions
Royce Value Trust, Royce Micro-Cap Trust, and Royce Global Value Trust may each repurchase up to 5% of the issued and outstanding shares of its respective common stock during the year ending December 31, 2015. Any such repurchases would take place at then prevailing prices in the open market or in other transactions. Common stock repurchases would be effected at a price per share that is less than the share’s then current net asset value.

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

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

58  |  2015 Semiannual Report to Stockholders


Notes to Performance and Other Important Information (continued)

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

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

2015 Semiannual Report to Stockholders  |  59


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

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

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

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

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

Item 6.  Investments.
(a) See Item 1.

(b) Not applicable.

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

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

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

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

Item 11.  Controls and Procedures.

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

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

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

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

(a)(3) Not Applicable

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


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

ROYCE VALUE TRUST, INC.     BY:  /s/ Christopher D. Clark       Christopher D. Clark   President     Date: August 28, 2015

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

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