ROYCE SMALL-CAP TRUST, INC. — Interim / Quarterly Report 2017

N-CSRS 1 e49353_rvt.htm

| UNITED
STATES |
| --- |
| SECURITIES
AND EXCHANGE COMMISSION |
| Washington,
D.C. 20549 |
| FORM
N-CSR |
| CERTIFIED
SHAREHOLDER REPORT |
| OF |
| REGISTERED
MANAGEMENT INVESTMENT COMPANIES |
| Investment
Company Act file number: 811-04875 |
| Name of
Registrant: Royce Value Trust, Inc. |
| Address
of Registrant: 745 Fifth Avenue |
| New York,
NY 10151 |

| Name and address
of agent for service: |
| --- |
| 745 Fifth
Avenue |
| New York,
NY 10151 |

Registrant’s telephone number, including area code: (212) 508-4500
Date of
fiscal year end: December 31, 2017
Date of
reporting period: January 1, 2017 – June 30, 2017

Item 1. Reports to Shareholders.

page

JUNE 30, 2017
2017 Semiannual
Review and Report to Stockholders

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

page

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

A Closed-End Fund Can Offer Several Distinct Advantages
•	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, with significant investments in small- and
micro-cap securities.
•	The fixed capital structure allows permanent leverage to be
employed as a means to enhance capital appreciation potential.
•	Royce Micro-Cap Trust and Royce Value Trust distribute capital
gains, if any, on a quarterly basis. Each of these Funds has adopted
a quarterly distribution policy for its common stock.
We believe that the closed-end fund structure can be an
appropriate investment for a long-term investor who understands
the benefits of a more stable pool of capital.

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Table of Contents
Semiannual Review
Letter to Our Stockholders	2
Performance	7
Semiannual Report to Stockholders
Royce Global Value Trust
Manager’s Discussion of Fund Performance	8
Schedule of Investments	10
Other Financial Statements	14
Royce Micro-Cap Trust
Manager’s Discussion of Fund Performance	22
Schedule of Investments	24
Other Financial Statements	29
Royce Value Trust
Manager’s Discussion of Fund Performance	38
Schedule of Investments	40
Other Financial Statements	46
History Since Inception	55
Distribution Reinvestment and Cash Purchase Options	57
Directors and Officers	58
Board Approval of Investment Advisory Agreements	59
Notes to Performance and Other Important Information	61

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Letter to Our Stockholders

SMALL-CAP’S LONG AND WINDING ROAD

A good start for small-caps in 2017 masked some key reversals

I n a solid first half for small-cap stocks, the Russell 2000 Index gained 5.0% for the year-to-date period ended June 30, 2017. This followed a terrific 2016, in which the small-cap index advanced 21.3%. From our perspective as small-cap specialists, however, the big news in small-cap last year was the occurrence of three key reversals: leadership for value, improved results for cyclicals, and higher overall returns for small-caps than for large-caps. Perhaps because we had been waiting for so long—and based on history, we endured an inordinately protracted wait for value to resume leadership over growth—we were convinced as we entered 2017 that these reversals would remain in place. Yet the first half saw leadership shifting yet again, as large-caps, growth, and non-cyclicals (especially healthcare) all took the lead after lagging, some significantly, in 2016. (In addition, non-U.S. equities surged, though this came after several years of underperformance). The result was a small-cap market with narrow leadership for growth through most of the first six months. Recent rotations in small-cap style leadership could be seen clearly in the one-year results for the period ended June 30, 2017. The two style indexes finished the 12-month period in remarkably similar places—the Russell 2000 Value Index climbed 24.9% versus a gain of 24.4% for the Russell 2000 Growth Index—though their respective paths were strikingly divergent.

In the second half of 2016, the small-cap value index rose 24.2% versus 13.1% for growth, while in the first half of 2017, value rose only 0.5% compared to a 10.0% increase for its growth sibling— A Tale of Two Halves . Our interpretation of these actions is that the first half of 2017 marked a catch-up phase for last year’s laggards and a pause for 2016’s leaders.

A Tale of Two Halves 1-Year Return Russell 2000 Value and Russell 2000 Growth

Given leadership for growth and non-cyclicals in a period of lackluster economic growth, some market commentators have compared the first half of 2017 to 2015, a year in which growth stocks shined while cyclicals suffered. Growth’s recent leadership notwithstanding, however, 2017 looks nothing like 2015. Today’s environment features rising interest rates, quantitative easing is unwinding in the U.S. (with signs that Europe will soon follow suit), and an increasing amount of data shows a global economy that’s beginning to heat up. In our view, this environment seems significantly different than it did during growth’s last period of extended leadership, which featured anemic global growth and the looming threat of

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LETTER TO OUR STOCKHOLDERS

It’s important to remember that we are still walking the road back to normalization. This is not a straight road—and it was never going to be. If 2017’s first half showed us anything, it was that the path back to normalization (and away from zero interest rates and abundant financial liquidity) will be a winding one with a few sharp twists and turns.

renewed recessions. It’s important to remember that we are still walking the road back to normalization. This is not a straight road—and it was never going to be. If 2017’s first half showed us anything, it was that the path back to normalization (and away from zero interest rates and abundant financial liquidity) will be a winding one with a few sharp twists and turns. We think that we are far from a new regime for growth. In fact, the environment still looks very conducive, at least to us, for value’s leadership to resume and continue—driven by cyclical industries positioned to benefit from global growth.

CAN THE LOW ROAD LEAD TO OUTPERFORMANCE?

Attractive returns for small-caps in the low-return world we anticipate Our cautious optimism is tempered by an important caveat—the likelihood of lower returns for small-cap stocks than we experienced over the past five years. We make no secret of our belief in reversion to the mean—and the Russell 2000’s 13.7% average annual total return for the five-year period ended June 30, 2017 was higher than its rolling monthly five-year average since the inception of the small-cap index on 12/31/78—a gain of 10.6%. In addition, the chart below shows that small-cap’s rolling five-year returns over the past 15- and 25-year periods are also lower than the current five-year average for the Russell 2000. This explains why we see a high probability of lower small-cap returns over the next few years—our take is based on reversion to the mean.

Rolling 5-Year Returns vs. Latest 5-Year Avg. Annual Total Return Russell 2000 Average Monthly Rolling Average Annual Total Return for 5-Year Periods Through 6/30/17

That said, we still see positive, and quite likely very competitive, returns for small-caps ahead, with an argument that rests on two primary factors—the reasonable state of current valuations and the prospect for earnings strength and/or improvement. While it is true that current small-cap valuations are elevated compared with history, it is also true that within a context of low bond yields, small-caps appear cheap versus bonds.

Two Perspectives on Small-Cap Market Valuation through 6/30/17

EV/EBIT > Long-term Average Suggests small-caps are more than fully valued Equity Risk Premium > Long-term Average Suggests small-caps are undervalued

Enterprise Value (EV) is calculated by adding a company’s market capitalization, long-term debt, preferred stock, and minority interest, then subtracting cash. EBIT is earnings before interest and tax. EV/EBIT is a harmonic weighted average. Cap Rate is a simple weighted average. Equity Risk Premium is the excess return that an equity investment provides over a risk-free rate, generally defined as the return from U.S. Treasury bonds.

In addition, valuations actually became more attractive for small-cap companies as a whole in the first half of 2017, as earnings advanced at a faster rate than stock prices. At the end of 2016, the average P/E ratio for the Russell 2000 was 22.9x while at the end of June 2017 it had fallen to 21.7x. During this same period, the yield on the 10-year Treasury yield dropped from 2.4% to 2.3%, further increasing small-cap’s attractiveness versus bonds. Regarding the earnings outlook, our own analyses, our regular discussions with company management teams, and research from our friends at Strategas all reveal a quietly optimistic sales and earnings

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outlook for many small-cap businesses over the next couple of years, especially if global growth continues to heat up. Small-cap earnings announcements in July 2017 offered some initial, if anecdotal, support for this thesis. We contend that if inflation stays below its historical average, then valuations can stay above their historical levels. We believe valuations do not need to increase from this point for small-caps to advance, and if small-caps can track earnings growth, then an expectation of mid- to high-single digit returns over the next several years seems reasonable to us. In the low-return world we are anticipating, that could be a very competitive return.

TWO ROADS DIVERGING IN THE SMALL-CAP WORLD

Why mean reversion and history favor small-cap value Of course, active small-cap managers do not buy the whole market—at least they shouldn’t. If we have sketched a reasonably accurate roadmap for this journey to normalization (of which higher interest rates are a crucial feature), it would have significant implications for investment approaches. Seeing in essence a mirror image of the 2011-2015 period, we think the road to normalization will continue to have divergent paths, with outperformance for value, cyclical, and active management and underperformance for growth, defensive, and passive strategies. Our favorable view of value is rooted in three observations: value’s long-term historical outperformance record versus growth, mean reversion for growth’s performance, and the interest-rate sensitivity of growth stock valuations. Below is a chart showing the most recent five-year returns for the small-cap value and growth indexes compared with the average five-year returns over all monthly rolling periods

Latest 5-Year Average Annual Total Returns vs. Average Monthly Rolling Average Annual Total 5-Year Returns Through 6/30/17

Valuations for Cyclical Sectors Look Cheap vs. Defensives Cyclical vs. Defensive Stocks Within the Russell 2000 Median Relative LTM EV/EBIT 1 Ex. Negative EBIT Through 6/30/17

1 Last Twelve Months Enterprise Value/Earnings Before Interest and Taxes Cyclical Definition : Consumer Discretionary, Energy, Financials, Industrials, Information Technology, Materials. Defensive Definition : Consumer Staples, Health Care, Real Estate, Telecommunication Services, Utilities Source: Factset

since inception (12/31/78). While the most recent five-year period may be seen as highly supportive for financial assets, small-cap value exceeded its historical five-year average return by only about 100 basis points, while its growth equivalent exceeded its historical average by approximately 550 basis points. Reversion to the mean strongly suggests a very challenging road ahead for small-cap growth stocks. In addition, valuations for cyclicals within small-cap look attractive versus defensives. The metric we prefer to use when examining valuations is the median relative enterprise value (“EV”) over earnings before interest and taxes (“EBIT”). We calculated it over the last 12 months ended June 30, 2017, excluding the companies in the Russell 2000 with negative EBIT. We think this gives a clear picture of the relative attractiveness of cyclicals versus defensive stocks. The results can be seen in the chart above, which shows that valuations for cyclical versus defensive sectors were below their long-term average at the end of June. We feel good about small-cap valuations for our preferred companies and see the greatest earnings potential for small-caps in cyclical areas of the market. Indeed, one of the underappreciated aspects of small-cap cyclicals is the degree to which many look poised to participate in global economic expansion. In fact, we would offer a qualified dissent to the idea that small-caps would be in a relatively unfavorable position if international economies outpace the rate of growth in the U.S. To be sure, this notion is sound enough when applied to the small-cap universe as a whole—the average company in the Russell 2000 derived only 19.8% of its sales from outside the U.S. at the end of June, compared to about 40% for the S&P 500. However, the level of foreign sales varies considerably by

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LETTER TO OUR STOCKHOLDERS

| Information Technology & Materials Had Highest Percentage
of Foreign Revenue for the 12 Months Ended 6/30/17 Russell 2000 GICS Sectors |
| --- |
| ● |
| Source: Factset |

sector and industry in the Russell 2000, with Information Technology (44.1%) and Materials (33.4%) having the highest percentages of revenue derived from non-U.S. sources by sector. There are also certain other cyclical industries, including auto components (47.2%) and machinery (35.9%), that boast significant international exposure and therefore appear well positioned to benefit from global expansion. Additionally, with the dollar weakening, we expect to see heightened demand for U.S. exports. As experienced small-cap specialists, we see a rebounding global economy as being a potential advantage for active managers who, like us, carry more of a cyclical tilt in their portfolios. Granted, our earnings-centric outlook pivots on there being not simply the tailwind of solid earnings and relatively attractive valuations for select cyclicals but also headwinds for growth and defensive companies. Rising interest rates, for example, are more likely to benefit companies with EPS growth and mute multiple expansion. In this Goldilocks, “not too fast, not too slow” economic environment, we expect higher-quality companies (as measured by high returns on invested capital) to have an advantage. Companies that are able to make steady progress and fund their growth from internal cash flow rather than relying on increasingly pricey external sources of capital should be in a superior position to their financially less stable competitors. SMALL-CAP’S SILK ROAD The current opportunity in international small-cap

Additionally, there are timely opportunities in international small-cap stocks. As shown below, the trailing 10-year return for international small-caps is significantly lower than its long-term average. A regression to the mean of historical returns would result in more favorable performance. Prior to 2017, the Russell Global ex-U.S. Small Cap had underperformed the Russell 2000 by the widest spread since the inception of the non-U.S. small-cap index in July 1996. As of June 30,

2017, the performance spread between the two indexes was just shy of this lowest point. So while there is no guarantee of the course of future returns, we think the long-term performance history of the two small-cap indexes suggests that a multi-year run for international small-caps is possible. In our view, this is especially relevant when evaluating the opportunity in these companies.

Recent Returns for non-U.S. Small-Caps are at Low End of History Russell Global ex-U.S. Small Cap Index Quarterly Rolling 10-Year Returns as of 6/30/17

All of this adds up to an environment that appears supportive for active management. Three market environments have historically provided opportunities for many active managers—when value leads, when volatility rises, and when overall market returns are low. All three look more likely than not to us. To the last point, it’s interesting to note what’s shown in the following chart: active managers, with the Morningstar Small Cap Blend Category Average serving as a proxy, had their widest outperformance spread in the five-year periods when the Russell 2000 returned between 5-10%. This is exactly the environment that we think is most likely.

Monthly Rolling 5-Year U.S. Small Blend 1 Average Excess Returns During Russell 2000 Return Ranges from 12/31/73 through 6/30/17

1 There were 524 U.S. Fund Small Blend Funds tracked by Morningstar with at least five years of performance history as of 6/30/17. The excess return for a Morningstar category would be the category’s return for the period minus the Index return.

GO WITH THE FLOW Corrections are historically typical within small-cap Of course, the road to a lower-return environment likely entails a correction. We do not see this as chilling or discouraging news. Within small-cap, some kind of realignment of stock prices is common. In 18 of the last 20 calendar years, the Russell 2000 had an intra-year decline of at least 10% (and a downturn of 9.6% occurred in one of the two years that escaped the 10%-plus fall). Over the last 20 calendar years,

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LETTER TO OUR STOCKHOLDERS

the median intra-year correction was 14.2% while so far in 2017, the Russell 2000’s biggest decline was 4.7%. So we lean toward the likelihood of a pullback in the 8-12% range. We do not see it going much deeper than that because, at least currently, we see none of the signs of a major market top or a recession.

| Year-to-Date vs. Median Intra-Year Decline Largest Russell 2000 Intra-Year Declines Through 6/30/17 |
| --- |
| Additionally, many market watchers were expecting a correction
toward the end of the first quarter, and as of this writing we still
have not seen one even in the midst of ample economic and political
uncertainty. When this 20-year history is linked with the fact that
we have still not experienced anything like a real correction since
the February 2016 small-cap trough, then a downturn looks more
than probable to us. So while we are confident that many small-cap
companies are in fundamentally solid, even strong, shape, we have also
seen over the years that markets simply do not keep ascending for this
long without a little air being let out of them. |
| THE ROAD LESS TRAVELED A challenging path worth taking |
| To be sure, the current environment offers a number of challenges
for small-cap investors. Yet we believe it also looks favorable for
those who walk the road less traveled—those with disciplined
small-cap active management approaches that are geared more
globally. Current uncertainty should sooner or later result in |

higher levels of volatility. (Indeed, perhaps the oddest feature of 2017’s first half was its bullish placidity in the face of so much uncertainty—the 10-year Treasury showed as much, if not more, volatility in the year’s first six months as the stock market.) And we see increased volatility as potentially working to the advantage of the disciplined active manager. There is also the possibility of fiscal or regulatory support from Washington, which could of course help small-caps. Our view, however, is that investors place undue emphasis on this. We take issue with the common assumption that small-caps cannot continue to advance without a cocktail combining corporate tax cuts, deregulation, and infrastructure spending. Our outlook of measured optimism is not grounded on which policies emerge (or do not emerge) from Washington. Ultimately, of course, the success of what we do hinges on the companies in which we invest. On that score, we are encouraged. The ongoing optimism we have been hearing every day from management teams, for example, contradicts the expectation of an economic slowdown. Order books are continuing to fill up, and the majority of the companies we have been meeting with remain confident about their business. That in turn gives us ample confidence in what we do. We are convinced that small-cap active management approaches can remain successful as long as there is a reasonable amount of economic growth, whether here at home or overseas. Simply put, we see modest global economic growth leading to decent earnings growth which should result in moderate advances for small-caps as a group and greater advances for companies in cyclical businesses. Our advice? “Stay active, my friends.”

Sincerely,

●	●	●
Charles M. Royce	Christopher D. Clark	Francis D. Gannon
Chairman,	Chief Executive Officer, and	Co-Chief
Investment Officer,
Royce
& Associates, LP	Co-Chief
Investment Officer,	Royce
& Associates, LP
	Royce
& Associates, LP
July 31, 2017

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Performance

NAV Average Annual Total Returns As of June 30, 2017 (%)

	YTD 1	1-YR	3-YR	5-YR	10-YR	15-YR	20-YR	25-YR	30-YR	SINCE INCEPTION	INCEPTION DATE
Royce Global Value Trust	16.11	24.23	3.43	N/A	N/A	N/A	N/A	N/A	N/A	5.06	10/17/13
Royce Micro-Cap Trust	5.93	22.60	4.65	13.47	5.75	9.23	9.96	N/A	N/A	10.84	12/14/93
Royce Value Trust	7.29	25.76	6.95	13.38	5.56	8.77	9.52	10.81	10.47	10.63	11/26/86
INDEX
Russell Global Small Cap Index	10.47	21.47	4.50	10.82	3.92	9.39	6.94	N/A	N/A	N/A	N/A
Russell Microcap
Index	4.23	27.60	6.69	13.73	5.47	8.44	N/A	N/A	N/A	N/A	N/A
Russell 2000 Index	4.99	24.60	7.36	13.70	6.92	9.19	7.98	9.89	9.03	N/A	N/A

1 Not Annualized.

Important Performance and Risk Information

All performance information in this Review and Report reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when sold. Current performance may be higher or lower than performance quoted. Current month-end performance may be obtained at www.roycefunds.com. The Funds are closed-end registered investment companies whose respective shares of common stock may trade at a discount to the net asset value. Shares of each Fund’s common stock are also subject to the market risk of investing in the underlying portfolio securities held by each Fund. Certain immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 12/31/12, as well as 12/31/14 and of Royce Value Trust at 12/31/16, 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 files certain material with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of any of the Funds.

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MANAGER’S DISCUSSION
Royce Global Value Trust (RGT)

Chuck Royce

| FUND PERFORMANCE |
| --- |
| Royce Global Value Trust (“RGT”)
advanced 16.1% on a net asset
value (“NAV”) basis and 19.6%
on a market price basis for the
year-to-date period ended June 30,
2017, significantly outperforming
its unleveraged benchmark, the Russell Global Small Cap Index,
which was up 10.5% for the same period. These were impressive
results on both an absolute and relative basis. We were especially pleased
that positive performances came from holdings in the U.S., the U.K.,
Japan, and more than 20 other countries in the first half. Indeed, after
several years in which international small-caps languished, their recent
resurgence has been more than welcome, especially as more than two-thirds
of RGT’s net assets were invested in non-U.S. companies at the
end of June compared to 58.7% for the benchmark. |
| Getting off to a fast start, the Fund climbed 7.9% on an NAV basis
and 9.4% on a market price basis for the first quarter, outperforming
its benchmark, which was up 6.0% for the same period. This trend
continued in the second quarter, in which RGT’s results tracked very
closely to its first-quarter returns. The Fund was up 7.6% based on
NAV and rose 9.3% based on market price compared to 4.2% for the
Russell Global Small Cap Index in the second quarter. We were also
pleased that the Fund outperformed its global small-cap benchmark
for the one-year period ended June 30, 2017 on both an NAV and
market price basis. |
| WHAT WORKED... AND WHAT DIDN’T |
| Nine of the Fund’s 10 equity sectors finished the semiannual period in
the black. Industrials and Information Technology led by fairly wide
margins, though notable contributions also came from Financials
and Health Care. At the industry level, four groups made particularly
notable gains, led by capital markets (Financials), which has long
been an area of focus for us, especially on a global level. Strong results
also came from electronic equipment, instruments & components,
health care equipment & supplies, and IT services. The first and third
of these groups are in Information Technology, the second in Health
Care. (Along with Industrials, these were the top-contributing sectors
to the Russell Global Small Cap’s first-half performance.) At the position level, the portfolio’s top contributor was Indian
consumer finance company Bajaj Finance, which rebounded off a
relatively weak fourth quarter of 2016 owing to the government’s
surprising decision to demonetize in November. During the first half of
2017, however, fiscal third-quarter results (released in January) revealed
margin improvement and high asset quality while fiscal fourth-quarter
results, which came in May, showed the strength of Bajaj’s 320-city
presence in consumer and commercial lending operations. Although
we trimmed our stake as its shares climbed, we believe the company
can continue to benefit from its strong position in India’s nascent credit markets. The stock of California-based laser diode and equipment
maker Coherent was galvanized by ongoing sales and earnings
growth driven by vibrant demand for ramped up OLED (organic
light-emitting diode) capacity. Raven Industries, also a U.S. firm,
provides precision agriculture products, high-performance specialty
films, and what it calls lighter-than-air technologies. Its shares rose on
improvements in consolidated sales and earnings, driven by strength in
the firm’s Applied Technology and Engineered Films units. |

Hurt by falling oil prices, Energy was the only sector that detracted from first-half performance, though its negative impact was comparably modest. Unsurprisingly, the portfolio industries that detracted most come from this same sector—energy equipment & services and oil, gas & consumable fuels. The top detractor at the position level was SEACOR Holdings, which provides marine transportation equipment and logistics services mostly for the energy and agricultural markets. Its earnings remained pressured by ongoing weakness in the offshore marine vessel business, which was exacerbated by the decline in oil prices in the first half, as well as overcapacity in its inland river barge and tow business. From the otherwise strong capital markets group, Toronto-based Dundee Corporation, which is involved in wealth management, real estate, and natural resources, experienced losses in mining- and resource-based activities that put downward pressure on its shares. Relative to the Russell Global Small Cap, the Fund benefited most from savvy stock selection in Financials, especially in capital markets and consumer finance. Also helping were superior stock picks in Industrials and Information Technology. The impact of relative detractors was far less significant and included ineffective stock picks in the Materials sector and our underweight in Telecommunication Services.

Top Contributors to Performance
Year-to-Date Through 6/30/17 (%) 1
Bajaj Finance	0.59
Coherent	0.43
Raven Industries	0.38
Cognex Corporation	0.36
Relo Group	0.33
1 Includes dividends

Top Detractors from Performance
Year-to-Date Through 6/30/17 (%) 2
SEACOR Holdings	-0.25
Dundee Corporation Cl. A	-0.17
MBIA	-0.11
Signet Jewelers	-0.10
KBR	-0.09
2 Net of dividends

| CURRENT POSITIONING AND OUTLOOK |
| --- |
| Even after the strong start to 2017, we continue to find attractive
opportunities in both U.S. and international companies. Select
valuations in many parts of the world, including the U.S., still looked
attractive to us at the end of June, especially in the context of expanding
global growth. Recent data showed that the second quarter of 2017
was the eurozone’s best in more than six years, boosted by strong
manufacturing numbers, job growth, and elevated business confidence.
Additionally, in mid-July China reported surprisingly strong GDP
growth for the second quarter, driven by increased retail sales,
investment, and industry output. We are also confident in the prospects
for smaller companies with earnings growth here in the U.S. |

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PERFORMANCE AND PORTFOLIO REVIEW SYMBOLS MARKET PRICE RGT NAV XRGTX

Performance Average Annual Total Return (%) Through 6/30/17	JAN-JUN 2017 1	1-YR	3-YR	SINCE INCEPTION (10/17/13)
RGT (NAV)	16.11	24.23	3.43	5.06
1 Not Annualized

Market Price Performance History Since Inception (10/17/13) Cumulative Performance of Investment 1	1-YR	5-YR	10-YR	15-YR	20-YR	SINCE INCEPTION (10/17/13)
RGT	28.7%	N/A	N/A	N/A	N/A	12.5%

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

The Morningstar Style Map is the Morningstar Style Box ™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone ™ . The Morningstar Style Box is designed to reveal a fund’s investment strategy. The Morningstar Ownership Zone provides detail about a portfolio’s investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund's ownership zone may vary. See page 61 for additional information.

Top 10 Positions
% of Net Assets
Kirby Corporation	1.9
SEI Investments	1.9
Raven Industries	1.4
Lazard Cl. A	1.3
VZ Holding	1.3
Cognex Corporation	1.2
Virtu Financial Cl. A	1.1
Ashmore Group	1.1
Spirax-Sarco Engineering	1.1
Clarkson	1.1

Portfolio Sector Breakdown
% of Net Assets
Industrials	26.7
Information Technology	17.9
Financials	17.3
Materials	11.1
Health Care	10.7
Consumer Discretionary	7.7
Consumer Staples	3.4
Real Estate	2.7
Energy	2.7
Telecommunication Services	0.1
Outstanding Line of Credit, Net of Cash
and Cash Equivalents	-0.3

Calendar Year Total Returns (%)
YEAR	RGT
2016	11.1
2015	-3.4
2014	-6.2

Portfolio Country Breakdown 1 , 2 % of Net Assets
United States	31.8
United Kingdom	11.6
Japan	9.9
Canada	8.6
France	4.4
Germany	4.3
Switzerland	4.0

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

Portfolio Diagnostics
Fund Net Assets	$116 million
Number of Holdings	265
Turnover Rate	10%
Net Asset Value	$11.17
Market Price	$9.61
Net Leverage 1	0.4%
Average Market Capitalization 2	$1,864 million
Weighted Average P/E Ratio 3 , 4	22.9x
Weighted Average P/B Ratio 3	2.8x
Active Share 5	97%

| 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 (8% of portfolio holdings as of 6/30/17). |
| 5 | Active Share is the sum of the absolute values of the different
weightings of each holding in the Fund versus each holding in the
benchmark, divided by two. |

| Important Performance and Risk Information |
| --- |
| All performance information reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no
guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the
Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and mid-cap companies, which may involve considerably
more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant
portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown
above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2017. |

2017 Semiannual Report to Stockholders | 9

page

Royce Global Value Trust

| Schedule
of Investments |
| --- |
| Common Stocks
– 100.3% |

	SHARES	VALUE
AUSTRALIA – 2.6%
ALS	125,000	$ 715,759
Austal	87,400	122,931
† Berkeley Energia 1	56,800	30,560
Cochlear	5,500	657,134
† Hansen Technologies	100,000	310,514
IPH	190,000	700,963
† Mantra Group	96,700	226,687
NetComm
Wireless 1	26,700	35,297
Programmed
Maintenance Services	60,500	86,723
Seeing
Machines 1	1,084,800	54,750
† Tassal Group	29,400	86,094
Total (Cost $2,638,669)		3,027,412
AUSTRIA – 0.9%
Mayr-Melnhof
Karton	7,900	1,033,131
Total (Cost $913,613)		1,033,131
BELGIUM – 0.1%
† Greenyard	6,600	156,342
Total (Cost $124,361)		156,342
BERMUDA – 1.3%
Lazard
Cl. A	32,600	1,510,358
Total (Cost $1,010,334)		1,510,358
BRAZIL – 1.8%
† BM&FBOVESPA	32,847	195,819
† Brasil Brokers Participacoes 1	274,931	73,047
Minerva	52,500	195,078
OdontoPrev	200,000	703,311
T4F
Entretenimento	44,000	81,681
TOTVS	88,000	801,135
Total (Cost $2,278,574)		2,050,071
CANADA – 8.6%
Agnico
Eagle Mines 2	5,000	225,600
AGT
Food and Ingredients	6,000	107,711
Altus
Group	9,900	213,986
Cameco
Corporation 2	24,500	222,950
Canaccord
Genuity Group	92,000	378,131
Computer
Modelling Group	108,000	847,810
Dundee
Corporation Cl. A 1	80,000	175,817
E-L
Financial	1,200	781,925
Exco
Technologies	23,500	193,538
FirstService
Corporation	10,300	658,994
Franco-Nevada
Corporation 2	10,200	736,032
Genworth
MI Canada	13,000	357,681
Gluskin
Sheff + Associates	23,000	297,077
Magellan
Aerospace	18,800	293,424
Major
Drilling Group International 1	160,500	1,050,775
Morneau
Shepell	35,000	562,461
Pan
American Silver 2 , 3	31,800	534,876
Sandstorm
Gold 1	25,300	97,911
Solium
Capital 1	72,400	547,690
Sprott	520,600	915,305
Western
Forest Products	123,100	222,127
Winpak	13,500	606,084
Total (Cost $10,882,436)		10,027,905
CHINA – 0.9%
China
Communications Services	118,400	68,243
TravelSky
Technology	250,000	736,476
† Xingda International Holdings	321,000	129,922
Xtep
International Holdings	191,600	73,867
Total (Cost $627,507)		1,008,508
CYPRUS – 0.3%
Globaltrans
Investment GDR	42,000	319,200
Total (Cost $212,014)		319,200
DENMARK – 1.9%
Chr.
Hansen Holding	9,000	654,573
Coloplast
Cl. B	7,000	584,915
SimCorp	7,500	454,353
Zealand
Pharma 1	24,000	481,080
Total (Cost $1,550,713)		2,174,921
FRANCE – 4.4%
Bigben
Interactive 1	10,000	110,332
HighCo	16,200	115,643
Interparfums	16,500	624,350
Manutan
International	900	88,927
Neurones	22,250	684,113
Rothschild & Co	33,000	1,204,602
Thermador
Groupe	9,500	1,011,259
Vetoquinol	10,000	583,867
Virbac 1	4,500	722,124
Total (Cost $3,880,469)		5,145,217
GEORGIA – 0.1%
BGEO Group	2,200	100,117
Total (Cost $63,649)		100,117
GERMANY – 4.3%
Bertrandt	2,000	200,470
CANCOM	3,700	224,948
Carl
Zeiss Meditec	17,500	908,237
CompuGroup
Medical	12,500	701,423
Fielmann	8,000	617,126
HolidayCheck
Group 1	25,100	87,982
KWS
Saat	1,800	708,144
MorphoSys 1	6,000	425,565
mutares	5,000	77,552
STRATEC
Biomedical	15,000	983,391
VIB
Vermoegen	3,600	85,031
Total (Cost $3,732,480)		5,019,869
GREECE – 0.2%
Aegean
Marine Petroleum Network 2	2,500	14,625
Hellenic
Exchanges - Athens Stock Exchange	28,000	181,648
Total (Cost $160,960)		196,273
HONG KONG – 1.9%
Anxin-China
Holdings 1 , 4	2,500,000	0
China
Metal International Holdings	430,000	160,270
First
Pacific	180,000	132,796
HKBN	105,900	106,206
I.T	365,800	180,383
Oriental
Watch Holdings	465,900	101,445
Pico
Far East Holdings	418,200	175,155

10 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

June 30, 2017 (unaudited)

Schedule of Investments (continued)

	SHARES	VALUE
HONG KONG
(continued)
Television
Broadcasts	54,000	$ 203,344
Value Partners Group	1,275,000	1,161,103
Total (Cost $2,495,560)		2,220,702
INDIA – 2.1%
Bajaj Finance	53,500	1,136,878
IIFL
Holdings	5,500	51,522
Kewal
Kiran Clothing	6,500	172,562
Manappuram
Finance	55,100	83,199
SH
Kelkar & Company 1	85,000	345,918
† Vakrangee	95,000	632,059
Total (Cost $1,546,947)		2,422,138
INDONESIA – 0.6%
Selamat
Sempurna	8,000,000	723,316
Total (Cost $716,411)		723,316
IRELAND – 0.6%
Ardmore
Shipping 2 , 3	12,300	100,245
Irish
Continental Group	26,700	154,917
Irish
Residential Properties REIT	57,281	88,976
Keywords
Studios	37,500	364,604
Total (Cost $417,749)		708,742
ISRAEL – 0.4%
† Frutarom Industries	5,000	349,879
Nova
Measuring Instruments 1 , 2	3,600	79,524
Sarine
Technologies	25,700	28,747
Total (Cost $407,197)		458,150
ITALY – 0.9%
† Banca Farmafactoring 1	22,000	125,636
DiaSorin	10,000	768,096
† Openjobmetis 1	9,800	117,751
Total (Cost $668,671)		1,011,483
JAPAN – 9.9%
Ai
Holdings	30,000	806,846
† Ateam	5,500	145,721
C.
Uyemura & Co.	1,300	66,806
GCA	11,000	97,995
G-Tekt	3,100	57,659
Horiba	10,000	607,246
† IDOM	29,600	203,956
Inabata
& Co.	6,500	86,050
† Investors Cloud	2,600	126,677
Itochu
Techno-Solutions	3,000	104,823
Kenedix	16,900	79,636
Kenko
Mayonnaise	3,300	95,061
Kintetsu
World Express	4,000	70,487
Leopalace21	10,600	65,782
Mandom
Corporation	1,600	86,633
Maruwa
Unyu Kikan	950	35,432
Meitec
Corporation	26,300	1,118,875
Miraca
Holdings	1,400	62,858
MISUMI
Group	43,800	999,251
Nabtesco	2,400	69,669
Nifco	1,300	69,696
Nihon
Kohden	35,000	807,202
NS
Solutions	4,900	116,319
Open
House	2,900	89,211
Outsourcing	2,200	107,188
Pressance	3,700	48,752
Relo
Group	57,500	1,118,049
Ryobi	16,100	65,416
Santen
Pharmaceutical	80,000	1,083,974
Shimano	3,500	553,279
SPARX
Group	55,100	105,816
Sugi
Holdings	12,500	669,038
Sun
Frontier Fudousan	7,300	73,211
Tokai
Corporation	1,800	71,216
† Tokuyama Corporation 1	19,800	95,237
USS	62,500	1,240,831
† Yumeshin Holdings	13,500	89,660
† Zenkoku Hosho	4,000	163,414
Total (Cost $8,584,143)		11,554,972
MEXICO – 0.8%
† Becle SAB de CV 1	200,000	341,070
Bolsa
Mexicana de Valores	250,000	439,149
Rassini 1	23,400	115,396
Total (Cost $897,653)		895,615
NETHERLANDS – 0.1%
† AMG Advanced Metallurgical Group	2,400	70,105
Constellium
Cl. A 1	8,900	61,410
Total (Cost $104,166)		131,515
NEW ZEALAND – 0.8%
Fisher
& Paykel Healthcare	100,891	846,532
New
Zealand Refining	43,100	77,064
Total (Cost $643,361)		923,596
NORWAY – 1.2%
Nordic
Semiconductor 1	28,300	112,539
NRC
Group	10,900	73,113
† Protector Forsikring	10,500	88,037
TGS-NOPEC
Geophysical	55,000	1,127,175
Total (Cost $1,350,045)		1,400,864
PHILIPPINES – 0.2%
Integrated
Micro-Electronics	756,900	199,500
Universal
Robina	22,500	72,637
Total (Cost $155,675)		272,137
POLAND – 0.4%
Warsaw
Stock Exchange	33,000	434,758
Total (Cost $459,764)		434,758
SINGAPORE – 0.8%
CSE
Global	320,300	100,039
† Duty Free International	563,080	101,372
XP
Power	25,000	790,912
Total (Cost $781,924)		992,323
SOUTH AFRICA – 0.5%
Adcock
Ingram Holdings	24,100	108,871
Coronation
Fund Managers	59,000	293,997
JSE	15,000	140,466
Raubex
Group	46,100	84,677
Total (Cost $715,434)		628,011

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 11

page

Royce Global Value Trust

Schedule of Investments (continued)

	SHARES	VALUE
SOUTH KOREA – 0.5%
Koh
Young Technology	3,200	$ 167,810
KT
Skylife	11,600	165,765
Modetour
Network	7,494	207,303
Total (Cost $398,205)		540,878
SPAIN – 0.1%
Atento 1 , 2	16,400	182,860
Total (Cost $181,133)		182,860
SWEDEN – 2.2%
Addtech
Cl. B	53,960	1,027,999
† Boozt 1	10,000	98,520
Bravida
Holding	100,000	730,590
Byggmax
Group	21,400	155,584
Dustin
Group	19,500	162,023
Hoist
Finance	8,000	81,902
Knowit	6,200	95,487
Proact
IT Group	7,600	184,481
Total (Cost $1,981,794)		2,536,586
SWITZERLAND – 4.0%
Burckhardt
Compression Holding	2,500	716,967
dormakaba
Holding	800	694,963
LEM
Holding	600	775,889
Partners
Group Holding	1,600	991,970
VZ Holding	4,600	1,476,327
Total (Cost $3,291,021)		4,656,116
TAIWAN – 1.0%
Egis
Technology 1	9,600	65,641
Flytech
Technology	32,780	106,896
† Formosa Laboratories	58,100	166,737
Gourmet
Master	11,330	122,164
Posiflex
Technology	17,404	94,401
† Sinmag Equipment	15,000	87,771
Sitronix
Technology	40,400	124,573
Sporton
International	26,997	136,671
Taiwan
Paiho	42,500	159,969
TCI	21,700	138,033
Total (Cost $1,114,367)		1,202,856
THAILAND – 0.1%
† Krungthai Card	30,800	108,802
Total (Cost $117,472)		108,802
TURKEY – 0.1%
Tat
Gida Sanayi	74,700	151,377
Total (Cost $148,678)		151,377
UNITED
KINGDOM – 11.6%
Abcam	30,000	380,380
Ashmore Group	279,000	1,283,470
AVEVA
Group	18,500	467,449
Avon
Rubber	8,700	115,579
Character
Group	11,400	71,641
Clarkson	38,100	1,253,485
Computacenter	14,800	156,331
Connect
Group	68,500	100,593
Consort
Medical	64,800	881,967
Conviviality	51,600	206,996
Diploma	30,000	431,762
dotdigital
group	150,200	132,049
Elementis	175,000	670,338
Epwin
Group	47,500	68,053
Equiniti
Group	200,000	650,574
Ferroglobe	41,100	491,145
Ferroglobe
(Warranty Insurance Trust) 1 , 4	41,100	0
Fidessa
Group	10,000	301,778
Finsbury
Food Group	66,400	100,320
Hilton
Food Group	19,200	184,552
Inspired
Energy	143,000	32,594
ITE
Group	350,000	702,020
Jupiter
Fund Management	36,000	236,785
† Just Eat 1	3,000	25,593
Norcros	57,560	136,444
Pendragon	278,600	112,487
Polypipe
Group	60,000	298,756
Rank
Group	40,000	123,577
Real
Estate Investors	90,000	70,918
Rotork	175,000	536,544
Spirax-Sarco Engineering	18,000	1,254,259
Stallergenes
Greer 1	10,800	465,408
Victrex	40,000	977,358
Xaar	115,000	566,175
Total (Cost $13,467,956)		13,487,380
UNITED
STATES – 31.8%
Air Lease Cl. A	30,700	1,146,952
Brooks
Automation 2 , 3	18,100	392,589
Century
Casinos 1	21,400	157,718
CIRCOR
International	18,100	1,074,778
Cognex Corporation	17,100	1,451,790
Coherent 1	5,000	1,124,950
Commercial
Metals	42,000	816,060
Copart 1	37,200	1,182,588
Diebold
Nixdorf 2 , 3	28,800	806,400
Diodes 1	20,500	492,615
DST
Systems	11,600	715,720
EnerSys 2	11,000	796,950
Expeditors
International of Washington 2	13,300	751,184
FLIR
Systems 2 , 3	14,100	488,706
Greif
Cl. A 2	8,700	485,286
Innospec 2 , 3	12,457	816,557
Kadant	7,800	586,560
KBR 2	73,400	1,117,148
Kirby Corporation 1 , 2 , 3	32,900	2,199,365
Lindsay Corporation	13,700	1,222,725
Littelfuse	5,000	825,000
ManpowerGroup	11,000	1,228,150
MBIA 1	80,300	757,229
Nanometrics 1 , 2 , 3	44,500	1,125,405
National
Instruments 2 , 3	19,000	764,180
† New York REIT 1	50,000	432,000
Oaktree
Capital Group LLC Cl. A	10,400	484,640
Popular	13,100	546,401
Quaker Chemical 2	8,400	1,219,932
Raven Industries	50,000	1,665,000

12 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

June 30, 2017 (unaudited)

Schedule of Investments (continued)

	SHARES	VALUE
UNITED
STATES (continued)
Rogers
Corporation 1 , 2	6,000	$ 651,720
Schnitzer
Steel Industries Cl. A 2	19,100	481,320
SEACOR
Holdings 1	20,200	692,860
† SEACOR Marine Holdings 1	20,309	413,491
SEI Investments 2	40,600	2,183,468
Sensient
Technologies 2 , 3	9,500	765,035
Signet
Jewelers	5,500	347,820
Standard
Motor Products	11,200	584,864
Sun
Hydraulics 2	15,139	645,981
Tennant
Company 2 , 3	11,600	856,080
Valmont
Industries	4,500	673,200
Virtu Financial Cl. A	74,300	1,311,395
World
Fuel Services	12,000	461,400
Total (Cost $29,763,578)		36,943,212
URUGUAY – 0.3%
† Arcos Dorados Holdings Cl. A 1	46,800	348,660
Total (Cost $351,426)		348,660
TOTAL COMMON
STOCKS
(Cost $98,836,109)		116,706,373
REPURCHASE
AGREEMENT – 6.6%
Fixed Income
Clearing Corporation, 0.12% dated 6/30/17, due 7/3/17, maturity value $7,657,077
(collateralized by obligations of various U.S. Government Agencies, 2.375% due
8/15/24, valued at $7,812,982)
(Cost $7,657,000)		7,657,000
TOTAL INVESTMENTS – 106.9%
(Cost $106,493,109)		124,363,373
LIABILITIES
LESS CASH AND OTHER ASSETS – (6.9)%		(8,048,860	)
NET ASSETS – 100.0%		$ 116,314,513

| † | New additions
in 2017. |
| --- | --- |
| 1 | Non-income
producing. |
| 2 | All or a portion
of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at June 30, 2017. Total market value of pledged securities
at June 30, 2017, was $13,389,556. |
| 3 | At June 30,
2017, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $6,211,095. |
| 4 | 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. |
| | 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, 2017, market value. |
| | TAX INFORMATION: The cost of total investments for Federal income tax purposes was $106,553,829.
At June 30, 2017, net unrealized appreciation for all securities was $17,809,544,
consisting of aggregate gross unrealized appreciation of $23,819,812 and aggregate
gross unrealized depreciation of $6,010,268. The primary cause of the difference
between book and tax basis cost is the timing of the recognition of losses on securities
sold. |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 13

page

Royce Global Value Trust June 30, 2017 (unaudited)

Statement of Assets and Liabilities

| ASSETS: — Investments
at value | $ 116,706,373 | |
| --- | --- | --- |
| Repurchase
agreements (at cost and value) | 7,657,000 | |
| Cash and foreign
currency | 15,447 | |
| Receivable
for investments sold | 9,942 | |
| Receivable
for dividends and interest | 218,254 | |
| Prepaid expenses
and other assets | 15,833 | |
| Total Assets | 124,622,849 | |
| LIABILITIES: | | |
| Revolving
credit agreement | 8,000,000 | |
| Payable for
investment advisory fee | 118,929 | |
| Payable for
directors’ fees | 8,073 | |
| Payable for
interest expense | 999 | |
| Accrued expenses | 40,297 | |
| Deferred capital
gains tax | 140,038 | |
| Total Liabilities | 8,308,336 | |
| Net Assets | $ 116,314,513 | |
| ANALYSIS OF
NET ASSETS: | | |
| Paid-in capital
- $0.001 par value per share; 10,415,422 shares outstanding (150,000,000 shares authorized) | $ 117,477,118 | |
| Undistributed
net investment income (loss) | (428,119 | ) |
| Accumulated
net realized gain (loss) on investments and foreign currency | (18,464,782 | ) |
| Net unrealized
appreciation (depreciation) on investments and foreign currency | 17,730,296 | |
| Net Assets
(net asset value per share - $11.17) | $ 116,314,513 | |
| Investments
at identified cost | $ 98,836,109 | |

14 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

Royce Global Value Trust

Statement of Changes in Net Assets

	SIX MONTHS ENDED
	6/30/17
	(UNAUDITED)	YEAR ENDED 12/31/16
INVESTMENT
OPERATIONS:
Net investment
income (loss)	$ 244,621	$ 651,129
Net realized
gain (loss) on investments and foreign currency	1,680,916	(1,449,508	)
Net change
in unrealized appreciation (depreciation) on investments and foreign currency	14,161,189	10,740,946
Net increase
(decrease) in net assets from investment operations	16,086,726	9,942,567
DISTRIBUTIONS:
Net investment
income	–	(1,435,789	)
Net realized
gain on investments and foreign currency	–	–
Return of
capital	–	(12,497	)
Total distributions	–	(1,448,286	)
CAPITAL STOCK
TRANSACTIONS:
Reinvestment
of distributions	–	559,946
Total capital
stock transactions	–	559,946
Net Increase
(Decrease) In Net Assets	16,086,726	9,054,227
NET ASSETS:
Beginning
of period	100,227,787	91,173,560
End of
period (including undistributed net investment income (loss) of $(428,119) at 6/30/17
and $(672,740) at 12/31/16)	$ 116,314,513	$ 100,227,787

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 15

page

Royce Global Value Trust Six Months Ended June 30, 2017 (unaudited)

Statement of Operations

| INVESTMENT
INCOME: | | |
| --- | --- | --- |
| INCOME: | | |
| Dividends | $ 1,212,111 | |
| Foreign withholding
tax | (66,605 | ) |
| Interest | 2,293 | |
| Rehypothecation
income | 1,149 | |
| Total income | 1,148,948 | |
| EXPENSES: | | |
| Investment
advisory fees | 674,539 | |
| Interest expense | 83,884 | |
| Custody and
transfer agent fees | 43,199 | |
| Stockholder
reports | 35,642 | |
| Professional
fees | 30,548 | |
| Directors’ fees | 13,433 | |
| Administrative
and office facilities | 12,904 | |
| Other expenses | 10,230 | |
| Total expenses | 904,379 | |
| Compensating
balance credits | (52 | ) |
| Net expenses | 904,327 | |
| Net investment
income (loss) | 244,621 | |
| REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | |
| NET REALIZED
GAIN (LOSS): | | |
| Investments | 1,677,715 | |
| Foreign currency
transactions | 3,201 | |
| NET CHANGE
IN UNREALIZED APPRECIATION (DEPRECIATION): | | |
| Investments
and foreign currency translations | 14,222,856 | |
| Other assets
and liabilities denominated in foreign currency | (61,667 | ) |
| Net realized
and unrealized gain (loss) on investments and foreign currency | 15,842,105 | |
| NET INCREASE
(DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS | $ 16,086,726 | |

16 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

Royce Global Value Trust Six Months Ended June 30, 2017 (unaudited)

Statement of Cash Flows

| CASH FLOWS
FROM OPERATING ACTIVITIES: — Net increase
(decrease) in net assets from investment operations | $ 16,086,726 | |
| --- | --- | --- |
| Adjustments
to reconcile net increase (decrease) in net assets from investment operations to
net cash used for operating activities: | | |
| Purchases
of long-term investments | (12,260,513 | ) |
| Proceeds
from sales and maturities of long-term investments | 12,720,762 | |
| Net
purchases, sales and maturities of short-term investments | (867,000 | ) |
| Net
(increase) decrease in dividends and interest receivable and other assets | (17,895 | ) |
| Net
increase (decrease) in interest expense payable, accrued expenses and other liabilities | 57,981 | |
| Net
change in unrealized appreciation (depreciation) on investments | (14,222,856 | ) |
| Net
realized gain (loss) on investments and foreign currency | (1,680,916 | ) |
| Net cash
used for operating activities | (183,711 | ) |
| CASH FLOWS
FROM FINANCING ACTIVITIES: | | |
| Net increase
(decrease) in revolving credit agreement | – | |
| Distributions | – | |
| Reinvestment
of distributions | – | |
| Net cash
used for financing activities | – | |
| INCREASE
(DECREASE) IN CASH: | (183,711 | ) |
| Cash and
foreign currency at beginning of period | 199,158 | |
| Cash and
foreign currency at end of period | $ 15,447 | |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 17

page

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 6/30/2017 (UNAUDITED)
								PERIOD ENDED
		12/31/16		12/31/15		12/31/14		12/31/13 1
Net Asset
Value, Beginning of Period	$ 9.62	$	8.81	$	9.25	$	10.05	$	9.78
INVESTMENT
OPERATIONS:
Net investment
income (loss)	0.02		0.06		0.10		0.13		(0.00	)
Net realized
and unrealized gain (loss) on investments and foreign currency	1.53		0.90		(0.43	)	(0.77	)	0.27
Net increase
(decrease) in net assets from investment operations	1.55		0.96		(0.33	)	(0.64	)	0.27
DISTRIBUTIONS:
Net investment
income	–		(0.14	)	(0.10	)	(0.15	)	–
Net realized
gain on investments and foreign currency	–		–		–		–		–
Total distributions	–		(0.14	)	(0.10	)	(0.15	)	–
CAPITAL STOCK
TRANSACTIONS:
Effect of
reinvestment of distributions by Common Stockholders	–		(0.01	)	(0.01	)	(0.01	)	–
Total capital
stock transactions	–		(0.01	)	(0.01	)	(0.01	)	–
Net Asset
Value, End of Period	$ 11.17	$	9.62	$	8.81	$	9.25	$	10.05
Market
Value, End of Period	$ 9.61	$	8.04	$	7.45	$	8.04	$	8.89
TOTAL RETURN: 2
Net Asset
Value	16.11	% 3	11.12	%	(3.44	)%	(6.23	)%	2.76	% 3
Market Value	19.58	% 3	9.77	%	(6.06	)%	(7.86	)%	(0.95	)% 3
RATIOS BASED
ON AVERAGE NET ASSETS:
Investment
advisory fee expense	1.25	% 4	1.25	%	1.25	%	1.25	%	1.25	% 4
Other operating
expenses	0.43	% 4	0.46	%	0.43	%	0.24	%	0.37	% 4
Total expenses
(net)	1.68	% 4	1.71	%	1.68	%	1.49	%	1.62	% 4
Expenses excluding
interest expense	1.52	% 4	1.57	%	1.58	%	1.49	%	1.62	% 4
Expenses prior
to balance credits	1.68	% 4	1.71	%	1.68	%	1.49	%	1.62	% 4
Net investment
income (loss)	0.45	% 4	0.69	%	1.03	%	1.30	%	(0.13	)% 4
SUPPLEMENTAL
DATA:
Net Assets
End of Period (in thousands)	$ 116,315	$	100,228	$	91,174	$	95,285	$	102,684
Portfolio
Turnover Rate	10	%	59	%	65	%	43	%	7	%
REVOLVING
CREDIT AGREEMENT:
Asset coverage	1554	%	1353	%	1240	%
Asset coverage
per $1,000	15,539		13,528		12,397

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

18 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

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, 2017. For a detailed breakout of common
stocks by country, please refer to the Schedule of Investments. |

Common Stocks	$116,706,373	LEVEL 2 — $ –	$0	$116,706,373
Cash Equivalents	–	7,657,000	–	7,657,000
Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2017, securities valued at $61,425,779 were transferred from Level 2 to Level 1 within the fair value hierarchy.

2017 Semiannual Report to Stockholders | 19

page

Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

| Level 3
Reconciliation: — BALANCE AS OF 12/31/16 | REALIZED AND UNREALIZED GAIN (LOSS) 1 | BALANCE AS OF 6/30/17 | |
| --- | --- | --- | --- |
| Common Stocks | $9,349 | $(9,349) | $0 |

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

| REPURCHASE AGREEMENTS: |
| --- |
| The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain
risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to
dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at June 30, 2017 is
overnight and continuous. |
| FOREIGN CURRENCY: |
| Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies,
expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities
transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books
and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from
changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes
in foreign currency exchange rates. |
| DISTRIBUTIONS AND TAXES: |
| As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income
taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes
information regarding income taxes under the caption “Tax Information”. |
| The Fund pays any dividends and capital gain distributions annually in December. Because federal income tax regulations differ from generally accepted accounting principles, income and capital gain distributions determined in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes differ from those reflected in the accompanying financial statements. |
| CAPITAL GAINS TAXES: |
| The Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in certain countries. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year. This amount, if any, is reported as deferred capital gains tax in the accompanying Statement of Assets and Liabilities, assuming those positions were disposed of at the end of the period, and accounted for as a reduction in the market value of the security. |
| INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME: |
| Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes. |
| EXPENSES: |
| The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to the Funds are allocated by Royce & Associates (“Royce”) under an administration agreement and are
included in administrative and office facilities and professional fees. |

20 | 2017 Semiannual Report to Stockholders

page

Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

COMPENSATING BALANCE CREDITS:
The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the
Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive cash balances.
Capital Stock:
The Fund issued 70,522 shares of Common Stock as reinvestment of distributions for the year ended December 31, 2016.
Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 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 or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.
As of June 30, 2017, the Fund has outstanding borrowings of $8,000,000. During the six months ended June 30, 2017, the Fund borrowed an average daily balance of $8,000,000 at a weighted average borrowing cost of 2.09%. The maximum amount outstanding during the six months ended June 30, 2017 was $8,000,000. As of June 30, 2017, the aggregate value of rehypothecated securities was $6,211,095. During the six months ended June 30, 2017, the Fund earned $1,149 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, 2017, the Fund expensed Royce investment advisory fees totaling $674,539.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2017, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $11,134,896 and $11,226,117, respectively.

2017 Semiannual Report to Stockholders | 21

page

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

Chuck Royce

FUND PERFORMANCE
Royce Micro-Cap Trust (“RMT”) gained a more-than-respectable 5.9% on a net asset value (“NAV”) basis and an impressive 10.1% on a market price basis for the year-to-date period ended
June 30, 2017, outpacing each of its unleveraged benchmarks: the small-cap Russell 2000 Index was up 5.0% while the Russell Microcap Index increased 4.2% for the same period. The Fund’s results were all the more notable in that they were achieved in a period that showed more favor to larger market caps, high growth, and low quality than was given to the kind of micro-cap companies we seek using RMT’s diversified, multi-theme core approach. In fact, leadership in the first half of 2017 reversed most of what worked in 2016, when the Fund also beat both its benchmarks.
In a challenging first quarter for both value stocks and micro-caps, RMT gained 2.4% on an NAV basis and 4.8% based on market price while the Russell 2000 was up 2.5% and the Russell Microcap gained 0.4%. The first quarter’s leadership shifts remained largely in place through the end of June—with large-caps, growth, healthcare, and non-U.S. equities all staying in the lead after lagging in 2016. For the second quarter, the Fund advanced 3.5% on an NAV basis and 5.0% on a market price basis compared to 2.5% for the small-cap index and 3.8% for the micro-cap index. On an NAV basis, RMT outpaced the Russell Microcap for the 10- and 15-year periods ended June 30, 2017 while it also beat the Russell 2000 for the 15-, 20-year, and since inception (12/14/93) periods. (Returns for the Russell Microcap Index only go back to 2000.) RMT’s average annual NAV total return for the since inception period ended June 30, 2017 was 10.8%.
WHAT WORKED... AND WHAT DIDN’T
Eight of the Fund’s 11 equity sectors made positive contributions to first-half performance, led by Information Technology, Industrials, and Health Care. (After correcting in 2016, Health Care rallied in the first half to land as the top-contributing sector in both the small- and micro-cap indexes.) While several of the portfolio’s industry groups made solid contributions to performance in the semiannual period, the positive impacts of machinery (Industrials) and biotechnology (Health Care) stood out most. Also notable was the fact that the Information Technology sector had five groups among the Fund’s 10-best performers at the industry level.

| RMT’s top contributor at the position level in the first half was Sangamo Therapeutics, which develops genomic therapies and medications that treat genetic diseases. Its share price surged in May when a collaboration with Pfizer to work on gene therapies for hemophilia was announced. From the Information Technology sector, Care.com offers home care services for children, adults, seniors, and even pets. Two consecutive quarters of revenue growth made investors feel at home, as did the company’s announcement of increased guidance for the rest of fiscal 2017. Shares of gold miner Exeter
Resource were mostly moving upward before the announcement of its acquisition at an attractive premium drove its shares even higher and
led us to begin selling our position. Of the three sectors that detracted from first-half results, only
Energy made a notably negative impact, as net losses for Consumer Discretionary and Financials were comparably minor. A similar pattern played out at the industry level, where the only significant detraction came from energy equipment & services. At each level, tumbling oil
prices led to formidable difficulties. The Fund’s top detractor at the position level was Era Group, which provides helicopter transportation services and personnel primarily to and from offshore oil drilling rigs and platforms. The challenges wrought by falling oil prices were reflected in disappointing earnings. Liking the long-term prospects for its niche business, we held shares at the end of June. Our experience with automotive parts recycler and reseller Fenix Parts continued to be highly disappointing as its shares were delisted on Nasdaq when it missed financial reporting filing deadlines. Toronto-based Dundee Corporation, which is involved in wealth management, real estate, and
natural resources, experienced losses in mining- and resource-based activities that put downward pressure on its shares. |
| --- |
| Relative to the Russell 2000, RMT benefited most from superior stock selection in Industrials, specifically in the previously mentioned machinery group. Also helping relative results were our lower exposure to banks, which gave us an edge in Financials, and stock-picking advantages in Materials and Information Technology. Conversely, stock selection in both Health Care and, to a lesser extent, Consumer Discretionary hurt the Fund vis-à-vis the small-cap index. |

| Top Contributors
to Performance | |
| --- | --- |
| Year-to-Date Through 6/30/17 (%) 1 | |
| Sangamo Therapeutics | 0.39 |
| Care.com | 0.34 |
| Exeter Resource | 0.28 |
| Intevac | 0.27 |
| Major Drilling Group International | 0.25 |
| 1 Includes
dividends | |

| Top Detractors
from Performance | |
| --- | --- |
| Year-to-Date Through 6/30/17 (%) 2 | |
| Era Group | -0.54 |
| Fenix Parts | -0.25 |
| Dundee Corporation Cl. A | -0.24 |
| Matrix Service | -0.18 |
| Alcobra | -0.17 |
| 2 Net of dividends | |

CURRENT POSITIONING AND OUTLOOK
We think that RMT’s portfolio remains well-positioned to benefit
from a cyclical upswing. So while a correction would not be surprising, we are optimistic that expanding global growth can help certain micro-cap companies, especially those with earnings growth. The message that we have been receiving from the companies we speak to each day remains positive. With order books continuing to fill up, the management teams remain confident about their business, which in turn gives us a lot of confidence in the long-term prospects for RMT’s multi-themed core approach.

22 | 2017 Semiannual Report to Stockholders

page

PERFORMANCE AND PORTFOLIO REVIEW SYMBOLS MARKET PRICE RMT NAV XOTCX

Performance Average Annual Total Return (%) Through 6/30/17	JAN-JUN 2017 1	1-YR	3-YR	5-YR	10-YR	15-YR	20-YR	SINCE INCEPTION (12/14/93)
RMT (NAV)	5.93	22.60	4.65	13.47	5.75	9.23	9.96	10.84
1 Not Annualized

Market Price Performance History Since Inception (12/14/93) Cumulative Performance of Investment 1

	1-YR	5-YR	10-YR	15-YR	20-YR	SINCE INCEPTION (12/14/93)
RMT	27.3%	89.5%	54.5%	246.3%	587.5%	865.4%

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

The Morningstar Style Map is the Morningstar Style Box ™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone ™ . The Morningstar Style Box is designed to reveal a fund’s investment strategy. The Morningstar Ownership Zone provides detail about a portfolio’s investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund’s ownership zone may vary. See page 61 for additional information.

| Top 10
Positions | |
| --- | --- |
| % of Net Assets | |
| Major Drilling Group International | 1.5 |
| Mesa Laboratories | 1.3 |
| Surmodics | 1.1 |
| IES Holdings | 1.1 |
| Atrion Corporation | 1.1 |
| Kadant | 1.1 |
| Zealand Pharma | 1.1 |
| Heritage-Crystal Clean | 1.0 |
| Quaker Chemical | 1.0 |
| Seneca Foods | 1.0 |

| Portfolio
Sector Breakdown | |
| --- | --- |
| % of Net Assets | |
| Industrials | 21.1 |
| Information Technology | 19.9 |
| Consumer Discretionary | 15.0 |
| Health Care | 14.9 |
| Financials | 11.6 |
| Materials | 6.7 |
| Energy | 4.6 |
| Real Estate | 4.1 |
| Consumer Staples | 2.8 |
| Utilities | 0.4 |
| Telecommunication Services | 0.2 |
| Miscellaneous | 4.2 |
| Outstanding Line of Credit, Net of Cash
and Cash Equivalents | -5.5 |

Calendar Year Total Returns (%)
YEAR	RMT
2016	22.0
2015	-11.7
2014	3.5
2013	44.5
2012	17.3
2011	-7.7
2010	28.5
2009	46.5
2008	-45.5
2007	0.6
2006	22.5
2005	6.8
2004	18.7
2003	55.5
2002	-13.8

Portfolio Diagnostics
Fund Net Assets	$377 million
Number of
Holdings	365
Turnover Rate	5%
Net Asset Value	$9.82
Market Price	$8.65
Net Leverage 1	5.5%
Average Market Capitalization 2	$416 million
Weighted Average P/B Ratio 3	1.9x
Active Share 4	94%
U.S. Investments
(% of Net Assets)	84.0%
Non-U.S. Investments
(% of Net Assets)	21.5%

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

Important Performance and Risk Information
All performance information reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. Certain immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 12/31/12 and 12/31/14 for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies.
The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2017.

2017 Semiannual Report to Stockholders | 23

page

Royce Micro-Cap Trust

| Schedule
of Investments |
| --- |
| Common Stocks
– 105.5% |

	SHARES	VALUE
CONSUMER
DISCRETIONARY – 15.0%
AUTO COMPONENTS
- 1.8%
Fox
Factory Holding 1	5,300	$ 188,680
Motorcar
Parts of America 1	57,100	1,612,504
Sebang
Global Battery	50,500	1,754,469
Standard
Motor Products	53,860	2,812,569
Stoneridge 1	7,500	115,575
Unique
Fabricating	12,200	116,144
		6,599,941
DISTRIBUTORS
- 0.7%
Fenix
Parts 1 , 2	440,800	185,577
Uni-Select	33,800	816,329
Weyco
Group	56,600	1,578,008
		2,579,914
DIVERSIFIED
CONSUMER SERVICES - 1.9%
American
Public Education 1	73,200	1,731,180
Collectors
Universe	108,200	2,688,770
Liberty
Tax Cl. A	148,900	1,928,255
Universal
Technical Institute 1	270,000	963,900
		7,312,105
HOTELS, RESTAURANTS
& LEISURE - 1.3%
Century
Casinos 1	222,500	1,639,825
Del
Taco Restaurants 1	8,200	112,750
Lindblad
Expeditions Holdings 1	234,000	2,457,000
Lindblad
Expeditions Holdings (Warrants) 1	18,100	40,725
Red
Lion Hotels 1	90,000	661,500
		4,911,800
HOUSEHOLD
DURABLES - 4.0%
AV
Homes 1	82,000	1,644,100
Cavco
Industries 1 , 3 , 4	19,141	2,481,631
Ethan
Allen Interiors 3	45,200	1,459,960
Flexsteel
Industries 3	16,100	871,171
iRobot
Corporation 1 , 3 , 4	15,000	1,262,100
Lifetime
Brands 3 , 4	124,294	2,255,936
PICO
Holdings 1 , 3 , 4	147,100	2,574,250
Stanley
Furniture	193,468	218,619
Universal
Electronics 1	15,100	1,009,435
ZAGG 1	131,300	1,135,745
		14,912,947
INTERNET
& DIRECT MARKETING RETAIL - 0.7%
FTD
Companies 1	67,200	1,344,000
Gaia
Cl. A 1 , 3 , 4	125,000	1,400,000
		2,744,000
LEISURE PRODUCTS
- 1.1%
American
Outdoor Brands 1 , 3 , 4	27,100	600,536
Black
Diamond 1	194,926	1,296,258
Nautilus 1	118,500	2,269,275
		4,166,069
MEDIA - 0.6%
Entravision
Communications Cl. A	126,200	832,920
McClatchy
Company (The) Cl. A 1	69,313	647,383
New
Media Investment Group	66,200	892,376
		2,372,679
SPECIALTY
RETAIL - 1.6%
AutoCanada	115,200	1,694,954
Barnes
& Noble Education 1	80,000	850,400
Destination
Maternity 1	212,000	686,880
Destination
XL Group 1	50,000	117,500
Haverty
Furniture	30,000	753,000
Kirkland’s 1	11,000	113,080
MarineMax 1	7,600	148,580
Shoe
Carnival 3	21,028	439,064
Stage
Stores 3	15,000	31,200
TravelCenters
of America LLC 1	5,400	22,140
West
Marine	86,000	1,105,100
		5,961,898
TEXTILES,
APPAREL & LUXURY GOODS - 1.3%
Crown
Crafts	112,159	773,897
Culp	32,900	1,069,250
J.G.
Boswell Company 2	2,490	1,635,930
YGM
Trading	1,482,000	1,378,084
		4,857,161
Total (Cost
$54,578,416)		56,418,514
CONSUMER STAPLES – 2.8%
BEVERAGES
- 0.2%
Crimson
Wine Group 1 , 2	58,124	619,021
FOOD PRODUCTS
- 2.5%
Farmer
Bros. 1 , 3 , 4	62,600	1,893,650
John
B. Sanfilippo & Son 3	17,800	1,123,358
Landec
Corporation 1 , 3 , 4	75,610	1,122,809
Seneca Foods Cl. A 1	73,087	2,269,351
Seneca Foods Cl. B 1	40,400	1,454,400
SunOpta 1	176,281	1,798,066
		9,661,634
HOUSEHOLD
PRODUCTS - 0.1%
Central
Garden & Pet 1	12,000	381,480
Total (Cost $6,140,646)		10,662,135
ENERGY – 4.6%
ENERGY EQUIPMENT
& SERVICES - 1.8%
Aspen
Aerogels 1	94,985	422,683
CARBO
Ceramics 1 , 3 , 4	34,000	232,900
CES
Energy Solutions	25,000	111,428
Dawson
Geophysical 1	73,654	288,724
Era
Group 1	297,409	2,813,489
Geospace
Technologies 1 , 3	9,500	131,385
Independence
Contract Drilling 1	134,400	522,816
Matrix
Service 1 , 3 , 4	53,700	502,095
Newpark
Resources 1	11,200	82,320
North
American Energy Partners	50,000	220,000
Pioneer
Energy Services 1 , 3	215,400	441,570
TerraVest
Capital	84,000	647,749
Tesco
Corporation 1 , 3	58,000	258,100
Trican
Well Service 1	53,300	149,197
		6,824,456
OIL, GAS
& CONSUMABLE FUELS - 2.8%
Ardmore
Shipping	182,700	1,489,005
Cross
Timbers Royalty Trust	67,631	1,036,107
Dorchester
Minerals L.P.	106,127	1,533,535
Dorian
LPG 1	50,000	409,000
Hugoton
Royalty Trust	287,574	517,633
Panhandle
Oil and Gas Cl. A	5,500	127,050
Permian
Basin Royalty Trust	176,333	1,534,097
Sabine
Royalty Trust	59,548	2,307,485
San
Juan Basin Royalty Trust	143,407	976,602

24 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

June 30, 2017 (unaudited)

Schedule of Investments (continued)

	SHARES	VALUE
ENERGY
(continued)
OIL, GAS
& CONSUMABLE FUELS (continued)
StealthGas 1	229,664	$ 746,408
		10,676,922
Total (Cost
$20,962,860)		17,501,378
FINANCIALS – 11.6%
BANKS - 2.3%
Bank
of N.T. Butterfield & Son	43,810	1,493,921
Blue
Hills Bancorp	50,000	895,000
Bryn
Mawr Bank	25,000	1,062,500
Caribbean
Investment Holdings 1	735,647	126,954
Chemung
Financial	31,000	1,267,280
Fauquier
Bankshares	133,200	2,564,100
Live
Oak Bancshares	30,900	747,780
† Midway Investments 1 , 5	735,647	0
Peapack-Gladstone
Financial	20,606	644,762
		8,802,297
CAPITAL MARKETS
- 8.0%
ASA
Gold and Precious Metals	171,150	2,000,743
Canaccord
Genuity Group	224,100	921,077
Diamond
Hill Investment Group 3 , 4	3,584	714,650
Dundee
Corporation Cl. A 1	413,200	908,097
EQT
Holdings	43,150	587,354
Fiera
Capital Cl. A	78,000	827,036
GAIN
Capital Holdings	25,000	155,750
Gluskin
Sheff + Associates	67,400	870,566
INTL
FCStone 1 , 3 , 4	41,727	1,575,611
JZ
Capital Partners	209,999	1,538,511
Manning
& Napier Cl. A	136,600	594,210
Medley
Management Cl. A	153,400	997,100
MVC Capital 3	360,300	3,552,558
OHA
Investment	154,620	196,367
Pzena
Investment Management Cl. A	6,100	61,976
Queen
City Investments 2	948	1,256,100
Silvercrest
Asset Management Group Cl. A	203,300	2,734,385
Sprott	1,414,533	2,486,995
U.S.
Global Investors Cl. A	646,254	988,769
Urbana
Corporation	237,600	646,767
Value
Line	144,774	2,649,364
Virtu
Financial Cl. A	107,800	1,902,670
Warsaw
Stock Exchange	52,900	696,930
Westaim
Corporation 1	20,000	48,890
Westwood
Holdings Group 3	12,400	702,956
ZAIS
Group Holdings Cl. A 1 , 3	262,960	612,697
		30,228,129
CONSUMER FINANCE
- 0.4%
EZCORP
Cl. A 1 , 3 , 4	201,000	1,547,700
J.G.
Wentworth Company Cl. A 1 , 2	135,000	28,350
		1,576,050
DIVERSIFIED
FINANCIAL SERVICES - 0.1%
Banca
Finnat Euramerica	568,000	240,034
Waterloo
Investment Holdings 1 , 5	806,207	241,862
		481,896
INSURANCE
- 0.8%
Hallmark
Financial Services 1 , 3 , 4	114,000	1,284,780
State
Auto Financial	59,264	1,524,863
		2,809,643
Total (Cost
$48,839,680)		43,898,015
HEALTH
CARE – 14.9%
BIOTECHNOLOGY
- 4.7%
Abeona
Therapeutics 1	312,221	1,998,214
Aquinox
Pharmaceuticals 1 , 3 , 4	145,397	2,045,736
ARCA
biopharma 1	179,847	440,625
BioCryst
Pharmaceuticals 1	144,000	800,640
Invitae
Corporation 1	156,412	1,495,299
Keryx
Biopharmaceuticals 1	117,725	851,152
Kindred
Biosciences 1	126,000	1,083,600
Knight
Therapeutics 1	187,000	1,483,829
Progenics
Pharmaceuticals 1	6,500	44,135
Sangamo
Therapeutics 1	281,785	2,479,708
Zafgen 1	332,491	1,167,043
Zealand Pharma 1	199,700	4,002,988
		17,892,969
HEALTH CARE
EQUIPMENT & SUPPLIES - 5.3%
Analogic
Corporation	18,200	1,322,230
Atrion Corporation 3 , 4	6,569	4,225,838
Cerus
Corporation 1 , 3 , 4	140,000	351,400
CRH
Medical 1	133,000	756,894
Exactech 1 , 3 , 4	112,300	3,346,540
Inogen 1	5,400	515,268
Invacare
Corporation 3	44,300	584,760
LeMaitre
Vascular	5,000	156,100
STRATEC
Biomedical	14,000	917,831
Surmodics 1	151,992	4,278,575
Syneron
Medical 1	69,200	757,740
TearLab
Corporation 1	8,500	14,280
Utah
Medical Products	36,200	2,620,880
		19,848,336
HEALTH CARE
PROVIDERS & SERVICES - 3.1%
Aceto
Corporation	79,600	1,229,820
BioTelemetry 1	49,700	1,662,465
Cross
Country Healthcare 1	157,100	2,028,161
Landauer	30,400	1,589,920
National
Research Cl. A	89,529	2,408,330
PharMerica
Corporation 1	40,000	1,050,000
Psychemedics
Corporation	37,500	935,625
U.S.
Physical Therapy	10,000	604,000
		11,508,321
HEALTH CARE
TECHNOLOGY - 0.2%
Connecture 1	20,000	12,358
Vocera
Communications 1	33,100	874,502
		886,860
PHARMACEUTICALS
- 1.6%
Agile
Therapeutics 1 , 3 , 4	80,000	300,000
Alcobra 1	745,055	834,462
Flex
Pharma 1	310,210	1,194,308
Lipocine 1	355,404	1,428,724
Theravance
Biopharma 1	59,009	2,350,919
		6,108,413
Total (Cost
$38,115,232)		56,244,899
INDUSTRIALS – 21.1%
AEROSPACE
& DEFENSE - 0.7%
Astronics
Corporation 1	4,400	134,068
Astronics
Corporation Cl. B 1 , 2	660	19,965
CPI
Aerostructures 1	11,800	110,920
FLYHT
Aerospace Solutions 1	1,916,800	332,573
Innovative
Solutions and Support 1	142,828	628,443

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 25

page

Royce Micro-Cap Trust

Schedule of Investments (continued)

	SHARES	VALUE
INDUSTRIALS
(continued)
AEROSPACE
& DEFENSE (continued)
Mercury
Systems 1 , 3 , 4	29,700	$ 1,250,073
SIFCO
Industries 1	45,800	304,570
		2,780,612
BUILDING PRODUCTS
- 1.3%
Burnham
Holdings Cl. A 2	117,000	1,772,550
DIRTT
Environmental Solutions 1	171,000	903,262
Insteel
Industries	44,200	1,457,274
Patrick
Industries 1	11,500	837,775
		4,970,861
COMMERCIAL
SERVICES & SUPPLIES - 2.3%
Atento 1	246,001	2,742,911
CompX
International Cl. A	107,500	1,639,375
Heritage-Crystal Clean 1 , 3 , 4	241,677	3,842,664
Team 1 , 3	17,500	410,375
		8,635,325
CONSTRUCTION
& ENGINEERING - 2.5%
Aecon
Group	40,500	504,064
Ameresco
Cl. A 1	261,900	2,016,630
IES Holdings 1	234,000	4,247,100
Layne
Christensen 1 , 3 , 4	50,000	439,500
Northwest
Pipe 1 , 3 , 4	61,600	1,001,616
NV5
Global 1 , 3 , 4	27,400	1,164,500
		9,373,410
ELECTRICAL
EQUIPMENT - 1.1%
Encore
Wire 3	4,100	175,070
LSI
Industries	154,212	1,395,619
Orion
Energy Systems 1	170,000	217,600
Powell
Industries	21,400	684,586
Power
Solutions International 1,2,3,4	21,100	176,185
Preformed
Line Products	20,743	962,890
Revolution
Lighting Technologies 1	81,200	535,108
		4,147,058
INDUSTRIAL
CONGLOMERATES - 1.0%
Raven Industries 3	108,959	3,628,335
MACHINERY
- 8.3%
Chart
Industries 1	1,100	38,203
CIRCOR International 3	56,900	3,378,722
Columbus
McKinnon	1,500	38,130
Eastern
Company (The)	39,750	1,194,487
Exco
Technologies	118,200	973,455
Foster
(L.B.) Company 1 , 3 , 4	99,300	2,129,985
FreightCar
America	81,000	1,408,590
Global
Brass and Copper Holdings	7,600	232,180
Graham
Corporation 3 , 4	78,050	1,534,463
Harsco
Corporation 1	4,400	70,840
Hurco
Companies	36,866	1,281,094
Kadant	53,500	4,023,200
Kornit
Digital 1	35,700	690,795
Lindsay
Corporation 3	29,400	2,623,950
Luxfer
Holdings ADR 3	59,712	763,716
Lydall 1	1,800	93,060
NN	45,300	1,243,485
Sun Hydraulics	78,700	3,358,129
Tennant
Company	36,600	2,701,080
Titan
International	225,700	2,710,657
Westport
Fuel Systems 1	377,900	888,065
		31,376,286
MARINE - 1.0%
Clarkson	109,900	3,615,696
PROFESSIONAL
SERVICES - 1.4%
Acacia
Research 1 , 3	190,000	779,000
BG
Staffing	2,400	41,712
CBIZ 1	47,000	705,000
Franklin
Covey 1	40,100	773,930
GP
Strategies 1	7,600	200,640
Heidrick
& Struggles International	46,300	1,007,025
Kforce 3	4,700	92,120
Resources
Connection	8,800	120,560
RPX
Corporation 1	100,000	1,395,000
		5,114,987
ROAD &
RAIL - 0.6%
Marten
Transport	3,300	90,420
Patriot
Transportation Holding 1 , 3	55,764	996,503
Universal
Logistics Holdings 3 , 4	77,600	1,164,000
		2,250,923
TRADING COMPANIES
& DISTRIBUTORS - 0.9%
Central
Steel & Wire 2	788	433,400
EnviroStar	64,400	1,742,020
Houston
Wire & Cable 1	249,918	1,312,069
		3,487,489
Total (Cost
$60,718,126)		79,380,982
INFORMATION
TECHNOLOGY – 19.9%
COMMUNICATIONS
EQUIPMENT - 1.0%
ADTRAN	23,300	481,145
Applied
Optoelectronics 1 , 3 , 4	3,500	216,265
CalAmp
Corporation 1	3,100	63,023
Clearfield 1	61,300	809,160
EMCORE
Corporation	8,300	88,395
Harmonic 1	147,000	771,750
Oclaro 1	131,700	1,230,078
PCTEL	34,100	241,428
		3,901,244
ELECTRONIC
EQUIPMENT, INSTRUMENTS & COMPONENTS - 5.8%
Airgain 1	3,500	49,630
Bel
Fuse Cl. A	67,705	1,411,649
ePlus 1	3,000	222,300
Fabrinet 1	2,200	93,852
FARO Technologies 1 , 3	81,700	3,088,260
Firan
Technology Group 1	25,000	83,475
HollySys
Automation Technologies	62,900	1,044,769
Inficon
Holding	3,420	1,685,212
LRAD
Corporation 1	853,456	1,442,341
Mesa Laboratories 3 , 4	35,000	5,015,850
Netlist 1	63,600	64,872
Novanta 1	37,600	1,353,600
Orbotech 1 , 3 , 4	92,500	3,017,350
PC
Connection	43,716	1,182,955
Perceptron 1	8,500	61,880
Richardson
Electronics	316,900	1,891,893
Rogers
Corporation 1 , 3	600	65,172
Vishay
Precision Group 1	10,000	173,000
		21,948,060
INTERNET SOFTWARE
& SERVICES - 3.7%
Actua
Corporation 1	36,876	518,108
Care.com 1 , 3 , 4	181,787	2,744,984

26 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

June 30, 2017 (unaudited)

Schedule of Investments (continued)

	SHARES	VALUE
INFORMATION
TECHNOLOGY (continued)
INTERNET SOFTWARE
& SERVICES (continued)
comScore 1 , 2	64,195	$ 1,681,909
IZEA 1	126,070	240,794
MINDBODY
Cl. A 1	38,900	1,058,080
QuinStreet 1	525,550	2,191,543
Reis	25,000	531,250
Solium
Capital 1	309,700	2,342,811
Stamps.com 1	14,500	2,245,687
Support.com 1	105,600	247,104
		13,802,270
IT SERVICES
- 0.6%
Computer
Task Group 1 , 3	150,838	843,184
Hackett
Group (The)	27,700	429,350
Innodata 1	437,275	765,231
Virtusa
Corporation 1	8,100	238,140
		2,275,905
SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT - 4.6%
Amtech
Systems 1 , 3	160,284	1,352,797
Brooks
Automation	103,800	2,251,422
CyberOptics
Corporation 1	43,000	887,950
FormFactor 1	22,869	283,576
Intermolecular 1	240,000	223,200
IXYS
Corporation 1	18,800	309,260
Kopin
Corporation 1	242,200	898,562
Kulicke
& Soffa Industries 1	88,000	1,673,760
MoSys 1	68,427	117,010
Nanometrics 1	67,300	1,702,017
NeoPhotonics
Corporation 1	14,000	108,080
Nova
Measuring Instruments 1	73,400	1,621,406
PDF
Solutions 1	25,000	411,250
Photronics 1	189,700	1,783,180
Sigma
Designs 1	89,000	520,650
Silicon
Motion Technology ADR	34,100	1,644,643
Ultra
Clean Holdings 1	49,900	935,625
Veeco
Instruments 1	17,500	487,375
Xcerra
Corporation 1	11,300	110,401
		17,322,164
SOFTWARE -
2.9%
Agilysys 1	170,587	1,726,341
American
Software Cl. A	120,352	1,238,422
BSQUARE
Corporation 1	83,675	468,580
Computer
Modelling Group	337,700	2,650,976
Model
N 1	166,693	2,217,017
Monotype
Imaging Holdings	15,000	274,500
PSI	34,000	546,964
RealNetworks 1	130,171	563,640
Rubicon
Project 1	92,200	473,908
SeaChange
International 1	284,200	755,972
Varonis
Systems 1	2,600	96,720
		11,013,040
TECHNOLOGY
HARDWARE, STORAGE & PERIPHERALS - 1.3%
Intevac 1	293,400	3,256,740
Kortek	135,007	1,563,469
		4,820,209
Total (Cost $62,452,717)		75,082,892
MATERIALS – 6.7%
CHEMICALS
- 2.2%
Balchem
Corporation	11,775	915,035
FutureFuel
Corporation	85,262	1,286,604
LSB
Industries 1	135,800	1,402,814
Quaker Chemical 3	26,000	3,775,980
Trecora
Resources 1	89,600	1,008,000
		8,388,433
CONSTRUCTION
MATERIALS - 0.8%
Ash
Grove Cement 2	7,600	2,014,076
Monarch
Cement 2	16,303	821,671
U.S.
Concrete 1	3,400	267,070
		3,102,817
CONTAINERS
& PACKAGING - 0.3%
UFP
Technologies 1	36,445	1,031,394
METALS &
MINING - 3.4%
Alamos
Gold Cl. A	186,044	1,319,868
Ampco-Pittsburgh	79,002	1,165,279
Comstock
Mining 1	1,875,000	342,750
Haynes
International 3	26,100	947,691
Imdex 1	400,666	232,504
MAG
Silver 1	74,050	965,612
Major Drilling Group International 1	850,357	5,567,189
Olympic
Steel	35,000	681,800
Pretium
Resources 1	80,000	768,661
Universal
Stainless & Alloy Products 1	15,300	298,350
Victoria
Gold 1	890,000	398,057
		12,687,761
Total (Cost $18,309,690)		25,210,405
REAL ESTATE – 4.1%
EQUITY REAL
ESTATE INVESTMENT TRUSTS (REITS) - 0.5%
BRT
Apartments 1	230,331	1,810,402
REAL ESTATE
MANAGEMENT & DEVELOPMENT - 3.6%
Altus
Group	87,000	1,880,483
Forestar
Group 1 , 3	44,000	754,600
FRP Holdings 1 , 3 , 4	76,500	3,530,475
Griffin
Industrial Realty	43,384	1,360,956
Hopefluent
Group Holdings	1,400,000	478,773
Marcus
& Millichap 1 , 3 , 4	49,567	1,306,586
RMR
Group Cl. A	37,100	1,804,915
Tejon
Ranch 1 , 3 , 4	115,162	2,376,944
		13,493,732
Total (Cost $12,345,792)		15,304,134
TELECOMMUNICATION
SERVICES – 0.2%
DIVERSIFIED
TELECOMMUNICATION SERVICES - 0.2%
ORBCOMM 1	67,100	758,230
Total (Cost $570,215)		758,230
UTILITIES – 0.4%
GAS UTILITIES
- 0.1%
Shizuoka
Gas	40,000	266,015
INDEPENDENT
POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0%
Alterra
Power	45,000	197,447
WATER UTILITIES
- 0.3%
Global
Water Resources	106,000	1,049,400
Total (Cost $1,145,614)		1,512,862

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 27

page

Royce Micro-Cap Trust June 30, 2017 (unaudited)

Schedule of Investments (continued)

	VALUE
MISCELLANEOUS 6 – 4.2%
Total (Cost $15,862,541)	$ 15,944,179
TOTAL COMMON
STOCKS
(Cost $340,041,529)	397,918,625
REPURCHASE
AGREEMENT – 5.9%
Fixed Income Clearing Corporation, 0.12% dated 6/30/17, due 7/3/17, maturity value $22,318,223 (collateralized by obligations of various U.S. Government Agencies,
2.375% due 8/15/24, valued at $22,766,474)
(Cost $22,318,000)	22,318,000
TOTAL INVESTMENTS – 111.4%
(Cost $362,359,529)	420,236,625
LIABILITIES
LESS CASH AND OTHER ASSETS – (11.4)%	(43,098,058	)
NET ASSETS – 100.0%	$ 377,138,567

| † | New additions
in 2017. |
| --- | --- |
| 1 | Non-income
producing. |
| 2 | 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. |
| 3 | All or
a portion of these securities were pledged as collateral in connection with the
Fund’ s revolving credit agreement at June 30, 2017. Total market value of
pledged securities at June 30,
2017, was $71,646,333. |
| 4 | At June
30, 2017, a portion of these securities were rehypothecated in connection with the
Fund’ s revolving credit agreement in the aggregate amount of $43,068,441. |
| 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 2017 and less than 1% of net assets. |
| | Bold
indicates the Fund’s 20 largest equity holdings in terms of June 30, 2017,
market value. |
| | TAX
INFORMATION: The cost of total investments for Federal income tax purposes was $363,939,812.
At June 30, 2017, net unrealized appreciation for all securities was $56,296,813,
consisting of aggregate gross unrealized appreciation of $107,251,959 and aggregate
gross unrealized depreciation of $50,955,146. The primary cause of the difference
between book and tax basis cost is the timing of the recognition of losses on securities
sold. |

28 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

Royce Micro-Cap Trust June 30, 2017 (unaudited)

Statement of Assets and Liabilities

| ASSETS: — Investments
at value | $ 397,918,625 | |
| --- | --- | --- |
| Repurchase
agreements (at cost and value) | 22,318,000 | |
| Cash and foreign
currency | 238,591 | |
| Receivable
for investments sold | 2,073,915 | |
| Receivable
for dividends and interest | 201,909 | |
| Prepaid expenses
and other assets | 25,599 | |
| Total Assets | 422,776,639 | |
| LIABILITIES: | | |
| Revolving
credit agreement | 45,000,000 | |
| Payable for
investments purchased | 384,641 | |
| Payable for
investment advisory fee | 148,907 | |
| Payable for
directors’ fees | 24,804 | |
| Payable for
interest expense | 5,622 | |
| Accrued expenses | 74,098 | |
| Total Liabilities | 45,638,072 | |
| Net Assets | $ 377,138,567 | |
| ANALYSIS OF
NET ASSETS: | | |
| Paid-in capital - $0.001 par value per share; 38,409,192 shares outstanding (150,000,000 shares authorized) | $ 322,651,287 | |
| Undistributed
net investment income (loss) | (1,398,007 | ) |
| Accumulated
net realized gain (loss) on investments and foreign currency | 10,150,463 | |
| Net unrealized
appreciation (depreciation) on investments and foreign currency | 57,876,187 | |
| Quarterly
distributions | (12,141,363 | ) |
| Net Assets
(net asset value per share - $9.82) | $ 377,138,567 | |
| Investments
at identified cost | $ 340,041,529 | |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 29

page

Royce Micro-Cap Trust

Statement of Changes in Net Assets

	SIX MONTHS ENDED
	6/30/17
	(UNAUDITED)	YEAR ENDED 12/31/16
INVESTMENT
OPERATIONS:
Net investment
income (loss)	$ 589,423	$	1,040,381
Net realized
gain (loss) on investments and foreign currency	9,012,314		17,298,523
Net change
in unrealized appreciation (depreciation) on investments and foreign currency	10,742,788		46,017,634
Net increase
(decrease) in net assets from investment operations	20,344,525		64,356,538
DISTRIBUTIONS:
Net investment
income	(485,655	) 1	(2,974,373	)
Net realized
gain on investments and foreign currency	(10,927,226	) 1	(20,650,513	)
Return of
capital	(728,482	) 1	–
Total distributions	(12,141,363	)	(23,624,886	)
CAPITAL STOCK
TRANSACTIONS:
Reinvestment
of distributions	5,234,652		10,562,009
Total capital
stock transactions	5,234,652		10,562,009
Net Increase
(Decrease) In Net Assets	13,437,814		51,293,661
NET ASSETS:
Beginning
of period	363,700,753		312,407,092
End of period (including undistributed net investment income (loss) of $(1,398,007) at 6/30/17 and $(1,987,430) at
12/31/16)	$ 377,138,567	$	363,700,753

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

30 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

Royce Micro-Cap Trust Six Months Ended June 30, 2017 (unaudited)

Statement of Operations

| INVESTMENT
INCOME: | | |
| --- | --- | --- |
| INCOME: | | |
| Dividends | $ 2,218,874 | |
| Foreign withholding
tax | (55,348 | ) |
| Interest | 15,462 | |
| Rehypothecation
income | 28,765 | |
| Total income | 2,207,753 | |
| EXPENSES: | | |
| Investment
advisory fees | 903,122 | |
| Interest expense | 471,847 | |
| Stockholder
reports | 64,884 | |
| Administrative
and office facilities | 44,726 | |
| Directors’ fees | 42,314 | |
| Custody and
transfer agent fees | 41,301 | |
| Professional
fees | 28,058 | |
| Other expenses | 22,126 | |
| Total expenses | 1,618,378 | |
| Compensating
balance credits | (48 | ) |
| Net expenses | 1,618,330 | |
| Net investment
income (loss) | 589,423 | |
| REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | |
| NET REALIZED
GAIN (LOSS): | | |
| Investments | 9,003,885 | |
| Foreign currency
transactions | 8,429 | |
| NET CHANGE
IN UNREALIZED APPRECIATION (DEPRECIATION): | | |
| Investments
and foreign currency translations | 10,742,220 | |
| Other assets
and liabilities denominated in foreign currency | 568 | |
| Net realized
and unrealized gain (loss) on investments and foreign currency | 19,755,102 | |
| NET INCREASE
(DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS | $ 20,344,525 | |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 31

page

Royce Micro-Cap Trust Six Months Ended June 30, 2017 (unaudited)

Statement of Cash Flows

| CASH FLOWS
FROM OPERATING ACTIVITIES: — Net increase
(decrease) in net assets from investment operations | $ 20,344,525 | |
| --- | --- | --- |
| Adjustments
to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: | | |
| Purchases
of long-term investments | (33,255,508 | ) |
| Proceeds
from sales and maturities of long-term investments | 18,367,371 | |
| Net
purchases, sales and maturities of short-term investments | 21,154,000 | |
| Net
(increase) decrease in dividends and interest receivable and other assets | 314,850 | |
| Net
increase (decrease) in interest expense payable, accrued expenses and other liabilities | (26,041 | ) |
| Net
change in unrealized appreciation (depreciation) on investments | (10,742,220 | ) |
| Net realized gain (loss) on investments and foreign currency | (9,012,314 | ) |
| Net cash
provided by operating activities | 7,144,663 | |
| CASH FLOWS
FROM FINANCING ACTIVITIES: | | |
| Net increase
(decrease) in revolving credit agreement | – | |
| Distributions | (12,141,363 | ) |
| Reinvestment
of distributions | 5,234,652 | |
| Net cash
used for financing activities | (6,906,711 | ) |
| INCREASE
(DECREASE) IN CASH: | 237,952 | |
| Cash and
foreign currency at beginning of period | 639 | |
| Cash and
foreign currency at end of period | $ 238,591 | |

32 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

Royce Micro-Cap Trust

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

	SIX MONTHS
	ENDED 6/30/17
	(UNAUDITED)	12/31/16		12/31/15		12/31/14		12/31/13		12/31/12
Net Asset
Value, Beginning of Period	$ 9.63	$	8.59	$	11.33	$	14.12	$	10.93	$	9.86
INVESTMENT
OPERATIONS:
Net investment
income (loss)	0.02		0.03		0.03		(0.01	)	0.01		0.15
Net realized
and unrealized gain (loss) on investments and foreign currency	0.51		1.70		(1.42	)	0.25		4.64		1.58
Total investment
operations	0.53		1.73		(1.39	)	0.24		4.65		1.73
DISTRIBUTIONS
TO PREFERRED STOCKHOLDERS:
Net investment
income	–		–		–		–		–		(0.02	)
Net realized
gain on investments and foreign currency	–		–		–		–		–		(0.09	)
Total distributions
to Preferred Stockholders	–		–		–		–		–		(0.11	)
Net Increase
(Decrease) in Net Assets Applicable to Common Stockholders from
Investment Operations	0.53		1.73		(1.39	)	0.24		4.65		1.62
DISTRIBUTIONS
TO COMMON STOCKHOLDERS:
Net investment
income	(0.01	) 1	(0.08	)	(0.01	)	(0.04	)	(0.03	)	(0.08	)
Net realized
gain on investments and foreign currency	(0.29	) 1	(0.56	)	(1.25	)	(2.86	)	(1.35	)	(0.43	)
Return of
capital	(0.02	) 1	–		–		–		–		–
Total distributions
to Common Stockholders	(0.32	)	(0.64	)	(1.26	)	(2.90	)	(1.38	)	(0.51	)
CAPITAL STOCK
TRANSACTIONS:
Effect of
reinvestment of distributions by Common Stockholders	(0.02	)	(0.05	)	(0.09	)	(0.13	)	(0.08	)	(0.04	)
Total capital
stock transactions	(0.02	)	(0.05	)	(0.09	)	(0.13	)	(0.08	)	(0.04	)
Net Asset
Value, End of Period	$ 9.82	$	9.63	$	8.59	$	11.33	$	14.12	$	10.93
Market
Value, End of Period	$ 8.65	$	8.16	$	7.26	$	10.08	$	12.61	$	9.45
TOTAL RETURN: 2
Net Asset
Value	5.93	% 3	21.98	%	(11.64	)%	3.46	%	44.66	%	17.23	%
Market Value	10.12	% 3	22.30	%	(16.06	)%	3.06	%	49.42	%	13.95	%
RATIOS BASED
ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:
Investment
advisory fee expense 4	0.50	% 5	0.87	%	0.93	%	0.93	%	0.82	%	1.12	%
Other operating
expenses	0.39	% 5	0.39	%	0.35	%	0.25	%	0.29	%	0.18	%
Total expenses
(net) 6	0.89	% 5	1.26	%	1.28	%	1.18	%	1.11	%	1.30	%
Expenses net
of fee waivers and excluding interest expense	0.63	% 5	1.02	%	1.08	%	1.05	%	0.96	%	1.27	%
Expenses prior
to fee waivers and balance credits	0.89	% 5	1.26	%	1.28	%	1.18	%	1.11	%	1.32	%
Expenses prior
to fee waivers	0.89	% 5	1.26	%	1.28	%	1.18	%	1.11	%	1.32	%
Net investment
income (loss)	0.32	% 5	0.32	%	0.26	%	(0.09	)%	0.08	%	1.46	%
SUPPLEMENTAL
DATA:
Net Assets
Applicable to Common Stockholders, End of Period (in thousands)	$ 377,139	$	363,701	$	312,407	$	387,488	$	433,121	$	318,545
Portfolio
Turnover Rate	5	%	26	%	39	%	41	%	29	%	28	%
REVOLVING
CREDIT AGREEMENT:
Asset coverage	938	%	908	%	794	%	746	%	1062	%	808	%
Asset coverage
per $1,000	$ 9,381	$	9,082	$	7,942	$	7,458	$	10,625	$	8,079

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

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 33

page

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: |

| | – | 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, 2017. For a detailed breakout of common stocks by sector classification,
please refer to the Schedule of Investments. | | |

	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
Common Stocks	$387,032,029	$10,644,734	$241,862	$397,918,625
Cash Equivalents	–	22,318,000	–	22,318,000

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2017, securities valued at $2,043,671 were transferred from Level 1 to Level 2 and securities valued at $19,504,834 were transferred from Level 2 to Level 1 within the fair value hierarchy.

34 | 2017 Semiannual Report to Stockholders

page

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

| | BALANCE
AS OF 12/31/16 | PURCHASES | REALIZED
AND UNREALIZED GAIN (LOSS) 1 | BALANCE
AS OF 6/30/17 |
| --- | --- | --- | --- | --- |
| Common Stocks | $241,862 | $0 | $– | $241,862 |

| 1 |
| --- |
| The following table summarizes the valuation techniques used and unobservable inputs
approved by the Valuation Committee to determine the fair value of certain, material
Level 3 investments. The table does not include Level 3 investments with values
derived utilizing prices from prior transactions or third party pricing information
with adjustments (e.g. broker quotes, pricing services, net asset values). |

| | FAIR
VALUE AT 6/30/17 | VALUATION
TECHNIQUE(S) | UNOBSERVABLE
INPUT(S) | RANGE
AVERAGE | IMPACT
TO VALUATION FROM AN INCREASE IN INPUT 1 |
| --- | --- | --- | --- | --- | --- |
| Common Stocks | $241,862 | Discounted
Present Value Balance Sheet Analysis | Liquidity
Discount | 30%-40% | Decrease |

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

| REPURCHASE
AGREEMENTS: |
| --- |
| The Fund may
enter into repurchase agreements with institutions that the Fund’s investment
adviser has determined are creditworthy. The Fund restricts repurchase agreements
to maturities of no more than seven days. Securities pledged as collateral for repurchase
agreements, which are held until maturity of the repurchase agreements, are marked-to-market
daily and maintained at a value at least equal to the principal amount of the repurchase
agreement (including accrued interest). Repurchase agreements could involve certain
risks in the event of default or insolvency of the counter-party, including possible
delays or restrictions upon the ability of the Fund to dispose of its underlying
securities. The remaining contractual maturity of the repurchase agreement held
by the Fund at June 30, 2017 is overnight and continuous. |
| FOREIGN CURRENCY: |
| Net realized
foreign exchange gains or losses arise from sales and maturities of short-term securities,
sales of foreign currencies, expiration of currency forward contracts, currency
gains or losses realized between the trade and settlement dates on securities transactions,
and the difference between the amounts of dividends, interest, and foreign withholding
taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains and losses arise
from changes in the value of assets and liabilities, including investments in securities
at the end of the reporting period, as a result of changes in foreign currency exchange
rates. |
| TAXES: |
| As a qualified
regulated investment company under Subchapter M of the Internal Revenue Code, the
Fund is not subject to income taxes to the extent that it distributes substantially
all of its taxable income for its fiscal year. The Schedule of Investments includes
information regarding income taxes under the caption “Tax Information”. |
| DISTRIBUTIONS: |
| The Fund pays
quarterly distributions on the Fund’s Common Stock at the annual rate of 7%
of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s
Common Stock, with the fourth quarter distribution being the greater of 1.75% of
the rolling average or the distribution required by IRS regulations. Prior to November
15, 2012, distributions to Preferred Stockholders were accrued daily and paid quarterly.
Distributions to Common Stockholders are recorded on ex-dividend date. Distributable
capital gains and/or net investment income were first allocated to Preferred Stockholder
distributions, with any excess allocable to Common Stockholders. If capital gains
and/or net investment income were allocated to both Preferred and Common Stockholders,
the tax character of such allocations was proportional. To the extent that distributions
are not paid from long-term capital gains, net investment income or net short-term
capital gains, they will represent a return of capital. Distributions are determined
in accordance with income tax regulations that may differ from accounting principles
generally accepted in the United States of America. Permanent book and tax differences
relating to stockholder distributions will result in reclassifications within the
capital accounts. Undistributed net investment income may include temporary book
and tax basis differences, which will reverse in a subsequent period. Any taxable
income or gain remaining undistributed at fiscal year end is distributed in the
following year. |

2017 Semiannual Report to Stockholders | 35

page

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

| INVESTMENT
TRANSACTIONS AND RELATED INVESTMENT INCOME: |
| --- |
| Investment
transactions are accounted for on the trade date. Dividend income is recorded on
the ex-dividend date. Non-cash dividend income is recorded at the fair market value
of the securities received. Interest income is recorded on an accrual basis. Premiums
and discounts on debt securities are amortized using the effective yield-to-maturity
method. Realized gains and losses from investment transactions are determined on
the basis of identified cost for book and tax purposes. |
| EXPENSES: |
| The Fund incurs
direct and indirect expenses. Expenses directly attributable to the Fund are charged
to the Fund’s operations, while expenses applicable to more than one of the
Royce Funds are allocated equitably. Certain personnel, occupancy costs and other
administrative expenses related to the Funds are allocated by Royce & Associates
(“Royce”) under an administration agreement and are included in administrative
and office facilities and professional fees. The Fund has adopted a deferred fee
agreement that allows the Directors to defer the receipt of all or a portion of
directors’ fees otherwise payable. The deferred fees are invested in certain
Royce Funds until distributed in accordance with the agreement. |
| COMPENSATING
BALANCE CREDITS: |
| The Fund has
an arrangement with its custodian bank, whereby a portion of the custodian’s
fee is paid indirectly by credits earned on the Fund’s cash on deposit with
the bank. This deposit arrangement is an alternative to purchasing overnight investments.
Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the
extent they are not offset by credits earned on positive cash balances. |
| Capital
Stock: |
| The Fund issued
628,862 and 1,405,544 shares of Common Stock as reinvestment of distributions for
the six months ended June 30, 2017 and the year ended December 31, 2016, respectively. |
| Borrowings: |
| The Fund is
party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime
Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50%
per annum on the unused portion of the credit agreement. The credit agreement has
a 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 or as otherwise required
by applicable regulatory standards and has granted a security interest in the securities
pledged to, and in favor of, BNPPI as security for the loan balance outstanding.
If the Fund fails to meet certain requirements, or maintain other financial covenants
required under the credit agreement, the Fund may be required to repay immediately,
in part or in full, the loan balance outstanding under the credit agreement which
may necessitate the sale of portfolio securities at potentially inopportune times.
BNPPI may terminate the credit agreement upon certain ratings downgrades of its
corporate parent, which would result in the Fund’s entire loan balance becoming
immediately due and payable. The occurrence of such ratings downgrades may necessitate
the sale of portfolio securities at potentially inopportune times. The credit agreement
also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities
pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues
to receive payments in lieu of dividends and interest on rehypothecated securities.
The Fund also has the right under the credit agreement to recall the rehypothecated
securities from BNPPI on demand. If BNPPI fails to deliver the recalled security
in a timely manner, the Fund is compensated by BNPPI for any fees or losses related
to the failed delivery or, in the event a recalled security is not returned by BNPPI,
the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value
of the recalled security failed to be returned. The Fund receives a portion of the
fees earned by BNPPI in connection with the rehypothecation of portfolio securities. |
| As of June
30, 2017, the Fund has outstanding borrowings of $45,000,000. During the six months
ended June 30, 2017, the Fund borrowed an average daily balance of $45,000,000 at
a weighted average borrowing cost of 2.09%. The maximum amount outstanding during
the six months ended June 30, 2017 was $45,000,000. As of June 30, 2017, the aggregate
value of rehypothecated securities was $43,068,441. During the six months ended June
30, 2017, the Fund earned $28,765 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. |

36 | 2017 Semiannual Report to Stockholders

page

Royce Micro-Cap 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 through October 31, 2015, for
the rolling 36-month period ending with such month (the “performance period”). The
Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for
each percentage point that the investment performance of the Fund exceeds, or is
exceeded by, the percentage change in the investment record of the Russell 2000
for the performance period by more than two percentage points. The performance period
for each such month is a rolling 36-month period ending with such month. The maximum
increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly,
for each month, the maximum monthly fee rate as adjusted for performance is 1/12
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 2017, the Fund’s investment performance
ranged from 13% to 15% below the investment performance of the Russell 2000. Accordingly,
the net investment advisory fee consisted of a Basic Fee of $1,806,242 and a net
downward adjustment of $903,120 for the performance of the Fund relative to that
of the Russell 2000. For the six months ended June 30, 2017, the Fund expensed Royce
investment advisory fees totaling $903,122. |
| Purchases
and Sales of Investment Securities: |
| For the six
months ended June 30, 2017, the costs of purchases and proceeds from sales of investment
securities, other than short-term securities, amounted to $33,365,684 and $20,263,468,
respectively. |
| Cross trades
were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading
is the buying or selling of portfolio securities between funds to which Royce serves
as investment adviser. At its regularly scheduled quarterly meetings, the Board
reviews such transactions as of the most recent calendar quarter for compliance
with the requirements and restrictions set forth by Rule 17a-7. Cross trades for
the six months ended June 30, 2017, were as follows: |

| COST
OF PURCHASES | PROCEEDS
FROM SALES | REALIZED
GAIN (LOSS) |
| --- | --- | --- |
| $1,007,283 | $– | $– |

2017 Semiannual Report to Stockholders | 37

page

MANAGER’S DISCUSSION
Royce Value Trust (RVT)

Chuck Royce

| FUND PERFORMANCE |
| --- |
| We were very pleased with Royce
Value Trust’s (“RVT”) first-half
results. Strong on both an absolute
and relative basis, performance
was all the more impressive in a
semiannual period that saw value
underperform growth and was thus not entirely conducive to the
Fund’s multiple investment theme approach. RVT advanced 7.3%
on a net asset value (“NAV”) basis and 13.1% on a market price
basis for the year-to-date period ended June 30, 2017, in both
cases outperforming its unleveraged small-cap benchmarks,
the Russell 2000 and S&P SmallCap 600 Indexes, which had
respective increases of 5.0% and 2.8% for the same period. |
| For the first quarter, RVT gained 3.8% based on NAV and 6.5% on
market price, outpacing the Russell 2000, which was up 2.5%, and the
S&P SmallCap 600, which rose 1.0%, for the same period. The Fund’s
relative advantage extended to the second quarter, when it climbed
3.4% on an NAV basis and 6.2% on a market price basis versus 2.5%
for the Russell 2000 and 1.7% for the S&P SmallCap 600. RVT beat
both of its benchmarks on an NAV basis for the one-, 30-year, and since
inception (11/26/86) periods ended June 30, 2017. The Fund added
advantages over the Russell 2000 for the 20- and 25-year periods ended
June 30, 2017 based on both NAV and market price. RVT’s average
annual NAV total return for the since inception period was
10.6%, all under the management of Chuck Royce. |
| WHAT WORKED...
AND WHAT DIDN’T |
| Seven of the Fund’s 11 equity sectors finished the first half in
the black, two were essentially flat, and two more detracted from
performance. Information Technology and Industrials made the
biggest positive impacts. At the industry level, a group from each
sector dominated returns in a similar fashion—the electronic
equipment, instruments & components group (Information
Technology) and machinery stocks (Industrials). |

The Fund’s two top contributors at the position level were holdovers from 2016’s top performers. Laser diode and equipment maker Coherent took the top spot, as it did in 2016, galvanized by ongoing sales and earnings growth driven by vibrant demand for ramped up OLED (organic light-emitting diode) capacity. Cognex Corporation is the market leader in machine vision technology, which captures and analyzes visual information to automate tasks that previously relied on human eyesight and is thus a major driver of industrial and process automation. The trend toward automation continues to drive broad order strength for its machine vision systems. Cognex also supplemented its robust technology portfolio with three small acquisitions that should enhance its capabilities in emerging areas such as 3D and adaptive learning. Another top contributor, The Advisory Board specializes in performance improvement software and solutions to the healthcare and higher education industries. Among 2016’s top detractors, it rebounded soundly in the first half as an activist investor disclosed a large equity stake, which encouraged other investors. Of the two portfolio sectors that detracted from first-half performance, only Energy had a significant negative impact. Net losses for Consumer Discretionary were modest, a pattern that was mirrored at the industry level. The energy equipment & services group (Energy) was by far the portfolio’s biggest detractor, followed by an appreciably lower negative impact for specialty retail (Consumer Discretionary), which continued to struggle with secular shifts in consumer spending and behavior. The top detractor at the position level was Era Group, which provides helicopter transportation services and personnel primarily to and from offshore oil drilling rigs and platforms. The cratering price of oil created challenges for its business that were reflected in disappointing earnings. Liking the long-term prospects for its niche business, we held shares at the end of June. Toronto-based Dundee Corporation, which is involved in wealth management, real estate, and natural resources, experienced losses in mining- and resource-based activities that put downward pressure on its shares. Relative to the Russell 2000, RVT benefited most from savvy stock picking in three sectors—Financials, where capital markets stood out, Industrials, where machinery and professional services provided a sizable relative edge, and Information Technology, where electronic equipment, instruments & components outperformed. Conversely, poor stock selection in specialty retail and an overweight in distributors created a disadvantage in Consumer Discretionary while our underweights in biotechnology (Health Care) and, to a lesser extent, Utilities also hurt relative results.

| Top Contributors
to Performance | |
| --- | --- |
| Year-to-Date Through 6/30/17 (%) 1 | |
| Coherent | 0.76 |
| Cognex Corporation | 0.34 |
| Advisory Board (The) | 0.28 |
| MarketAxess Holdings | 0.27 |
| Community Health Systems | 0.25 |
| 1 Includes dividends | |

| Top Detractors
from Performance | |
| --- | --- |
| Year-to-Date Through 6/30/17 (%) 2 | |
| Era Group | -0.30 |
| Dundee Corporation Cl. A | -0.18 |
| Wesco Aircraft Holdings | -0.18 |
| Monro Muffler Brake | -0.17 |
| Core-Mark Holding Company | -0.17 |
| 2 Net of dividends | |

| CURRENT
POSITIONING AND OUTLOOK |
| --- |
| We think that RVT’s portfolio remains well-positioned to benefit from
a cyclical upswing, with more than 70% of its net assets invested in
Industrials, Information Technology, Financials, and Materials at the
end of June. So while a correction would not be surprising, we are
optimistic that the expanding rate of global growth can help small-cap
companies, especially those with growing earnings, to excel. The message
that we receive from the companies we speak to each day remains
positive. With order books continuing to fill up, the management teams
remain confident about their business, which in turn gives us confidence
in the long-term prospects for RVT’s multi-themed core approach. |

38 | 2017 Semiannual Report to Stockholders

page

PERFORMANCE AND PORTFOLIO REVIEW SYMBOLS MARKET PRICE RVT NAV XRVTX

Performance Average Annual Total Return (%) Through 6/30/17	JAN-JUN 2017 1	1-YR	3-YR	5-YR	10-YR	15-YR	20-YR	25-YR	30-YR	SINCE INCEPTION (11/26/86)
RVT (NAV)	7.29	25.76	6.95	13.38	5.56	8.77	9.52	10.81	10.47	10.63
1 Not Annualized

Market Price Performance History Since Inception (11/26/86) Cumulative Performance of Investment through 6/30/17 1

	1-YR	5-YR	10-YR	15-YR	20-YR	SINCE INCEPTION (11/26/86)
RVT	33.8%	92.2%	55.2%	215.6%	549.8%	1746.1%

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

The Morningstar Style Map is the Morningstar Style Box ™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone ™ . The Morningstar Style Box is designed to reveal a fund’s investment strategy. The Morningstar Ownership Zone provides detail about a portfolio’s investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund's ownership zone may vary. See page 61 for additional information.

| Top 10
Positions | |
| --- | --- |
| % of Net Assets | |
| Coherent | 1.7 |
| HEICO Corporation | 1.4 |
| Cognex Corporation | 1.3 |
| Quaker Chemical | 1.2 |
| E-L Financial | 1.0 |
| Copart | 1.0 |
| Ash Grove Cement Cl. B | 1.0 |
| Nautilus | 1.0 |
| ManpowerGroup | 0.9 |
| RBC Bearings | 0.9 |

| Portfolio
Sector Breakdown | |
| --- | --- |
| % of Net Assets | |
| Industrials | 30.6 |
| Information Technology | 17.9 |
| Financials | 14.9 |
| Consumer Discretionary | 11.0 |
| Materials | 7.5 |
| Health Care | 5.7 |
| Energy | 4.1 |
| Real Estate | 3.0 |
| Consumer Staples | 2.2 |
| Telecommunication Services | 0.6 |
| Utilities | 0.1 |
| Miscellaneous | 2.2 |
| Cash and Cash Equivalents, Net of Outstanding Line of Credit | 0.2 |

| Calendar
Year Total Returns (%) | |
| --- | --- |
| YEAR | RVT |
| 2016 | 26.8 |
| 2015 | -8.1 |
| 2014 | 0.8 |
| 2013 | 34.1 |
| 2012 | 15.4 |
| 2011 | -10.1 |
| 2010 | 30.3 |
| 2009 | 44.6 |
| 2008 | -45.6 |
| 2007 | 5.0 |
| 2006 | 19.5 |
| 2005 | 8.4 |
| 2004 | 21.4 |
| 2003 | 40.8 |
| 2002 | -15.6 |

Portfolio Diagnostics
Fund Net Assets	$1,361 million
Number of Holdings	448
Turnover Rate	8%
Net Asset Value	$16.37
Market Price	$14.59
Average Market Capitalization 1	$1,590 million
Weighted Average P/E Ratio 2 , 3	21.3x
Weighted Average P/B Ratio 2	2.2x
Active Share 4	89%
U.S. Investments (% of Net Assets)	82.3%
Non-U.S. Investments (% of Net Assets)	17.5%

| 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 (16% of portfolio holdings as of 6/30/17). |
| 4 | Active Share is the sum of the absolute values of the different
weightings of each holding in the Fund versus each holding in the
benchmark, divided by two. |

| Important
Performance and Risk Information |
| --- |
| All performance information reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no
guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. Certain immaterial
adjustments were made to the net assets of Royce Value Trust at 12/31/16 for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that
net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their
original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified
portfolio does not ensure a profit or guarantee against loss. Regarding the “Top Contributors” and “Top Detractors” tables shown above, the sum of all contributors to, and all detractors from, performance for all
securities in the portfolio would approximate the Fund’s year-to date performance for 2017. |

2017 Semiannual Report to Stockholders | 39

page

Royce Value Trust

| Schedule
of Investments | | |
| --- | --- | --- |
| Common Stocks
– 99.8% | | |
| | SHARES | VALUE |
| CONSUMER
DISCRETIONARY – 11.0% | | |
| AUTO COMPONENTS
- 1.4% | | |
| Cooper
Tire & Rubber | 86,700 | $ 3,129,870 |
| Gentex
Corporation | 222,170 | 4,214,565 |
| LCI
Industries | 74,016 | 7,579,238 |
| Sebang
Global Battery | 28,500 | 990,146 |
| Standard
Motor Products | 50,391 | 2,631,418 |
| | | 18,545,237 |
| AUTOMOBILES
- 0.7% | | |
| Thor
Industries 1 | 91,310 | 9,543,721 |
| DISTRIBUTORS
- 0.8% | | |
| Core-Mark
Holding Company | 220,900 | 7,302,954 |
| Fenix
Parts 2 , 3 | 255,000 | 107,355 |
| Uni-Select | 30,200 | 729,383 |
| Weyco
Group | 97,992 | 2,732,017 |
| | | 10,871,709 |
| DIVERSIFIED
CONSUMER SERVICES - 0.8% | | |
| Adtalem
Global Education 3 | 52,054 | 1,975,449 |
| American
Public Education 3 | 42,400 | 1,002,760 |
| Cambium
Learning Group 3 | 100,000 | 507,000 |
| Collectors
Universe | 50,000 | 1,242,500 |
| H&R Block | 8,000 | 247,280 |
| Liberty
Tax Cl. A | 151,573 | 1,962,871 |
| Lincoln
Educational Services 3 | 330,600 | 1,024,860 |
| Regis
Corporation 3 | 40,000 | 410,800 |
| Universal
Technical Institute 3 | 504,032 | 1,799,394 |
| | | 10,172,914 |
| HOTELS, RESTAURANTS
& LEISURE - 0.4% | | |
| Biglari
Holdings 3 | 1,500 | 599,610 |
| Century
Casinos 3 | 222,360 | 1,638,793 |
| Lindblad
Expeditions Holdings 3 | 207,600 | 2,179,800 |
| Rank
Group | 400,000 | 1,235,764 |
| Zoe’s Kitchen 3 | 15,000 | 178,650 |
| | | 5,832,617 |
| HOUSEHOLD
DURABLES - 2.3% | | |
| AV
Homes 3 | 66,100 | 1,325,305 |
| Cavco
Industries 3 | 14,700 | 1,905,855 |
| Ethan
Allen Interiors | 231,000 | 7,461,300 |
| Flexsteel
Industries | 13,900 | 752,129 |
| Mohawk
Industries 1 , 3 , 4 | 22,400 | 5,413,856 |
| Natuzzi
ADR 3 | 2,096,300 | 5,555,195 |
| PICO
Holdings 3 | 409,400 | 7,164,500 |
| Samson
Holding | 2,500,000 | 204,932 |
| Stanley
Furniture 5 | 912,235 | 1,030,826 |
| | | 30,813,898 |
| INTERNET
& DIRECT MARKETING RETAIL - 0.5% | | |
| CafePress 3 | 110,000 | 284,900 |
| FTD
Companies 3 | 298,014 | 5,960,280 |
| | | 6,245,180 |
| LEISURE PRODUCTS
- 1.1% | | |
| Character
Group | 91,500 | 575,015 |
| MCBC
Holdings 3 | 84,500 | 1,651,975 |
| Nautilus 3 | 677,500 | 12,974,125 |
| | | 15,201,115 |
| MEDIA - 0.4% | | |
| E.W.
Scripps Company Cl. A 1 , 3 , 4 | 64,460 | 1,148,033 |
| Entravision
Communications Cl. A | 108,200 | 714,120 |
| Global
Eagle Entertainment 3 | 110,000 | 391,600 |
| Gray
Television 3 | 50,000 | 685,000 |
| New
Media Investment Group | 60,100 | 810,148 |
| Pico
Far East Holdings | 3,484,400 | 1,459,374 |
| T4F
Entretenimento | 150,000 | 278,457 |
| Technicolor | 120,000 | 523,287 |
| | | 6,010,019 |
| MULTILINE
RETAIL - 0.0% | | |
| New
World Department Store China 3 | 1,447,500 | 357,822 |
| SPECIALTY
RETAIL - 1.3% | | |
| AutoCanada | 78,800 | 1,159,396 |
| Barnes
& Noble | 47,000 | 357,200 |
| Barnes
& Noble Education 3 | 20,000 | 212,600 |
| Buckle
(The) 1 | 36,115 | 642,847 |
| Byggmax
Group | 70,000 | 508,920 |
| Caleres 1 | 132,300 | 3,675,294 |
| Container
Store Group (The) 1 , 3 , 4 | 158,200 | 936,544 |
| Destination
Maternity 3 | 557,967 | 1,807,813 |
| Haverty
Furniture | 23,700 | 594,870 |
| I.T | 827,000 | 407,809 |
| Monro
Muffler Brake | 111,500 | 4,655,125 |
| Oriental
Watch Holdings | 967,900 | 210,751 |
| Topps
Tiles | 750,000 | 805,891 |
| TravelCenters
of America LLC 3 | 92,500 | 379,250 |
| West
Marine | 131,100 | 1,684,635 |
| | | 18,038,945 |
| TEXTILES,
APPAREL & LUXURY GOODS - 1.3% | | |
| Crown
Crafts | 97,741 | 674,413 |
| Culp | 29,400 | 955,500 |
| Deckers
Outdoor 3 | 14,920 | 1,018,439 |
| J.G.
Boswell Company 2 | 3,940 | 2,588,580 |
| Movado
Group | 67,261 | 1,698,341 |
| Wolverine
World Wide | 360,200 | 10,089,202 |
| YGM
Trading | 1,082,600 | 1,006,689 |
| | | 18,031,164 |
| Total (Cost $130,786,940) | | 149,664,341 |
| CONSUMER
STAPLES – 2.2% | | |
| BEVERAGES
- 0.2% | | |
| Compania
Cervecerias Unidas ADR 1 | 99,500 | 2,610,880 |
| FOOD &
STAPLES RETAILING - 0.0% | | |
| Conviviality | 90,000 | 361,039 |
| FOOD PRODUCTS
- 1.8% | | |
| AGT
Food and Ingredients | 9,000 | 161,567 |
| Cal-Maine
Foods 3 | 84,316 | 3,338,913 |
| Farmer
Bros. 3 | 54,700 | 1,654,675 |
| Hilton
Food Group | 75,000 | 720,906 |
| Industrias
Bachoco ADR | 43,495 | 2,521,840 |
| John
B. Sanfilippo & Son | 17,200 | 1,085,492 |
| Lancaster
Colony | 8,200 | 1,005,484 |
| Sanderson
Farms | 15,000 | 1,734,750 |
| Seneca
Foods Cl. A 3 | 147,605 | 4,583,135 |
| Seneca
Foods Cl. B 3 | 13,840 | 498,240 |
| SunOpta 1 , 3 , 4 | 187,459 | 1,912,082 |
| Tootsie
Roll Industries 1 | 155,308 | 5,412,484 |
| | | 24,629,568 |
| HOUSEHOLD
PRODUCTS - 0.0% | | |
| Central
Garden & Pet 3 | 10,300 | 327,437 |
| PERSONAL PRODUCTS
- 0.2% | | |
| Inter
Parfums | 63,730 | 2,335,705 |
| Total (Cost $23,077,724) | | 30,264,629 |

40 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

June 30, 2017 (unaudited)

| Schedule
of Investments (continued) | SHARES | VALUE |
| --- | --- | --- |
| ENERGY – 4.1% | | |
| ENERGY EQUIPMENT
& SERVICES - 3.1% | | |
| CARBO
Ceramics 1 , 3 , 4 | 48,000 | $ 328,800 |
| Diamond
Offshore Drilling 1 , 3 , 4 | 189,000 | 2,046,870 |
| Era
Group 3 | 535,771 | 5,068,394 |
| Forum
Energy Technologies 3 | 118,654 | 1,851,002 |
| Frank’s International 1 , 4 | 108,600 | 900,294 |
| Helmerich
& Payne 1 , 4 | 89,000 | 4,836,260 |
| ION
Geophysical 1 , 3 , 4 | 71,880 | 312,678 |
| Oil
States International 3 | 65,833 | 1,787,366 |
| Pason
Systems | 503,480 | 7,508,716 |
| Pioneer
Energy Services 3 | 138,100 | 283,105 |
| Precision
Drilling 3 | 73,100 | 249,271 |
| SEACOR
Holdings 3 | 150,469 | 5,161,087 |
| TGS-NOPEC
Geophysical | 425,870 | 8,727,816 |
| Trican
Well Service 3 | 944,000 | 2,642,443 |
| | | 41,704,102 |
| OIL, GAS
& CONSUMABLE FUELS - 1.0% | | |
| Ardmore
Shipping | 61,600 | 502,040 |
| Dorchester
Minerals L.P. | 177,172 | 2,560,135 |
| Dorian
LPG 3 | 184,034 | 1,505,398 |
| Green
Plains | 50,000 | 1,027,500 |
| Hallador
Energy | 21,000 | 163,170 |
| Hargreaves
Services | 57,683 | 252,998 |
| New
Zealand Refining | 310,000 | 554,290 |
| San
Juan Basin Royalty Trust | 320,352 | 2,181,597 |
| World
Fuel Services | 110,800 | 4,260,260 |
| WPX
Energy 3 | 110,000 | 1,062,600 |
| | | 14,069,988 |
| Total (Cost $69,549,196) | | 55,774,090 |
| FINANCIALS – 14.9% | | |
| BANKS - 2.4% | | |
| Banca
Sistema | 200,000 | 539,095 |
| Bank
of N.T. Butterfield & Son | 178,416 | 6,083,986 |
| Blue
Hills Bancorp | 54,080 | 968,032 |
| Canadian
Western Bank | 279,500 | 5,901,226 |
| Farmers
& Merchants Bank of Long Beach 2 | 1,080 | 8,262,000 |
| Fauquier
Bankshares | 160,800 | 3,095,400 |
| First
Citizens BancShares Cl. A | 14,676 | 5,469,745 |
| Webster
Financial | 40,300 | 2,104,466 |
| | | 32,423,950 |
| CAPITAL MARKETS
- 8.0% | | |
| Ares
Management L.P. | 366,300 | 6,593,400 |
| Artisan
Partners Asset Management Cl. A | 270,500 | 8,304,350 |
| ASA
Gold and Precious Metals | 199,821 | 2,335,908 |
| Ashmore
Group | 1,354,000 | 6,228,741 |
| Associated
Capital Group Cl. A 1 | 20,200 | 686,800 |
| Citadel
Capital 3 | 8,549,921 | 377,480 |
| Cowen
Group 3 | 62,706 | 1,018,973 |
| Dundee
Corporation Cl. A 3 | 1,079,900 | 2,373,315 |
| Edmond
de Rothschild (Suisse) | 153 | 2,608,770 |
| Federated
Investors Cl. B | 108,640 | 3,069,080 |
| Gluskin
Sheff + Associates | 57,600 | 743,985 |
| Houlihan
Lokey Cl. A | 91,100 | 3,179,390 |
| Jupiter
Fund Management | 230,000 | 1,512,795 |
| KKR
& Co. L.P. | 24,100 | 448,260 |
| Lazard
Cl. A | 99,535 | 4,611,457 |
| Manning
& Napier Cl. A | 395,692 | 1,721,260 |
| MarketAxess Holdings | 56,600 | 11,382,260 |
| Medley
Management Cl. A 1 , 4 | 109,500 | 711,750 |
| Morningstar | 84,600 | 6,627,564 |
| mutares | 39,266 | 609,031 |
| MVC
Capital | 324,200 | 3,196,612 |
| Oaktree
Capital Group LLC Cl. A | 101,100 | 4,711,260 |
| Rothschild
& Co | 216,893 | 7,917,268 |
| SEI
Investments | 185,600 | 9,981,568 |
| Sprott | 1,927,000 | 3,388,001 |
| TMX
Group | 40,700 | 2,214,522 |
| U.S.
Global Investors Cl. A | 520,551 | 796,443 |
| Value
Partners Group | 5,453,000 | 4,965,876 |
| Virtu
Financial Cl. A | 101,200 | 1,786,180 |
| Virtus
Investment Partners | 3,930 | 436,034 |
| Westwood
Holdings Group | 49,073 | 2,781,948 |
| ZAIS
Group Holdings Cl. A 1 , 3 , 4 | 492,300 | 1,147,059 |
| | | 108,467,340 |
| CONSUMER FINANCE
- 0.1% | | |
| Bajaj
Finance | 55,000 | 1,168,752 |
| Currency
Exchange International 3 | 30,000 | 608,421 |
| | | 1,777,173 |
| DIVERSIFIED
FINANCIAL SERVICES - 0.1% | | |
| First
Pacific | 1,020,000 | 752,512 |
| Waterloo
Investment Holdings 3 , 6 | 2,973,544 | 892,063 |
| | | 1,644,575 |
| INSURANCE
- 2.7% | | |
| Alleghany
Corporation 3 | 709 | 421,713 |
| Atlas
Financial Holdings 3 | 48,900 | 728,610 |
| E-L Financial | 21,500 | 14,009,485 |
| Erie
Indemnity Cl. A | 25,000 | 3,126,750 |
| Independence
Holding Company | 314,523 | 6,431,995 |
| MBIA 3 | 942,400 | 8,886,832 |
| ProAssurance
Corporation | 17,139 | 1,042,051 |
| RLI
Corp. | 46,300 | 2,528,906 |
| WMIH 3 | 77,742 | 97,178 |
| | | 37,273,520 |
| INVESTMENT
COMPANIES - 0.2% | | |
| RIT
Capital Partners | 130,500 | 3,231,124 |
| THRIFTS &
MORTGAGE FINANCE - 1.4% | | |
| BofI
Holding 1 , 3 , 4 | 16,300 | 386,636 |
| Genworth
MI Canada | 239,395 | 6,586,685 |
| Timberland Bancorp 5 | 444,200 | 11,224,934 |
| Vestin
Realty Mortgage II 2 , 3 | 53 | 117,130 |
| | | 18,315,385 |
| Total (Cost $173,007,388) | | 203,133,067 |
| HEALTH
CARE – 5.7% | | |
| BIOTECHNOLOGY
- 1.1% | | |
| Keryx
Biopharmaceuticals 1 , 3 , 4 | 139,000 | 1,004,970 |
| Novavax 1 , 3 , 4 | 550,000 | 632,500 |
| Sangamo
Therapeutics 3 | 469,315 | 4,129,972 |
| Zealand
Pharma 3 | 479,607 | 9,613,725 |
| | | 15,381,167 |
| HEALTH CARE
EQUIPMENT & SUPPLIES - 2.0% | | |
| Analogic
Corporation | 53,735 | 3,903,848 |
| Atrion
Corporation | 15,750 | 10,131,975 |
| Cerus
Corporation 3 | 108,000 | 271,080 |
| Hill-Rom
Holdings | 5,000 | 398,050 |
| Integer
Holdings 3 | 42,400 | 1,833,800 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 41

page

Royce Value Trust

| Schedule
of Investments (continued) | SHARES | VALUE |
| --- | --- | --- |
| HEALTH
CARE (continued) | | |
| HEALTH CARE
EQUIPMENT & SUPPLIES (continued) | | |
| Invacare
Corporation | 38,900 | $ 513,480 |
| Masimo
Corporation 3 | 50,000 | 4,559,000 |
| Neogen
Corporation 3 | 16,800 | 1,161,048 |
| Surmodics 3 | 138,500 | 3,898,775 |
| | | 26,671,056 |
| HEALTH CARE
PROVIDERS & SERVICES - 1.0% | | |
| Aceto
Corporation | 18,800 | 290,460 |
| AMN
Healthcare Services 3 | 74,300 | 2,901,415 |
| Community
Health Systems 3 | 790,000 | 7,868,400 |
| Landauer | 50,000 | 2,615,000 |
| | | 13,675,275 |
| HEALTH CARE
TECHNOLOGY - 0.6% | | |
| † athenahealth 1 , 3 , 4 | 32,500 | 4,567,875 |
| Cegedim 3 | 10,000 | 347,213 |
| Medidata
Solutions 3 | 50,000 | 3,910,000 |
| | | 8,825,088 |
| LIFE SCIENCES
TOOLS & SERVICES - 0.9% | | |
| Bio-Rad
Laboratories Cl. A 3 | 26,998 | 6,109,917 |
| Bio-Techne | 46,243 | 5,433,553 |
| Dyadic
International 2 , 3 | 75,000 | 101,250 |
| | | 11,644,720 |
| PHARMACEUTICALS
- 0.1% | | |
| Intra-Cellular
Therapies 3 | 30,000 | 372,600 |
| Theravance
Biopharma 3 | 34,291 | 1,366,153 |
| | | 1,738,753 |
| Total (Cost $49,830,571) | | 77,936,059 |
| INDUSTRIALS – 30.6% | | |
| AEROSPACE
& DEFENSE - 2.7% | | |
| Austal | 688,670 | 968,640 |
| Ducommun 3 | 117,200 | 3,701,176 |
| HEICO Corporation | 175,422 | 12,602,316 |
| HEICO Corporation Cl. A | 101,010 | 6,267,671 |
| Magellan
Aerospace | 182,779 | 2,852,751 |
| Mercury
Systems 3 | 25,400 | 1,069,086 |
| Teledyne
Technologies 3 | 20,600 | 2,629,590 |
| Wesco
Aircraft Holdings 3 | 588,000 | 6,379,800 |
| | | 36,471,030 |
| AIR FREIGHT
& LOGISTICS - 1.8% | | |
| Expeditors
International of Washington | 158,900 | 8,974,672 |
| Forward
Air | 179,750 | 9,577,080 |
| Hub
Group Cl. A 1 , 3 | 149,400 | 5,729,490 |
| | | 24,281,242 |
| BUILDING PRODUCTS
- 0.6% | | |
| American
Woodmark 3 | 17,100 | 1,633,905 |
| Apogee
Enterprises 1 | 48,700 | 2,768,108 |
| Burnham
Holdings Cl. B 2 | 36,000 | 545,400 |
| DIRTT
Environmental Solutions 3 | 65,000 | 343,345 |
| Epwin
Group | 70,000 | 100,289 |
| Insteel
Industries 1 | 79,380 | 2,617,159 |
| Patrick
Industries 3 | 9,850 | 717,572 |
| | | 8,725,778 |
| COMMERCIAL
SERVICES & SUPPLIES - 2.7% | | |
| Atento 3 | 271,200 | 3,023,880 |
| CECO
Environmental | 99,028 | 909,077 |
| CompX
International Cl. A | 211,100 | 3,219,275 |
| Copart 3 | 439,920 | 13,985,057 |
| Heritage-Crystal
Clean 3 | 152,527 | 2,425,179 |
| Kimball
International Cl. B | 286,180 | 4,776,344 |
| Mobile
Mini | 105,000 | 3,134,250 |
| Steelcase
Cl. A | 256,260 | 3,587,640 |
| UniFirst
Corporation | 13,370 | 1,881,159 |
| | | 36,941,861 |
| CONSTRUCTION
& ENGINEERING - 3.5% | | |
| Aecon
Group | 34,500 | 429,388 |
| Ameresco
Cl. A 3 | 55,000 | 423,500 |
| Comfort
Systems USA | 48,100 | 1,784,510 |
| EMCOR
Group 1 | 121,300 | 7,930,594 |
| IES Holdings 3 | 594,244 | 10,785,528 |
| Jacobs
Engineering Group | 164,900 | 8,968,911 |
| KBR | 326,000 | 4,961,720 |
| Northwest
Pipe 3 | 20,000 | 325,200 |
| NV5
Global 3 | 23,500 | 998,750 |
| Sterling
Construction 1 , 3 | 122,300 | 1,598,461 |
| Valmont
Industries 1 | 65,145 | 9,745,692 |
| | | 47,952,254 |
| ELECTRICAL
EQUIPMENT - 0.7% | | |
| Global
Power Equipment Group 2 , 3 | 631,820 | 2,021,824 |
| Powell
Industries | 94,500 | 3,023,055 |
| Preformed
Line Products | 91,600 | 4,252,072 |
| | | 9,296,951 |
| INDUSTRIAL
CONGLOMERATES - 0.6% | | |
| A.
Soriano | 2,791,000 | 348,460 |
| Raven
Industries | 251,725 | 8,382,443 |
| | | 8,730,903 |
| MACHINERY
- 11.2% | | |
| Chen
Hsong Holdings | 1,159,000 | 317,679 |
| China
Metal International Holdings | 554,524 | 206,683 |
| CIRCOR
International | 101,384 | 6,020,182 |
| Colfax
Corporation 3 | 77,242 | 3,041,017 |
| Deutz | 115,000 | 969,736 |
| Donaldson
Company | 193,559 | 8,814,677 |
| Exco
Technologies | 205,700 | 1,694,075 |
| Franklin
Electric | 104,600 | 4,330,440 |
| Graco | 89,276 | 9,756,081 |
| Greenbrier
Companies (The) | 46,800 | 2,164,500 |
| Hurco
Companies | 25,952 | 901,832 |
| Hyster-Yale
Materials Handling Cl. A | 10,000 | 702,500 |
| IDEX
Corporation | 67,400 | 7,616,874 |
| John
Bean Technologies | 68,626 | 6,725,348 |
| Kadant | 42,200 | 3,173,440 |
| Kennametal | 160,100 | 5,990,942 |
| Lincoln
Electric Holdings | 61,360 | 5,650,642 |
| Lindsay
Corporation 1 | 80,000 | 7,140,000 |
| Luxfer
Holdings ADR | 28,100 | 359,399 |
| Lydall 1 , 3 | 55,480 | 2,868,316 |
| NN | 308,700 | 8,473,815 |
| Nordson
Corporation | 24,296 | 2,947,591 |
| Proto
Labs 3 | 10,000 | 672,500 |
| RBC Bearings 3 | 123,700 | 12,587,712 |
| Sarine
Technologies | 327,500 | 366,334 |
| Sun Hydraulics | 286,318 | 12,217,189 |
| † Supreme Industries Cl. A 1 | 141,300 | 2,324,385 |
| Tennant
Company | 111,900 | 8,258,220 |
| Titan
International | 173,100 | 2,078,931 |
| Wabash
National | 43,600 | 958,328 |

42 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

June 30, 2017 (unaudited)

| Schedule
of Investments (continued) | SHARES | VALUE |
| --- | --- | --- |
| INDUSTRIALS
(continued) | | |
| MACHINERY
(continued) | | |
| Watts
Water Technologies Cl. A | 61,000 | $ 3,855,200 |
| Westinghouse
Air Brake Technologies | 90,570 | 8,287,155 |
| Westport
Fuel Systems 1 , 3 | 327,100 | 768,685 |
| Woodward | 154,600 | 10,447,868 |
| | | 152,688,276 |
| MARINE - 1.4% | | |
| Clarkson | 291,000 | 9,573,864 |
| Kirby
Corporation 3 | 144,500 | 9,659,825 |
| | | 19,233,689 |
| PROFESSIONAL
SERVICES - 3.0% | | |
| Advisory Board (The) 1 , 3 , 4 | 209,377 | 10,782,915 |
| Franklin
Covey 3 | 40,800 | 787,440 |
| Heidrick
& Struggles International | 66,480 | 1,445,940 |
| ICF
International 3 | 6,336 | 298,426 |
| ManpowerGroup | 112,858 | 12,600,596 |
| On
Assignment 1 , 3 , 4 | 179,295 | 9,708,824 |
| Quess
Corporation 3 | 15,720 | 223,515 |
| Robert
Half International | 44,032 | 2,110,454 |
| TrueBlue 3 | 75,820 | 2,009,230 |
| Volt
Information Sciences 3 | 75,000 | 296,250 |
| | | 40,263,590 |
| ROAD &
RAIL - 1.8% | | |
| Genesee
& Wyoming Cl. A 3 | 15,000 | 1,025,850 |
| Knight
Transportation 1 , 4 | 122,400 | 4,534,920 |
| Landstar System | 142,460 | 12,194,576 |
| Patriot
Transportation Holding 3 | 139,100 | 2,485,717 |
| Saia 1 , 3 , 4 | 59,730 | 3,064,149 |
| Universal
Logistics Holdings | 78,916 | 1,183,740 |
| | | 24,488,952 |
| TRADING COMPANIES
& DISTRIBUTORS - 0.5% | | |
| Central
Steel & Wire 2 | 4,862 | 2,674,100 |
| Houston
Wire & Cable 3 | 509,200 | 2,673,300 |
| MSC
Industrial Direct Cl. A 1 | 5,463 | 469,600 |
| SIG | 350,000 | 677,404 |
| | | 6,494,404 |
| TRANSPORTATION
INFRASTRUCTURE - 0.1% | | |
| Hopewell
Highway Infrastructure | 1,012,000 | 581,993 |
| Total (Cost $240,658,301) | | 416,150,923 |
| INFORMATION
TECHNOLOGY – 17.9% | | |
| COMMUNICATIONS
EQUIPMENT - 0.5% | | |
| ADTRAN 1 , 4 | 234,973 | 4,852,192 |
| Clearfield 1 , 3 , 4 | 55,600 | 733,920 |
| NetScout
Systems 3 | 31,100 | 1,069,840 |
| Oclaro 1 , 3 , 4 | 91,000 | 849,940 |
| | | 7,505,892 |
| ELECTRONIC
EQUIPMENT, INSTRUMENTS & COMPONENTS - 9.0% | | |
| Anixter
International 1 , 3 , 4 | 70,895 | 5,543,989 |
| Bel
Fuse Cl. B | 30,238 | 746,878 |
| Celestica 3 | 169,600 | 2,303,168 |
| Cognex Corporation 1 , 4 | 201,870 | 17,138,763 |
| Coherent 3 | 100,534 | 22,619,145 |
| Dolby
Laboratories Cl. A | 9,150 | 447,984 |
| Fabrinet 3 | 60,600 | 2,585,196 |
| FARO
Technologies 3 | 161,467 | 6,103,453 |
| FLIR Systems | 317,000 | 10,987,220 |
| HollySys
Automation Technologies | 53,882 | 894,980 |
| Horiba | 12,000 | 728,695 |
| IPG
Photonics 1 , 3 , 4 | 58,000 | 8,415,800 |
| LRAD
Corporation 3 | 744,944 | 1,258,955 |
| Methode
Electronics | 30,530 | 1,257,836 |
| National Instruments | 261,850 | 10,531,607 |
| Orbotech 3 | 34,500 | 1,125,390 |
| Perceptron 3 | 357,700 | 2,604,056 |
| Plexus
Corporation 3 | 150,600 | 7,917,042 |
| Richardson
Electronics | 573,732 | 3,425,180 |
| Rogers
Corporation 3 | 57,066 | 6,198,509 |
| Systemax | 38,520 | 724,176 |
| TTM
Technologies 1 , 3 , 4 | 496,400 | 8,617,504 |
| VST
Holdings | 979,000 | 295,928 |
| Wasion
Group Holdings | 1,500,000 | 691,647 |
| | | 123,163,101 |
| INTERNET SOFTWARE
& SERVICES - 2.0% | | |
| Actua
Corporation 3 | 63,815 | 896,601 |
| Care.com 3 | 209,300 | 3,160,430 |
| CommerceHub
Ser. C 3 | 50,000 | 872,000 |
| comScore 2 , 3 | 211,136 | 5,531,763 |
| HolidayCheck
Group 3 | 44,900 | 157,386 |
| IZEA 3 | 110,106 | 210,302 |
| j2 Global | 61,620 | 5,243,246 |
| Leaf
Group 3 | 50,000 | 390,000 |
| MiX
Telematics ADR | 57,985 | 456,922 |
| QuinStreet 3 | 526,082 | 2,193,762 |
| Solium
Capital 3 | 182,800 | 1,382,841 |
| Spark
Networks 1 , 3 | 363,000 | 348,480 |
| Stamps.com 3 | 37,500 | 5,807,813 |
| Support.com 3 | 216,766 | 507,232 |
| | | 27,158,778 |
| IT SERVICES
- 1.0% | | |
| Acxiom
Corporation 3 | 48,000 | 1,247,040 |
| Convergys
Corporation 1 | 121,000 | 2,877,380 |
| DST
Systems 1 , 4 | 20,000 | 1,234,000 |
| Hackett
Group (The) | 417,266 | 6,467,623 |
| Innodata 3 | 274,314 | 480,050 |
| Unisys
Corporation 3 | 60,000 | 768,000 |
| | | 13,074,093 |
| SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT - 2.8% | | |
| Amtech
Systems 3 | 141,471 | 1,194,015 |
| Brooks
Automation | 121,000 | 2,624,490 |
| Cabot
Microelectronics | 14,000 | 1,033,620 |
| CyberOptics
Corporation 3 | 37,600 | 776,440 |
| Diodes 3 | 270,850 | 6,508,526 |
| Intermolecular 3 | 40,000 | 37,200 |
| Kulicke
& Soffa Industries 3 | 77,400 | 1,472,148 |
| MKS
Instruments | 24,210 | 1,629,333 |
| Nanometrics 3 | 61,000 | 1,542,690 |
| Nova
Measuring Instruments 3 | 46,500 | 1,027,185 |
| Photronics 3 | 159,900 | 1,503,060 |
| Rudolph
Technologies 1 , 3 | 62,700 | 1,432,695 |
| Sigma
Designs 3 | 78,900 | 461,565 |
| Silicon
Motion Technology ADR | 97,000 | 4,678,310 |
| Teradyne | 130,000 | 3,903,900 |
| Ultra
Clean Holdings 3 | 42,800 | 802,500 |
| Veeco
Instruments 3 | 17,500 | 487,375 |
| Versum
Materials | 123,000 | 3,997,500 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 43

page

Royce Value Trust

| Schedule
of Investments (continued) | SHARES | VALUE |
| --- | --- | --- |
| INFORMATION
TECHNOLOGY (continued) | | |
| SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT (continued) | | |
| Xperi | 111,430 | $ 3,320,614 |
| | | 38,433,166 |
| SOFTWARE -
1.9% | | |
| American
Software Cl. A | 108,690 | 1,118,420 |
| ANSYS 1 , 3 , 4 | 95,000 | 11,559,600 |
| BroadSoft 3 | 25,000 | 1,076,250 |
| Computer
Modelling Group | 316,300 | 2,482,984 |
| Micro
Focus International | 25,000 | 739,466 |
| Model
N 3 | 300,387 | 3,995,147 |
| Monotype
Imaging Holdings | 117,700 | 2,153,910 |
| PSI | 18,194 | 292,690 |
| RealNetworks 3 | 219,879 | 952,076 |
| Rosetta
Stone 3 | 40,000 | 431,200 |
| SeaChange
International 3 | 247,069 | 657,204 |
| | | 25,458,947 |
| TECHNOLOGY
HARDWARE, STORAGE & PERIPHERALS - 0.7% | | |
| Diebold
Nixdorf | 266,600 | 7,464,800 |
| Intevac 3 | 168,700 | 1,872,570 |
| | | 9,337,370 |
| Total (Cost $158,446,124) | | 244,131,347 |
| MATERIALS – 7.5% | | |
| CHEMICALS
- 2.3% | | |
| FutureFuel
Corporation | 48,500 | 731,865 |
| Hawkins | 86,178 | 3,994,350 |
| Innospec | 36,883 | 2,417,681 |
| Minerals
Technologies | 108,793 | 7,963,647 |
| Quaker Chemical | 109,669 | 15,927,229 |
| | | 31,034,772 |
| CONSTRUCTION
MATERIALS - 1.0% | | |
| Ash Grove Cement Cl. B 2 | 50,518 | 13,387,775 |
| CONTAINERS
& PACKAGING - 0.3% | | |
| Mayr-Melnhof
Karton | 34,000 | 4,446,389 |
| METALS &
MINING - 3.8% | | |
| Alamos
Gold Cl. A | 263,300 | 1,867,952 |
| Ampco-Pittsburgh | 36,966 | 545,249 |
| Constellium
Cl. A 3 | 70,000 | 483,000 |
| Ferroglobe | 50,000 | 597,500 |
| Ferroglobe
(Warranty Insurance Trust) 3 , 6 | 49,300 | 0 |
| Franco-Nevada
Corporation | 107,300 | 7,742,768 |
| Gold
Fields ADR | 370,000 | 1,287,600 |
| Haynes
International 1 | 113,900 | 4,135,709 |
| Hecla
Mining | 321,300 | 1,638,630 |
| Lundin
Mining | 640,000 | 3,637,261 |
| Major
Drilling Group International 3 | 960,900 | 6,290,901 |
| Pretium
Resources 3 | 165,000 | 1,585,364 |
| Reliance
Steel & Aluminum | 128,720 | 9,372,103 |
| Royal
Gold | 16,600 | 1,297,622 |
| Sandstorm
Gold 3 | 270,000 | 1,044,900 |
| Synalloy
Corporation 3 | 178,800 | 2,029,380 |
| Tree
Island Steel | 30,000 | 90,685 |
| Worthington
Industries | 148,000 | 7,432,560 |
| | | 51,079,184 |
| PAPER &
FOREST PRODUCTS - 0.1% | | |
| Stella-Jones | 40,300 | 1,375,446 |
| Total (Cost $59,812,511) | | 101,323,566 |

REAL ESTATE – 3.0%
EQUITY REAL
ESTATE INVESTMENT TRUSTS (REITS) - 0.0%
Irish
Residential Properties REIT	200,000	310,665
REAL ESTATE
MANAGEMENT & DEVELOPMENT - 3.0%
Altus
Group	24,200	523,077
FirstService
Corporation	135,100	8,643,698
Forestar
Group 3	81,000	1,389,150
FRP
Holdings 3	178,558	8,240,452
Kennedy-Wilson
Holdings	101,300	1,929,765
Marcus
& Millichap 3	273,013	7,196,622
Real
Estate Investors	500,000	393,991
RMR
Group Cl. A 1	27,200	1,323,280
St.
Joe Company (The) 3	177,000	3,318,750
Tejon
Ranch 3	360,035	7,431,122
		40,389,907
Total (Cost $29,473,281)		40,700,572
TELECOMMUNICATION
SERVICES – 0.6%
DIVERSIFIED
TELECOMMUNICATION SERVICES - 0.1%
China
Communications Services	750,182	432,384
HKBN	500,000	501,444
		933,828
WIRELESS TELECOMMUNICATION
SERVICES - 0.5%
Boingo
Wireless 3	50,000	748,000
Telephone
and Data Systems	208,270	5,779,493
		6,527,493
Total (Cost $6,918,793)		7,461,321
UTILITIES – 0.1%
GAS UTILITIES
- 0.1%
Shizuoka
Gas	110,000	731,540
Toho
Gas	60,000	436,364
		1,167,904
INDEPENDENT
POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0%
Calpine
Corporation 3	30,000	405,900
MULTI-UTILITIES
- 0.0%
Just
Energy Group 1	18,520	97,045
Total (Cost $1,561,806)		1,670,849
MISCELLANEOUS 7 – 2.2%
Total (Cost $29,970,345)		29,755,191
TOTAL COMMON
STOCKS
(Cost $973,092,980)		1,357,965,955
REPURCHASE
AGREEMENT – 5.0%
Fixed Income Clearing Corporation, 0.12% dated 6/30/17, due 7/3/17, maturity value $68,755,688 (collateralized by obligations of various U.S. Government Agencies,
2.25%- 2.375% due 8/15/24-11/15/24, valued at $70,132,893)
(Cost $68,755,000)		68,755,000
TOTAL INVESTMENTS – 104.8%
(Cost $1,041,847,980)		1,426,720,955
LIABILITIES
LESS CASH AND OTHER ASSETS – (4.8)%		(65,914,590	)
NET ASSETS – 100.0%	$	1,360,806,365

44 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

June 30, 2017 (unaudited)

| † | New additions
in 2017. |
| --- | --- |
| 1 | All or a portion
of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at June 30, 2017. Total market value of pledged securities
at June 30, 2017, was $114,108,923. |
| 2 | 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. |
| 3 | Non-income
producing. |
| 4 | At June 30,
2017, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $66,420,057. |
| 5 | At June 30,
2017, 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 0.1% of net assets.
These securities have been valued at their fair value under procedures approved
by the Fund’s Board of Directors. These securities are defined as Level 3 securities
due to the use of significant unobservable inputs in the determination of fair value.
See Notes to Financial Statements. |
| 7 | Includes securities
first acquired in 2017 and less than 1% of net assets. |
| | Bold indicates
the Fund’s 20 largest equity holdings in terms of June 30, 2017, market value. |
| | TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,044,320,297.
At June 30, 2017, net unrealized appreciation for all securities was $382,400,658,
consisting of aggregate gross unrealized appreciation of $471,036,166 and aggregate
gross unrealized depreciation of $88,635,508. The primary cause of the difference
between book and tax basis cost is the timing of the recognition of losses on securities
sold. |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 45

page

Royce Value Trust June 30, 2017 (unaudited)

| Statement
of Assets and Liabilities | | |
| --- | --- | --- |
| ASSETS: | | |
| Investments
at value | | |
| Non-Affiliated
Companies | $ 1,345,710,195 | |
| Affiliated
Companies | 12,255,760 | |
| Repurchase
agreements (at cost and value) | 68,755,000 | |
| Cash and foreign
currency | 280,471 | |
| Receivable
for investments sold | 4,042,117 | |
| Receivable
for dividends and interest | 906,311 | |
| Prepaid expenses
and other assets | 600,253 | |
| Total Assets | 1,432,550,107 | |
| LIABILITIES: | | |
| Revolving
credit agreement | 70,000,000 | |
| Payable for
investments purchased | 943,432 | |
| Payable for
investment advisory fee | 496,668 | |
| Payable for
directors’ fees | 48,125 | |
| Payable for
interest expense | 8,745 | |
| Accrued expenses | 140,880 | |
| Deferred capital
gains tax | 105,892 | |
| Total Liabilities | 71,743,742 | |
| Net Assets | $ 1,360,806,365 | |
| ANALYSIS OF
NET ASSETS: | | |
| Paid-in capital
- $0.001 par value per share; 83,108,427 shares outstanding (150,000,000 shares authorized) | $ 981,272,685 | |
| Undistributed
net investment income (loss) | 2,033,021 | |
| Accumulated
net realized gain (loss) on investments and foreign currency | 36,276,725 | |
| Net unrealized
appreciation (depreciation) on investments and foreign currency | 384,752,871 | |
| Quarterly
distributions | (43,528,937 | ) |
| Net Assets
(net asset value per share - $16.37) | $ 1,360,806,365 | |
| Investments
at identified cost | $ 973,092,980 | |

46 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

Royce Value Trust

| Statement
of Changes in Net Assets | | | | |
| --- | --- | --- | --- | --- |
| | SIX MONTHS ENDED | | | |
| | 6/30/17 | | | |
| | (UNAUDITED) | YEAR ENDED 12/31/16 | | |
| INVESTMENT
OPERATIONS: | | | | |
| Net investment
income (loss) | $ 3,992,392 | $ | 9,680,260 | |
| Net realized
gain (loss) on investments and foreign currency | 26,622,919 | | 75,719,009 | |
| Net change
in unrealized appreciation (depreciation) on investments and foreign currency | 59,248,466 | | 186,502,762 | |
| Net increase
(decrease) in net assets from investment operations | 89,863,777 | | 271,902,031 | |
| DISTRIBUTIONS: | | | | |
| Net investment
income | (3,482,315 | ) 1 | (10,786,801 | ) |
| Net realized
gain on investments and foreign currency | (29,164,388 | ) 1 | (70,931,388 | ) |
| Return of
capital | (10,882,234 | ) 1 | – | |
| Total distributions | (43,528,937 | ) | (81,718,189 | ) |
| CAPITAL STOCK
TRANSACTIONS: | | | | |
| Reinvestment
of distributions | 18,459,813 | | 33,793,124 | |
| Total capital
stock transactions | 18,459,813 | | 33,793,124 | |
| Net Increase
(Decrease) In Net Assets | 64,794,653 | | 223,976,966 | |
| NET ASSETS: | | | | |
| Beginning
of period | 1,296,011,712 | | 1,072,034,746 | |
| End of
period (including undistributed net investment income (loss) of $2,033,021 at 6/30/17
and $(1,959,371) at 12/31/16) | $ 1,360,806,365 | $ | 1,296,011,712 | |
| 1 Amounts are subject to change and recharacterization at year end. | | | | |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 47

page

Royce Value Trust Six Months Ended June 30, 2017 (unaudited)

| Statement
of Operations | | |
| --- | --- | --- |
| INVESTMENT
INCOME: | | |
| INCOME: | | |
| Dividends | | |
| Non-Affiliated
Companies | $ 8,351,412 | |
| Affiliated
Companies | 97,724 | |
| Foreign withholding
tax | (229,771 | ) |
| Interest | 112,157 | |
| Rehypothecation
income | 13,888 | |
| Total income | 8,345,410 | |
| EXPENSES: | | |
| Investment
advisory fees | 2,959,024 | |
| Interest expense | 733,983 | |
| Stockholder
reports | 192,588 | |
| Administrative
and office facilities | 159,233 | |
| Custody and
transfer agent fees | 95,490 | |
| Directors’ fees | 83,239 | |
| Professional
fees | 81,518 | |
| Other expenses | 48,216 | |
| Total expenses | 4,353,291 | |
| Compensating
balance credits | (273 | ) |
| Net expenses | 4,353,018 | |
| Net investment
income (loss) | 3,992,392 | |
| REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | |
| NET REALIZED
GAIN (LOSS): | | |
| Investments | 26,582,541 | |
| Foreign currency
transactions | 40,378 | |
| NET CHANGE
IN UNREALIZED APPRECIATION (DEPRECIATION): | | |
| Investments
in Non-Affiliated Companies and foreign currency translations | 57,058,047 | |
| Investments
in Affiliated Companies | 2,257,394 | |
| Other assets
and liabilities denominated in foreign currency | (66,975 | ) |
| Net realized
and unrealized gain (loss) on investments and foreign currency | 85,871,385 | |
| NET INCREASE
(DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS | $ 89,863,777 | |

48 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

Royce Value Trust Six Months Ended June 30, 2017 (unaudited)

| Statement
of Cash Flows | | |
| --- | --- | --- |
| CASH FLOWS
FROM OPERATING ACTIVITIES: | | |
| Net increase
(decrease) in net assets from investment operations | $ 89,863,777 | |
| Adjustments
to reconcile net increase (decrease) in net assets from investment operations to
net cash provided by operating activities: | | |
| Purchases
of long-term investments | (114,948,208 | ) |
| Proceeds
from sales and maturities of long-term investments | 123,838,636 | |
| Net
purchases, sales and maturities of short-term investments | 12,157,000 | |
| Net
(increase) decrease in dividends and interest receivable and other assets | 373,134 | |
| Net
increase (decrease) in interest expense payable, accrued expenses and other liabilities | (61,632 | ) |
| Net
change in unrealized appreciation (depreciation) on investments | (59,315,441 | ) |
| Net
realized gain (loss) on investments and foreign currency | (26,622,919 | ) |
| Net cash
provided by operating activities | 25,284,347 | |
| CASH FLOWS
FROM FINANCING ACTIVITIES: | | |
| Net increase
(decrease) in revolving credit agreement | – | |
| Distributions | (43,528,937 | ) |
| Reinvestment
of distributions | 18,459,813 | |
| Net cash
used for financing activities | (25,069,124 | ) |
| INCREASE
(DECREASE) IN CASH: | 215,223 | |
| Cash and
foreign currency at beginning of period | 65,248 | |
| Cash and
foreign currency at end of period | $ 280,471 | |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 2017 Semiannual Report to Stockholders | 49

page

| 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
	ENDED 6/30/17
	(UNAUDITED)	12/31/16		12/31/15		12/31/14		12/31/13		12/31/12
Net Asset Value, Beginning of Period	$ 15.85	$	13.56	$	16.24	$	18.17	$	15.40	$	14.18
INVESTMENT
OPERATIONS:
Net investment
income (loss)	0.05		0.12		0.12		0.12		0.12		0.23
Net realized
and unrealized gain (loss) on investments and foreign currency	1.03		3.27		(1.48	)	(0.13	)	4.89		2.02
Total investment
operations	1.08		3.39		(1.36	)	(0.01	)	5.01		2.25
DISTRIBUTIONS
TO PREFERRED STOCKHOLDERS:
Net investment
income	–		–		–		–		–		(0.04	)
Net realized
gain on investments and foreign currency	–		–		–		–		–		(0.13	)
Total distributions
to Preferred Stockholders	–		–		–		–		–		(0.17	)
Net Increase
(Decrease) in Net Assets Applicable to Common Stockholders from Investment
Operations	1.08		3.39		(1.36	)	(0.01	)	5.01		2.08
DISTRIBUTIONS
TO COMMON STOCKHOLDERS:
Net investment income	(0.04	) 1	(0.13	)	(0.16	)	(0.14	)	(0.11	)	(0.17	)
Net realized
gain on investments and foreign currency	(0.36	) 1	(0.89	)	(1.08	)	(1.68	)	(2.08	)	(0.63	)
Return of
capital	(0.13	) 1	–		–		–		–		–
Total distributions
to Common Stockholders	(0.53	)	(1.02	)	(1.24	)	(1.82	)	(2.19	)	(0.80	)
CAPITAL STOCK
TRANSACTIONS:
Effect of
reinvestment of distributions by Common Stockholders	(0.03	)	(0.08	)	(0.08	)	(0.10	)	(0.05	)	(0.06	)
Total capital
stock transactions	(0.03	)	(0.08	)	(0.08	)	(0.10	)	(0.05	)	(0.06	)
Net Asset
Value, End of Period	$ 16.37	$	15.85	$	13.56	$	16.24	$	18.17	$	15.40
Market
Value, End of Period	$ 14.59	$	13.39	$	11.77	$	14.33	$	16.01	$	13.42
TOTAL RETURN: 2
Net Asset
Value	7.22	% 3	26.87	%	(8.09	)%	0.78	%	34.14	%	15.41	%
Market Value	13.12	% 3	23.48	%	(9.59	)%	0.93	%	35.63	%	16.22	%
RATIOS BASED
ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:
Investment
advisory fee expense 4	0.45	% 5	0.51	%	0.50	%	0.46	%	0.54	%	0.56	%
Other operating
expenses	0.21	% 5	0.22	%	0.18	%	0.15	%	0.25	%	0.15	%
Total expenses
(net) 6	0.66	% 5	0.73	%	0.68	%	0.61	%	0.79	%	0.71	%
Expenses net
of fee waivers and excluding interest expense	0.55	% 5	0.62	%	0.61	%	0.55	%	0.65	%	0.68	%
Expenses prior
to fee waivers and balance credits	0.66	% 5	0.73	%	0.68	%	0.61	%	0.79	%	0.71	%
Expenses prior
to fee waivers	0.66	% 5	0.73	%	0.68	%	0.61	%	0.79	%	0.71	%
Net investment
income (loss)	0.60	% 5	0.85	%	0.78	%	0.72	%	0.70	%	1.57	%
SUPPLEMENTAL
DATA:
Net Assets
Applicable to Common Stockholders, End of Period (in thousands)	$ 1,360,806	$	1,296,012	$	1,072,035	$	1,231,955	$	1,307,829	$	1,082,426
Portfolio
Turnover Rate	8	%	28	%	35	%	40	%	33	%	25	%
REVOLVING
CREDIT AGREEMENT:
Asset coverage	2044	%	1951	%	1631	%	1860	%	1289	%	822	%
Asset coverage
per $1,000	$ 20,440	$	19,514	$	16,315	$	18,599	$	12,889	$	8,216

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

50 | 2017 Semiannual Report to Stockholders THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

page

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, 2017. 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 | $1,321,736,715 | $35,337,177 | $892,063 | $1,357,965,955 |
| Cash Equivalents | – | 68,755,000 | – | 68,755,000 |

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2017, securities valued at $5,639,118 were transferred from Level 1 to Level 2 and securities valued at $82,049,938 were transferred from Level 2 to Level 1 within the fair value hierarchy.

2017 Semiannual Report to Stockholders | 51

page

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation :

| | BALANCE
AS OF 12/31/16 | REALIZED
AND UNREALIZED GAIN (LOSS) 1 | BALANCE
AS OF 6/30/17 |
| --- | --- | --- | --- |
| Common Stocks | $892,063 | $– | $892,063 |

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

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

| | FAIR
VALUE AT — 6/30/17 | VALUATION TECHNIQUE(S) | UNOBSERVABLE
INPUT(S) | RANGE AVERAGE | IMPACT
TO VALUATION FROM — AN INCREASE
IN INPUT 1 |
| --- | --- | --- | --- | --- | --- |
| | | Discounted
Present Value | | | |
| Common Stocks | $892,063 | Balance Sheet Analysis | Liquidity Discount | 30%-40% | Decrease |

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

REPURCHASE AGREEMENTS:

The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at June 30, 2017 is overnight and continuous.

FOREIGN CURRENCY:

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

TAXES:

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

CAPITAL GAINS TAXES:

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

DISTRIBUTIONS:

The Fund pays quarterly distributions on the Fund’s Common Stock at the annual rate of 7% of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s Common Stock, with the fourth quarter distribution being the greater of 1.75% of the rolling average or the distribution required by IRS regulations. Prior to November 15, 2012, distributions to Preferred Stockholders were accrued daily and paid quarterly. Distributions to Common Stockholders are recorded on ex-dividend date. Distributable capital gains and/or net investment income were first allocated to Preferred Stockholder distributions, with any excess allocable to Common Stockholders. If capital gains and/or net investment income were allocated to both Preferred and Common Stockholders, the tax character of such

52 | 2017 Semiannual Report to Stockholders

page

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

DISTRIBUTIONS (continued):

allocations was proportional. To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:

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

EXPENSES:

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

COMPENSATING BALANCE CREDITS:

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

Capital Stock:

The Fund issued 1,316,503 and 2,740,162 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively.

Borrowings:

The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 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 or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

As of June 30, 2017, the Fund has outstanding borrowings of $70,000,000. During the six months ended June 30, 2017, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 2.09%. The maximum amount outstanding during the six months ended June 30, 2017 was $70,000,000. As of June 30, 2017, the aggregate value of rehypothecated securities was $66,420,057. During the six months ended June 30, 2017, the Fund earned $13,888 in fees from rehypothecated securities.

2017 Semiannual Report to Stockholders | 53

page

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

Investment Advisory Agreement:

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

The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund’s month-end net assets 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 2017, the Fund’s investment performance ranged from 22% to 39% below the investment performance of the S&P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $5,918,045 and a net downward adjustment of $2,959,021 for the performance of the Fund relative to that of the S&P 600. For the six months ended June 30, 2017, the Fund expensed Royce investment advisory fees totaling $2,959,024.

Purchases and Sales of Investment Securities:

For the six months ended June 30, 2017, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $113,917,878 and $100,392,526, respectively.

Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. Cross trades for the six months ended June 30, 2017, were as follows:

COST OF PURCHASES	PROCEEDS FROM SALES	REALIZED GAIN (LOSS)
$2,700,488	$–	$–

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, 2017:

	SHARES	MARKET VALUE	COST OF	PROCEEDS	CHANGE IN NET UNREALIZED APPRECIATION	REALIZED	DIVIDEND	SHARES	MARKET VALUE
AFFILIATED
COMPANY	12/31/16	12/31/16	PURCHASES	FROM SALES	(DEPRECIATION)	GAIN (LOSS)	INCOME	6/30/17	6/30/17
Stanley Furniture	912,235	$ 821,194	–	–	$ 209,632	$ –	$ –	912,235	$ 1,030,826
Timberland
Bancorp	444,200	9,177,172	–	–	2,047,762	–	97,724	444,200	11,224,934
		$ 9,998,366			$2,257,394	$ –	$ 97,724		$ 12,255,760

54 | 2017 Semiannual Report to Stockholders

page

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 PRICE 1		NAV VALUE 2	MARKET VALUE 2
Royce Global Value Trust
10/17/13	Initial Purchase	$ 8,975	$ 8.975	1,000	$ 9,780	$ 8,975
12/11/14	Distribution
$0.15		7.970	19	9,426	8,193
12/10/15	Distribution
$0.10		7.230	14	9,101	7,696
12/9/16	Distribution
$0.14		7.940	18	10,111	8,446
6/30/17		$ 8,975		1,051	$ 11,740	$ 10,100
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 $1.19 3		8.237	578	28,205	24,807
3/11/09	Distribution
$0.22 3		4.260	228	41,314	34,212
12/2/10	Distribution
$0.08		9.400	40	53,094	45,884
2011	Annual distribution
total $0.53 3		8.773	289	49,014	43,596
2012	Annual distribution
total $0.51		9.084	285	57,501	49,669
2013	Annual distribution
total $1.38		11.864	630	83,110	74,222
2014	Annual distribution
total $2.90		10.513	1,704	86,071	76,507
2015	Annual distribution
total $1.26		7.974	1,256	75,987	64,222
2016	Annual distribution
total $0.64		7.513	779	92,689	78,540
2017	Year-to-date
distribution total $0.32		8.317	374
6/30/17		$ 8,900		9,999	$ 98,190	$ 86,491

| 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. |

2017 Semiannual Report to Stockholders | 55

page

History Since Inception (continued)

HISTORY		AMOUNT INVESTED	PURCHASE PRICE 1		NAV VALUE 2	MARKET VALUE 2
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 $1.72 3		12.307	1,294	95,415	85,435
3/11/09	Distribution
$0.32 3		6.071	537	137,966	115,669
12/2/10	Distribution
$0.03		13.850	23	179,730	156,203
2011	Annual distribution
total $0.78 3		13.043	656	161,638	139,866
2012	Annual distribution
total $0.80		13.063	714	186,540	162,556
2013	Annual distribution
total $2.19 4		16.647	1,658	250,219	220,474
2014	Annual distribution
total $1.82		14.840	1,757	252,175	222,516
2015	Annual distribution
total $1.24		12.725	1,565	231,781	201,185
2016	Annual distribution
total $1.02		12.334	1,460	293,880	248,425
2017	Year-to-date
distribution total $0.53		14.023	708
6/30/17		$ 21,922		19,261	$ 315,303	$ 281,018

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

56 | 2017 Semiannual Report to Stockholders

page

Distribution Reinvestment and Cash Purchase Options

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

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

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

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

What other features are available for registered stockholders? The Distribution Reinvestment and Cash Purchase Plans also allow registered stockholders to make optional cash purchases of shares of a Fund’s common stock directly through Computershare on a monthly basis, and to deposit certificates representing your RVT and RMT shares with Computershare for safekeeping. (RGT does not issue shares in certificated form). Plan participants are subject to a $0.75 service fee for each voluntary cash purchase under the Plans. The Funds’ investment adviser absorbed all commissions on optional cash purchases under the Plans through June 30, 2017.

How do the Plans work for registered stockholders? Computershare maintains the accounts for registered stockholders in the Plans and sends written confirmation of all transactions in the account. Shares in the account of each participant will be held by Computershare in non-certificated form in the name of the participant, and each participant will be able to vote those shares at a stockholder meeting or by proxy. A participant may also send stock certificates for RVT and RMT held by them to Computershare to be held in non-certificated form. RGT does not issue shares in certificated form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from a Plan account, Computershare will deduct a $2.50 service fee from the sale transaction. The Funds’ investment adviser absorbed all commissions on optional sales under the Plans through June 30, 2017. 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.).

2017 Semiannual Report to Stockholders | 57

page

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, Director 1 Age: 77 | Number of Funds Overseen: 22 | Tenure: Since 1982 Non-Royce Directorships: Director of TICC Capital Corp. Principal Occupation(s) During Past Five Years: Chairman of the Board of Managers of Royce & Associates, LP (“Royce”), the Trust’s investment adviser; Chief Executive Officer (1972–June 2017), President (1972-July 2014) of Royce.

Christopher D. Clark, Director 1 , President Age: 52 | Number of Funds Overseen: 22 | Tenure: Since 2014 Principal Occupation(s) During Past Five Years: Chief Executive Officer (since July 2017), 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: 68 | Number of Funds Overseen: 22 | Tenure: Since 2009 Non-Royce Directorships: Trustee of ING Mutual Funds and Director of Wisconsin Energy Corp. Principal Occupation(s) During Past 5 Years: Consultant and President of Ravengate Partners LLC (since 2000).

Stephen L. Isaacs, Director Age: 77 | Number of Funds Overseen: 22 | 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: 75 | Number of Funds Overseen: 40 | 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: 77 | Number of Funds Overseen: 22 | 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: 71 | Number of Funds Overseen: 40 | 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: 59 | Number of Funds Overseen: 22 | 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: 49 | 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: 55 | 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: 51 | Tenure: Since 2015 Principal Occupation(s) During Past Five Years: Chief Financial Officer, Chief Administrative Officer, and Managing Director of Royce, having been employed by Royce since December 2014. Prior to joining Royce, Mr. Hoglund spent more than 20 years with Munder Capital Management in Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing all financial aspects of the firm. He began his career at Munder as a portfolio manager.

John E. Denneen, Secretary and Chief Legal Officer Age: 50 | Tenure: 1996-2001 and Since 2002 Principal Occupation(s) During Past Five Years: General Counsel, Managing Director, and, since June 2015, a Member of the Board of Managers of Royce. Chief Legal and Compliance Officer and Secretary of Royce.

Lisa Curcio, Chief Compliance Officer Age: 57 | Tenure: Since 2004 Principal Occupation(s) During Past Five Years: Chief Compliance Officer of The Royce Funds (since October 2004) and Compliance Officer of Royce (since June 2004).

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

58 | 2017 Semiannual Report to Stockholders

page

Board Approval of Investment Advisory Agreements

At meetings held on June 5-6, 2017, the Funds’ respective Boards of Directors, including all of the non-interested directors, approved the continuation of investment advisory agreements (each, an “Investment Advisory Agreement” and collectively, the “Investment Advisory Agreements”) between Royce & Associates, LP (“R&A”) and each of Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., and Royce Global Value Trust, Inc. (each, a “Fund” and collectively, the “Funds”). In reaching these decisions, each Board reviewed the materials provided by R&A, which included, among other things, information prepared internally by R&A and independently by Morningstar Associates, LLC (“Morningstar”) containing detailed investment advisory fee, expense ratio, and investment performance comparisons for the Funds with other funds in their respective “peer groups”, information regarding the past performance of the Funds and other registered investment companies managed by R&A and a memorandum outlining the legal duties of each Board prepared by independent counsel to the non-interested directors. R&A also provided the directors with an analysis of its profitability with respect to providing investment advisory services to each of the Funds. In addition, each Board took into account information furnished throughout the year at regular Board meetings, including reports on investment performance, stockholder services, regulatory compliance, brokerage commissions and research, and brokerage and other execution products and services provided to the Funds. Each Board also considered other matters it deemed important to the approval process, such as allocation of brokerage commissions, “soft dollar” research services R&A receives and other direct and indirect benefits to R&A and its affiliates, from their relationship with the relevant Fund. The directors also met throughout the year with investment advisory personnel from R&A. Each Board, in its deliberations, recognized that, for many of the Funds’ stockholders, the decision to purchase Fund shares included a decision to select R&A as the investment adviser and that there was a strong association in the minds of Fund stockholders between R&A and each Fund. In considering factors relating to the approval of the continuance of the Investment Advisory Agreements, the non-interested directors received assistance and advice from, and met separately with, their independent counsel. While all three of the Investment Advisory Agreements were considered at the same Board meetings, the Boards dealt with each agreement separately. Among other factors, the directors considered the following:

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

Investment performance of the Funds and R&A: In light of R&A’s risk-averse approach to investing, each Board believes that risk-adjusted performance continues to be the most appropriate measure of each Fund’s investment performance. One measure of risk-adjusted performance the Boards use in their review of the Funds’ performance is the Sharpe Ratio. The Sharpe Ratio is a risk-adjusted measure of performance developed by Nobel Laureate William Sharpe. It is calculated by dividing a Fund’s annualized excess returns by its annualized standard deviation to determine reward per unit of risk. The higher the Sharpe Ratio, the better a Fund’s historical risk-adjusted performance. The Boards attach primary importance to risk-adjusted performance over relatively long periods of time, typically 3 to 10 years. It was noted, however, that Royce Global Value Trust, Inc. (“RGT”) had less than five full calendar years of performance because its inception date was October 18, 2013. Overall, the Boards noted that financial markets in 2016 were marked by increased return dispersion, declining correlation, and a steepening yield curve. These factors resulted in a very strong year for small-cap stocks and an even better year for small-cap value stocks and cyclical sectors. The 2016 market environment enabled each of Royce Value Trust, Inc. (“RVT”) and Royce Micro-Cap Trust, Inc. (“RMT”) to outperform its peers in 2016 as evidenced by its Sharpe Ratio. While the directors recognize that one-year performance does not define a trend and place primary emphasis on medium-term and longer-term risk adjusted performance as referenced above, they also noted that the improved relative risk-adjusted performance of RVT and RMT during the more historically customary market environment that prevailed during 2016 was not insignificant. Along those lines, the relevant Boards noted that RVT and RMT also generally underperformed their respective peers, as evidenced by their Sharpe Ratios, from approximately March 2009 through the end of 2015. This post-2008 market period was marked by historically low interest rates and significant U.S. Federal Reserve market intervention. During this period, highly leveraged, non-earning companies and yield-oriented securities (e.g., master limited partnerships, real estate investment trusts, and utilities) generally outperformed the higher quality companies (e.g., those with solid balance sheets, low leverage, the ability to generate and effectively allocate free cash flow, and strong returns on invested capital) and cyclical companies favored by each of RVT and RMT. The directors also noted, however, as discussed below, that the relative performance for each of RVT and RMT during the more historically customary market cycle preceding the 2008 financial crisis was quite strong. Using Morningstar data, the Sharpe Ratio for RVT placed in the 1st, 4th, 4th, and 4th quartiles within the Small Blend category assigned by Morningstar for the 1-year, 3-year, 5-year, and 10-year periods, respectively, ended December 31, 2016 while the Sharpe Ratio for RMT placed in the 2nd, 4th, 4th, and 4th quartiles within the Small Blend category assigned by Morningstar for the 1-year, 3-year, 5-year, and 10-year periods, respectively, ended December 31, 2016. The relevant Boards further noted that the use of leverage by each of RVT and RMT through preferred stock (prior to November 15, 2012) and borrowings resulted in higher volatility and worse down market performance. The 2016 market environment also enabled RGT to outperform its peers in 2016 as evidenced by its Sharpe Ratio. Using Morningstar data, the Sharpe Ratio for RGT in the 1st and 2nd quartiles within the Foreign Small/Mid Value category assigned by Morningstar for the 1-year and 3-year periods, respectively, ended December 31, 2016. The Board noted the inherent limitations of using 1-year and 3-year Sharpe Ratios in evaluating RGT’s investment performance. In addition to each Fund’s risk–adjusted performance, the Boards also reviewed and considered the absolute total returns and down market performance for each Fund and the long-term performance records of each of RVT and RMT for periods of 10 years and longer. The Boards further noted that R&A manages a number of funds that invest in micro-cap, small-cap, and mid-cap issuers, many of which had outperformed

2017 Semiannual Report to Stockholders | 59

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Board Approval of Investment Advisory Agreements (continued)

their benchmark indexes and their competitors during the periods prior to the U.S. Federal Reserve’s near zero interest rate policy and related market interventions and during 2016 as noted above. Although each Board recognized that past performance is not necessarily an indicator of future results, it found that R&A had the necessary qualifications, experience and track record in managing micro-cap, small-cap, and mid-cap securities to manage the relevant Fund. Each Board determined that R&A continued to be an appropriate investment adviser for the relevant Fund and concluded that the relevant Fund’s performance supported the approval of the continuance of its Investment Advisory Agreement.

Cost of the services provided and profits realized by R&A from its relationship with the Funds: Each Board considered the cost of the services provided by R&A and profits realized by R&A from its relationship with each Fund. As part of the analysis, each Board discussed with R&A its methodology in allocating its costs to each Fund and concluded that its allocations were reasonable. The RVT Board noted that RVT was not profitable to R&A during the year ended December 31, 2016. The Boards of RMT and RGT concluded that R&A’s profits in respect of RMT and RGT, respectively, were reasonable in relation to the nature and quality of services provided.

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

Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients: Each Board reviewed the investment advisory fee paid by each Fund and compared both the services to be rendered and the fees to be paid under the Investment Advisory Agreements to other contracts of R&A and to contracts of other investment advisers to registered investment companies investing in small- and micro-cap stocks, as provided by Morningstar. Each Board noted the importance of the net expense ratio in measuring a fund’s efficiency, particularly in light of the variations in the mutual fund industry as to which entity is responsible for particular types of expenses. In the case of RVT, its Board noted that it had a 1.00% basic fee that is subject to adjustment up or down (up to 0.50% in either direction) based on its performance versus the S&P 600 SmallCap Index over a rolling period of 60 months. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an appropriate incentive to R&A to manage RVT for the benefit of its long-term common stockholders. The Board also noted that the fee arrangement, which also includes a provision for no fee in periods where RVT’s trailing three-year performance is negative, requires R&A to measure RVT’s performance monthly against the S&P 600, an unmanaged index. Instead of receiving a set fee regardless of its performance, R&A is penalized for poor performance. The Board noted that RVT’s net expense ratio of 0.73% placed it in the 1st quartile within its Morningstar peer group for 2016. In the case of RMT, the Board noted that it also had a 1.00% basic fee subject to adjustment up or down based on its performance versus the Russell 2000 Index over a rolling 36 month period. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an incentive to R&A to manage RMT for the benefit of its long-term common stockholders. The Board noted that RMT’s net expense ratio of 1.26% placed it in the 2nd quartile when compared against its Morningstar peer group for 2016. The Board further noted that RMT’s net expense ratio was actually 2 basis points lower than its peer group median and 15 basis points lower than the average expense ratio for the 44 non-institutional, non-ETF domestic funds with weighted average market capitalizations of less than $1 billion within the Morningstar peer group. Finally, in the case of RGT, the Board noted that its net expense ratio based on average net assets fell within the 4th quartile of its Morningstar peer group, 46 basis points above the Morningstar category median. The Board noted, however, that RGT had the third lowest weighted average market capitalization within that category. The Boards also noted that R&A manages the Funds in an active fashion. The industry accepted metric for measuring how actively an equity portfolio is managed is called “active share.” In particular, active share measures how much the holdings of an equity portfolio differ from the holdings of its appropriate passive benchmark index. At the extremes, a portfolio with no holdings in common with the benchmark would have 100% active share, while a portfolio that is identical to the benchmark would have 0% active share. R&A presented a chart to the Boards which demonstrated that funds with high active share scores had higher expense ratios than funds with lower active share scores due to the resources required for the active management of those funds. The Boards noted that the active shares for RVT, RMT, and RGT were 89%, 95%, and 97%, respectively, for the calendar year ended December 31, 2016. Each Board also considered fees charged by R&A to institutional and other clients and noted that, given the greater levels of services that R&A provides to registered investment companies such as the Funds as compared to other accounts, the base investment advisory fee for RVT and RMT and the advisory fee for RGT compared favorably to the investment advisory fees charged to those other accounts. No single factor was cited as determinative to the decision of the directors. Rather, after weighing all of the considerations and conclusions discussed above, each entire Board, including all of the non-interested directors, approved the continuation of the relevant Investment Advisory Agreement, concluding that the continuation of such agreements was in the best interest of the shareholders of the respective Funds and that each Fund’s investment advisory fee rate was reasonable in relation to the services provided.

60 | 2017 Semiannual Report to Stockholders

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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, 2017, 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, 2017 and are subject to change at any time without notice. There can be no assurance that securities mentioned in this Review and Report will be included in any Royce-managed portfolio in the future. Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve considerably more risk than investments in securities of larger-cap companies. All publicly released material information is always disclosed by the Funds on the website at www.roycefunds.com. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. All indexes referred to are unmanaged and capitalization weighted. Each index’s returns include net reinvested dividends and/or interest income. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell ® is a trademark of Russell Investment Group. The Russell 2000 Index is an index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell 2000 Value and Growth Indexes consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. The Russell Microcap Index includes 1,000 of the smallest securities in the Russell 2000 Index along with the next smallest eligible securities as determined by Russell. The Russell 1000 Index is an index of domestic large-cap stocks. It measures the performance of the 1,000 largest publicly traded companies in the Russell 3000 Index. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The Russell Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. The Russell Global ex-U.S. Large Cap Index is an index of global large-cap stocks, excluding the United States. The Russell Global ex-U.S. Small Cap Index is an index of global small-cap stocks, excluding the United States. The S&P 500 and SmallCap 600 are indexes of U.S. large- and small-cap stocks, respectively, selected by Standard & Poor’s based on market size, liquidity, and industry grouping, among other factors. The Nasdaq Composite is an index of the more than 3,000 common equities listed on the Nasdaq stock exchange. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Returns for the market indexes used in this report were based on information supplied to Royce by Russell Investments. The Price-Earnings, or P/E, Ratio is calculated by dividing a company’s share price by its trailing 12-month earnings-per share (EPS). The Priceto- Book, or P/B, Ratio is calculated by dividing a company’s share price by its book value per share. For the Morningstar Small Blend Category: © 2017 Morningstar. All Rights Reserved. The information regarding the category in this piece is: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar Style Map uses proprietary scores of a stock’s value and growth characteristics to determine its placement in one of the five categories listed on the horizontal axis. These characteristics are then compared to those of other stocks within the same market capitalization band. Each is scored from zero to 100 for both value and growth attributes. The value score is subtracted from the growth score to determine the overall style score. For the vertical, market cap axis, Morningstar subdivides into size groups. Giant-cap stocks are defined as those that account for the top 40% of the capitalization of each style zone; large-cap stocks represent the next 30%; mid-cap stocks the next 20%; small-cap stocks the next 7%; micro-cap stocks the smallest 3%. The Royce Funds is a service mark of The Royce Funds. Distributor: Royce Fund Services, LLC.

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

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

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

Authorized Share Transactions Royce Global Value Trust, Royce Micro-Cap Trust, and Royce Value Trust may each repurchase up to 5% of the issued and outstanding shares of its respective common stock during the year ending December 31, 2017. Any such repurchases would take place at then prevailing prices in the open market or in other transactions. Common stock repurchases would be effected at a price per share that is less than the share’s then current net asset value. Royce Global Value Trust, Royce Micro-Cap Trust, and Royce Value Trust are also authorized to offer their common stockholders an opportunity to subscribe for additional shares of their common stock through rights offerings at a price per share that may be less than the share’s then current net asset value. The timing and terms of any such offerings are within each Board’s discretion.

Annual Certifications As required, the Funds have submitted to the New York Stock Exchange (“NYSE”) for the annual certification of the Funds’ Chief Executive Officer that he is not aware of any violation of the NYSE’s listing standards. The Funds also have included the certification of the Funds’ Chief Executive Officer and Chief Financial Officer required by section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to the Funds’ form N-CSR for the period ended December 31, 2016, filed with the Securities and Exchange Commission.

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

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.

2017 Semiannual Report to Stockholders | 61

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

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

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

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

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

Item 6. Investments.

(a) See Item 1. (b) Not applicable.

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

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

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

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

Item 11. Controls and Procedures.

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

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

page

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:
Christopher
D. Clark
President
Date: August 30, 2017

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. — BY: | /s/ Christopher
D. Clark | ROYCE VALUE TRUST, INC. — BY: | /s/ Peter
K. Hoglund |
| --- | --- | --- | --- |
| | Christopher
D. Clark | | Peter K.
Hoglund |
| | President | | Chief Financial
Officer |
| Date: August 30, 2017 | | Date: August 30, 2017 | |