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


Name and address
 of agent for service:
 
John E. Denneen,
 Esq.


 
 
745 Fifth
 Avenue


 
 
New York,
 NY 10151


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



Item 1.  Reports to Shareholders.




 
 
 
 


 
 

 




 
 
JUNE 30, 2015


 
 
 


 
 
 


 
 
 


 
 
2015 Semiannual


 
 
Review and Report to Stockholders


 
 
 


 
 
 


 
 
 


 
 
 




 
 
 


 
 
 


 
 
 


 
 
Royce Value Trust


 
 
 
 


 
 
Royce Micro-Cap Trust


 
 
 
 


 
 
Royce Global Value Trust
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
 
 


 
 
roycefunds.com



 
 
 
 


 
 
 
 


 
 
 
 







 


 


 


A Few Words on Closed-End Funds


 


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




 






A Closed-End Fund Can Offer Several Distinct Advantages


 
 
 


•

 
A closed-end fund does not issue redeemable securities or
offer its securities on a continuous basis, so it does not need to
liquidate securities or hold uninvested assets to meet investor
demands for cash redemptions.


 
 
 


•

 
In a closed-end fund, not having to meet investor redemption
requests or invest at inopportune times can be effective for
value managers who attempt to buy stocks when prices are
depressed and sell securities when prices are high.


 
 
 


•

 
A closed-end fund may invest in less liquid portfolio securities
because it is not subject to potential stockholder redemption
demands. This is potentially beneficial for Royce-managed
closed-end funds, which invest primarily in small- and micro-cap securities.



 
 
 


•

 
The fixed capital structure allows permanent leverage to be
employed as a means to enhance capital appreciation potential.


 
 
 


•

 
Royce Value Trust and Royce Micro-Cap Trust distribute
capital gains on a quarterly basis. Each of these Funds has
adopted a quarterly distribution policy for its common stock.



 
 
 



We believe that the closed-end fund structure can be an
appropriate investment for a long-term investor who understands
the benefits of a more stable pool of capital.







Why Dividend Reinvestment Is Important


 


A very important component of an investor’s total return comes
from the reinvestment of distributions. By reinvesting distributions,
our investors can maintain an undiluted investment in a Fund. To
get a fair idea of the impact of reinvested distributions, please see
the charts on pages 12 and 13. For additional information on the
Funds’ Distribution Reinvestment and Cash Purchase Options
and the benefits for stockholders, please see page 14 or visit our
website at www.roycefunds.com.


 


Managed
 Distribution Policy


 


The Board of Directors of each of Royce Value Trust and Royce
Micro-Cap Trust has authorized a managed distribution policy
(“MDP”). Under the MDP, Royce Value Trust and Royce
Micro-Cap Trust pay quarterly distributions at an annual rate of
7% of the average of the prior four quarter-end net asset values,
with the fourth quarter being the greater of these annualized
rates or the distribution required by IRS regulations. With each
distribution, the Fund will issue a notice to its stockholders and
an accompanying press release that provides detailed information
regarding the amount and composition of the distribution
(including whether any portion of the distribution represents a
return of capital) and other information required by a Fund’s
MDP. You should not draw any conclusions about a Fund’s
investment performance from the amount of distributions or
from the terms of a Fund’s MDP. A Fund’s Board of Directors
may amend or terminate the MDP at any time without prior
notice to stockholders; however, at this time there are no
reasonably foreseeable circumstances that might cause the
termination of any of the MDPs.
















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







 
 
 
 






Table of Contents
 
 
 


 
 
 
 


 
 
 
 


Semiannual Review
 
 
 


 
 
 
 


Letter to Our Stockholders
 
2
 


 
 
 
 


Performance
 
5
 


 
 
 
 


 
 
 
 


Semiannual Report to Stockholders
 
 
 


 
 
 
 


Managers’ Discussions of Fund Performance
 
 
 


 
 
 
 


Royce Value Trust
 
6
 


 
 
 
 


Royce Micro-Cap Trust
 
8
 


 
 
 
 


Royce Global Value Trust
 
10
 


 
 
 
 


History Since Inception
 
12
 


 
 
 
 


Distribution Reinvestment and Cash Purchase Options
 
14
 


 
 
 
 


Schedules of Investments and Other Financial Statements
 
 
 


 
 
 
 


Royce Value Trust
 
15
 


 
 
 
 


Royce Micro-Cap Trust
 
30
 


 
 
 
 


Royce Global Value Trust
 
43
 


 
 
 
 


Directors and Officers
 
55
 


 
 
 
 


Board Approval of Investment Advisory Agreements
 
56
 


 
 
 
 


Notes to Performance and Other Important Information
58
 





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







 
 
 
 




Letter to Our Stockholders

“THE TIME IS OUT OF JOINT”



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





     One could find positive developments in the equity markets
through the first half of the year—or so it would seem. Returns
for each of the major domestic indexes were in the black through
the end of June, while a welcome recovery finally arrived for many
non-U.S. stocks in the year’s first six months. Three- and five-year
average annualized returns for the small-cap Russell 2000
Index, the Nasdaq Composite, and the large-cap Russell 1000
and S&P 500 Indexes all topped 17%, well above the rolling
three- and five-year historical averages for each index. It would
appear that we are living through good times for the economy and
possibly great ones for equities.






     Why, then, have we purloined a line from Hamlet to introduce
our own take on stocks in the first half, one in which the titular
protagonist warns of a troubling dislocation in the world around
him? Some of the reasons are clear enough: Positive results for the
first half notwithstanding, global equities were rocked by the
highly publicized Greek default late in June. On the second-to-last
trading day of the first half, many stocks gave away most, if
not all, of their second-quarter gains. Markets in China faced
arguably even more significant problems, considering how
much larger and more important that nation’s economy is to
the world compared to that of Greece. Chinese stocks plummeted
30% in the three weeks leading up to our Independence Day,
making what seemed like a typical correction in June far more
worrisome. A cut in interest rates and more relaxed rules for margin
trading—both hastily put in place late in June—did little to stem
the tide of selling.

     Closer to home, there is the matter of how thoroughly disjointed
results were for domestic equities. Large-cap returns, for example,
were paltry—as can be seen from the table on page 3—brought
even lower by the Greek drama that ushered out the month of June.
Performance for small-caps and the Nasdaq looked appreciably
better, but in each case looks are almost assuredly deceiving. Health
Care was by far the dominant sector in every market cap range,
from micro to large, that Russell Investments tracks. Yet the rule
in the first half seemed to be the smaller—and more growth-driven—the company, the loftier the results, especially if it was
involved in biotech, the industry that has reigned supreme within
the Russell 2000 over much of the last two years. This has had the





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







 
 
 
 






LETTER TO
 OUR STOCKHOLDERS






 
 
 


effect of creating decidedly narrow market leadership within the
small-cap space. Outside of biotech, strong first-half performances
were mostly limited to a handful of other Health Care industries,
software companies, and a few outliers such as construction materials
and tobacco. The small-cap market has thus moved from the
tightly correlated markets of 2011-2013 into a new phase of wide
divergence and constricted leadership. From our perspective, then,
the market is indeed out of joint.

“MORE THINGS IN HEAVEN AND EARTH…”

We have actually been arguing that the market has been disjointed
for some time now. Fed policies designed to keep the economy
and capital markets above water, which included multiple rounds
of QE and keeping interest rates at or near zero, had other,
unintended consequences that had an outsized effect on the small-cap
market. For example, it became both easy and affordable for
businesses to add debt, essentially eroding the risk differential
between lower- and higher-quality businesses. Lower-quality
and more highly levered companies then began a historically
atypical period of outperformance in which our funds mostly
did not participate. The Fed’s zero-interest-rate policy (“ZIRP”)
also stoked an intense hunger for yield, which drove up values
for bond-proxy equities such as REITs and Utilities, regardless of
their underlying quality or profitability, that have only recently
begun to correct. These actions also boosted stock correlations and
reduced volatility, making it harder to find the kind of mispriced
opportunities that have always been our stock in trade.
 
     Finally, there were significant runs for high-growth, non-earning,
and more speculative businesses, many with negative
EBIT. This continues into the present day with the recent
contraction of small-cap leadership, which represents more of
a bet on long-duration assets than current profitability. In each
of these cases, our more qualitative, risk-conscious approaches have
in general kept us away from these areas. While we are confident
that this trend will fade and that speculative bubbles will burst, we
also understand the frustrations that have built over the last few
years as active managers such as ourselves have continued to lag our
respective benchmarks.


 
 


 
     So do these challenges mean that something is rotten in the
state of small-cap, if only in some of its actively managed precincts?
That is the question, more or less, that we have been wrestling
with of late. To be sure, we ran the gamut in the first half from
disappointment to optimism to frustration as investor preferences
moved around. They first showed favor to long-duration assets,
then looked, if only briefly, toward consistently profitable and/or
conservatively capitalized companies before shifting back again.
However, we have seen enough signs, both economically and in the
market, which suggest that stocks are slowly moving back to what
we would call their historical norm—lower overall returns, higher
volatility, and long-term advantages for companies with consistent
profits and high returns on invested capital.


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







Equity
 Indexes
As of June 30, 2015 (%)


 
 
 


•
 
Greek Drama Creates Underwhelming Results—The Greek default late in June eroded gains—giving equities second-quarter results that more
closely hugged the flat line. The tech-oriented Nasdaq Composite was the leader, up 1.8%, followed by the small-cap Russell 2000 Index, which
finished the quarter with a gain of 0.4%. The large-cap S&P 500 and Russell 1000 Indexes rose 0.3% and 0.1%, respectively.


 
 
 


•
 
Long-Term Returns in Excess—Both large-cap and small-cap indexes’ three- and five-year average annual total returns for the periods ended
6/30/15 were above 17%, well in excess of each index’s historical average.


 
 
 


•
 
Healthy and Informed—Health Care and Information Technology were the best performing sectors in the Russell 2000 year-to-date through
6/30/15—the former led by a wide margin—while Utilities and Materials were the worst performers in the year’s first half.


 
 
 




 


 
 
YTD1
 
1-YR
 
3-YR
 
5-YR
 
10-YR
 


 


Russell 2000
 
4.75
 
6.49
 
17.81
 
17.08
 
8.40
 


 


S&P Small Cap 600
 
4.15
 
6.70
 
18.81
 
18.44
 
9.28
 


 


S&P 500
 
1.23
 
7.42
 
17.31
 
17.34
 
7.89
 


 


Russell 1000
 
1.71
 
7.37
 
17.73
 
17.58
 
8.13
 


 


Nasdaq Composite
 
5.30
 
13.13
 
19.33
 
18.78
 
9.26
 


 


Russell Midcap
 
2.35
 
6.63
 
19.26
 
18.23
 
9.40
 


 


Russell Microcap
 
6.03
 
8.21
 
19.25
 
17.48
 
7.07
 


 


Russell Global
 ex-U.S. Small Cap
 
7.74
 
-3.46
 
11.35
 
8.99
 
7.07
 


 


Russell Global
 ex-U.S. Large Cap
 
4.23
 
-5.02
 
9.96
 
8.13
 
5.80
 


 




1Not annualized


For details on The Royce Funds’ performance in the period, please turn to the Managers’ Discussions that begin on page 6.






This page is not part of the 2015 Semiannual Report to Stockholders | 3







 
 
 
 






LETTER TO
 OUR STOCKHOLDERS


 






through the end of the first half. During this period, which
included the bearish month of April, we were pleased with
the way many of our portfolios either outperformed their
benchmarks or began to narrow the gap. This was very clear
during the growth scare engendered by (at the time) negative
first-quarter GDP numbers, which led many companies to begin
revising their earnings expectations downward. Of course, when
it became clear that much of what put a drag on first-quarter
numbers was temporary, including such factors as the awful
winter weather, the West Coast port strike, and the plunge in oil
prices, things began to pick up again fairly quickly, at least for the
more speculative areas within Health Care and a few other narrow
equity locales.



“THE READINESS IS ALL”

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


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




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



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


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






Sincerely,







 

 
 


Charles M. Royce
 
Christopher D. Clark
 
Francis D. Gannon


Chief Executive Officer,
 
President
 and Co-Chief Investment Officer,
 
Co-Chief
 Investment Officer,


Royce
& Associates, LLC
 
Royce
& Associates, LLC
 
Royce
& Associates, LLC


 
 
 
 
 


July 31,
 2015
 
 
 
 





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







 
 
 
 






 
 
 


 
 
 


Performance
 
 


 
 
 







NAV Average Annual Total Returns
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


As of June 30, 2015 (%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
YTD1
 
1-YR
 
3-YR
 
5-YR
 
10-YR
 
 15-YR
 
20-YR
 
25-YR
 
SINCE INCEPTION
 
INCEPTION
 DATE


 


Royce Value
 Trust
 
 1.69
 
-0.49
 
15.08
 
13.90
 
7.34
 
  8.87
 
10.26
 
10.77
 
10.61
 
11/26/86


 


Royce Micro-Cap
 Trust
 
-0.52
 
-0.05
 
17.94
 
16.05
 
8.25
 
10.15
 
11.16
 
n.a.
 
11.20
 
12/14/93


 


Royce Global
 Value Trust
 
5.62
 
-6.18
 
n.a.
 
n.a.
 
n.a.
 
n.a.
 
n.a.
 
n.a.
 
1.04
 
10/17/13


 


INDEX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


Russell 2000 Index
 
4.75
 
6.49
 
17.81
 
17.08
 
8.40
 
7.50
 
9.15
 
9.89
 
n.a.
 
n.a.


 


Russell Microcap Index
 
6.03
 
8.21
 
19.25
 
17.48
 
7.07
 
7.79
 
n.a.
 
n.a.
 
n.a.
 
n.a.


 


Russell Global
 Small Cap Index
 
6.37
 
0.34
 
13.69
 
11.77
 
7.36
 
7.30
 
n.a.
 
n.a.
 
n.a.
 
n.a.


 


1 Not annualized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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





This page is not part of the 2015 Semiannual Report to Stockholders | 5







 
 
 
 







 
 
MANAGER’S DISCUSSION


 
 
 


Royce Value
 Trust (RVT)
 
 


 
 
 








Chuck Royce





FUND PERFORMANCE


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

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



WHAT WORKED… AND WHAT DIDN’T

On a relative basis versus the Russell 2000, two sectors made a
significant negative impact for the semiannual period. Health
Care was the clear leader within the small-cap market as a whole,
driven by highly impressive results for biotech stocks. The Fund was
significantly underweight this sector and had very limited exposure
to biotech companies, which hurt relative performance. RVT was
slightly overweight in Information Technology during the first half
but was also meaningfully underweight in software companies, which
dominated overall small-cap returns in a fashion similar to what
biotech did in Health Care.


    RVT’s first-half results were also affected by net losses in the Energy
and Materials sectors. In the former, the energy equipment & services
group had a sizable negative impact while the metals & mining group
in Materials detracted most out of all the Fund’s industry groups.
Net losses at the position level were relatively modest. ADTRAN
manufactures telecommunications networking equipment and internetworking products. We began reducing our position in
the first half, primarily due to our frustration with waiting several
quarters for revenues from a telecom equipment deal with AT&T to
produce revenue. ADTRAN then announced that this project had
been effectively scrapped because AT&T was rethinking its capital
spending plans. Absent this business, which we thought would be a
key revenue driver going forward, ADTRAN’s outlook looked far less
attractive relative to other opportunities. We chose to hold our shares
of Anixter International as its stock slipped. The company provides
security systems and solutions, makes enterprise cabling, and also
distributes electrical and electronic wire. Its stock was hurt when the
company reduced its organic growth outlook for the year in two of
its core distribution businesses—the enterprise cabling and security
solutions line and its electronic wire and cable segment. Still, we like
its prospects for recovery. We also held shares of another detractor,
Qalaa Holdings (formerly Citadel Capital), a leading investment
company in Africa and the Middle East. Its stock suffered from
fears that lower oil prices would result in a reduction in Egyptian
investment by the oil-producing countries of the Persian Gulf.


 



    Turning to those areas that contributed to first-half returns, Industrials
topped all of RVT’s 10 equity sectors and was positive relative to the
Russell 2000. Top-contributing positions included The Hackett Group,
which offers business consulting and technology implementation
services. The firm’s shares moved higher in mid-May following the
announcement of sterling results for its fiscal first quarter. Value
Partners Group is a Hong Kong-based asset manager. Its stock rose
sharply into May before correcting with the decline in Chinese stocks.
We were pleased to see growth in its assets under management and
improved performance and management fees, all of which helped its
earnings. Nautilus, like The Hackett Group a top-10 holding at the end
of June, makes branded health and fitness products such as Schwinn,
Bowflex, and Nautilus itself. Its stock grew stronger after the firm
reported double-digit earnings growth for its fiscal first quarter.


 





Top Contributors
 to Performance
Year-to-Date Through 6/30/15 (%)1
 
 


 
 
 


Hackett Group (The)
 
0.37


 


Value Partners Group
 
0.34


 


Nautilus
 
0.33


 


Insperity
 
0.18


 


On Assignment
 
0.17


 


1 Includes
 dividends
 
 





Top Detractors
 from Performance
Year-to-Date Through 6/30/15 (%)2
 
 


 
 
 


ADTRAN
 
-0.14


 


Anixter International
 
-0.13


 


Citadel Capital
 
-0.13


 


Preformed Line Products
 
-0.12


 


Ethan Allen Interiors
 
-0.11


 


2 Net of dividends
 
 





CURRENT POSITIONING AND OUTLOOK


At the end of June, RVT remained overweight in Industrials,
Materials, and Information Technology—substantially so in the first
two of the three sectors. Our focus remains on companies that look
poised for profit margin expansion as their revenue growth normalizes
in concert with a faster-moving U.S. economy.





6 | 2015 Semiannual Report to Stockholders







 
 
 
 






PERFORMANCE
 AND PORTFOLIO REVIEW
 
SYMBOLS  MARKET PRICE RVT NAV XRVTX






 


Performance

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Average Annual Total Return (%) Through 6/30/15


 


 
 
JAN-JUN 2015**
 
1-YR
 
3-YR
 
5-YR
 
10-YR
 
15-YR
 
20-YR
 
25-YR
 
SINCE INCEPTION (11/26/86)


 


RVT (NAV)
 
1.69
 
-0.49
 
15.08
 
13.90
 
7.34
 
8.87
 
10.26
 
10.77
 
10.61


 


*Not Annualized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




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




1
Reflects the cumulative performance of an investment made by a stockholder who purchased one share at inception ($10.00 IPO), reinvested
all distributions and fully participated in primary subscriptions of the Fund’s rights offerings.


2
Reflects the actual month-end market price movement of one share as it has traded on the NYSE.








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









Top 10
 Positions
 
 


% of Net Assets
 
 


 
 
 


Nautilus
 
1.2


 


Hackett Group (The)
 
1.1


 


Ritchie Bros. Auctioneers
 
1.1


 


HEICO Corporation
 
1.1


 


On Assignment
 
1.1


 


Woodward
 
0.9


 


SEI Investments
 
0.9


 


Forward Air
 
0.9


 


Newport Corporation
 
0.8


 


Reliance Steel & Aluminum
 
0.8


 









Portfolio
 Sector Breakdown
 
 


% of Net Assets
 
 


 
 
 


Industrials
 
28.4


 


Information
 Technology
 
19.7


 


Financials
 
17.1


 


Consumer Discretionary
 
12.4


 


Materials
 
7.3


 


Health Care
 
5.0


 


Energy
 
2.8


 


Consumer Staples
 
2.5


 


Telecommunication
 Services
 
0.5


 


Utilities
 
0.1


 


Miscellaneous
 
3.0


 


Cash and Cash Equivalents, Net of

Outstanding Line of Credit
 
1.2


 









Calendar
 Year Total Returns (%)
 
 


 
 
 


YEAR
 
RVT (NAV)


 


2014
 
0.8


 


2013
 
34.1


 


2012
 
15.4


 


2011
 
-10.1


 


2010
 
30.3


 


2009
 
44.6


 


2008
 
-45.6


 


2007
 
5.0


 


2006
 
19.5


 


2005
 
8.4


 


2004
 
21.4


 


2003
 
40.8


 


2002
 
-15.6


 


2001
 
15.2


 


2000
 
16.6


 








Portfolio
 Diagnostics
 
 


 
 
 


Fund Net Assets
 
$1,224 million


 


Number of
 Holdings
 
503


 


Turnover Rate
 
17%


 


Net Asset
 Value
 
$15.85


 


Market Price
 
$13.79


 


Average Market
 Capitalization1
 
$1,344 million


 


Weighted Average
 P/E Ratio2,3
 
20.4x


 


Weighted Average
 P/B Ratio2
 
2.6x


 


Holdings ≥ 75% of Total Investments
 
159


 


Active Share4
 
90%


 


U.S. Investments
 (% of Net Assets)
 
81.8%


 


Non-U.S. Investments
 (% of Net Assets)
 
17.0%


 




1
Geometric
 Average. This weighted calculation uses each portfolio holding’s market
 cap in a way designed to not skew the effect of very large or small holdings; instead,
 it aims to better identify the portfolio’s center, which Royce believes offers
 a more accurate measure of average market cap than a simple mean or median.
 


2
Harmonic
 Average. This weighted calculation evaluates a portfolio as if it were a single
 stock and measures it overall. It compares the total market value of the portfolio
 to the portfolio’s share in the earnings or book value, as the case may be,
 of its underlying stocks.
 


3
The Fund’s
 P/E ratio calculation excludes companies with zero or negative earnings (12% of
 portfolio holdings as of 6/30/15).
 


4
Active
 Share is the sum of the absolute values of the different weightings of each
 holding in the Fund versus each holding in the benchmark, divided by two.
 






Important
 Performance and Risk Information


All performance
 information reflects past performance, is presented on a total return basis, and
 reflects the reinvestment of distributions. Past performance is no guarantee of
 future results. Current performance may be higher or lower than performance quoted.
 Returns as of the most recent month-end may be obtained at www.roycefunds.com. The
 market price of the Fund’s shares will fluctuate, so that shares may be worth
 more or less than their original cost when sold. The Fund invests primarily in securities
 of small- and micro-cap companies, which may involve considerably more risk than
 investing in larger-cap companies. The Fund’s broadly diversified portfolio
 does not ensure a profit or guarantee against loss. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 6, the sum of all contributors
 to, and all detractors from, performance for all securities in the portfolio would
 approximate the Fund’s year-to date performance for 2015.





2015 Semiannual Report to Stockholders |  7







 
 
 
 







 
 
MANAGER’S
 DISCUSSION


 
 
 


 Royce Micro-Cap Trust (RMT)
 
 


 
 
 








Chuck Royce





FUND PERFORMANCE


For the year-to-date period ended
June 30, 2015, Royce Micro-Cap
Trust (NYSE: RMT) was down
0.5% on an NAV (net asset value)
basis and fell 4.2% on a market price basis, trailing both of its unleveraged benchmarks. The small-cap
Russell 2000 Index gained 4.8% while the Russell Microcap Index
increased 6.0% for the same period. The Fund got off to a difficult
start, losing more than each benchmark during the bearish January and
underperforming for the first quarter as a whole—RMT lost 0.8% on
an NAV basis and was down 0.6% on a market price basis compared
to a gain of 4.3% for the Russell 2000 and an increase of 3.1% for the
Russell Microcap in the opening quarter of 2015.
The second quarter was similarly underwhelming. RMT was up
0.3% on an NAV basis but slipped 3.6% based on market price
versus respective second-quarter gains of 0.4% and 2.8% for the
small-cap and micro-cap indexes. Long-term results offered more
encouragement. The Fund outperformed the Russell 2000 on an
NAV basis for the three-, 15-, 20-year, and since inception (12/14/93)
periods ended June 30, 2015 while also beating the Russell Microcap
for the 10- and 15-year periods ended June 30, 2015. (Returns for
the Russell Microcap only go back to 2000.) RMT’s average annual
NAV total return since inception was 11.2%.



 


WHAT WORKED... AND WHAT DIDN’T


When comparing the Fund’s results for the semiannual period
to those of its benchmarks, three sectors stand out as problem
areas—Consumer Discretionary, Health Care, and Information
Technology. Only the first of these sectors, however, posted a net
loss in the portfolio, mostly due to dismal results for five industries:
the diversified consumer services, media, specialty retail, household
durables, and textile, apparel & luxury goods groups. Health Care cut
both ways in the first half. It led all of the portfolio’s 10 equity sectors
by a good-sized margin, yet its performance paled before that area’s
results within the Russell 2000 and Microcap indexes. Much of this
can be traced to the Fund being significantly underweight the sector
as a whole as well as having very little exposure to biotech stocks,
which dominated first-half results for both of RMT’s benchmarks.
Most biotech companies, however, lack the fundamental attributes
we seek in our holdings. While Information Technology showed a
net gain in the Fund for the first half, it also came up short versus
that same sector’s results in the small-cap and micro-cap indexes.
Two industry groups—Internet software & services and software—fared poorly versus the indexes. As was the case with Consumer
Discretionary, we were overweight Information Technology at the end
of June and believed that many holdings in both sectors can continue
to rebound in concert with a more robustly recovering economy.


 


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

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





Top Contributors
 to Performance
Year-to-Date Through 6/30/15 (%)1
 
 


 


Frontier Services Group
 
0.97


 


Diamond Hill Investment Group
 
0.39


 


Nautilus
 
0.27


 


Smith & Wesson Holding
Corporation
 
0.24


 


GTT Communications
 
0.22


 


1 Includes
 dividends
 
 





Top Detractors
 from Performance
Year-to-Date Through 6/30/15 (%)2
 
 


 


LeapFrog Enterprises Cl. A
 
-0.32


 


EZCORP Cl. A
 
-0.24


 


Value Line
 
-0.22


 


Qumu Corporation
 
-0.20


 


Graham Corporation
 
-0.20


 


2 Net of dividends
 
 






CURRENT POSITIONING AND OUTLOOK


The Fund had a significant overweight in Industrials and was also
overweight in Consumer Discretionary, Information Technology, and
Materials at the end of the semiannual period. We continue to believe
that economic growth will accelerate, which should help portfolio
holdings in these more cyclical sectors.





8 | 2015 Semiannual Report to Stockholders







 
 
 
 






PERFORMANCE
 AND PORTFOLIO REVIEW
 
SYMBOLS  MARKET PRICE RMT NAV XOTCX






 


Performance

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Average Annual Total Return (%) Through 6/30/15
 
 


 


 
 
JAN-JUN 2015*
 
1-YR
 
3-YR
 
5-YR
 
10-YR
 
15-YR
 
20-YR
 
SINCE INCEPTION
 (12/14/93)


 


RMT (NAV)
 
-0.52
 
-0.05
 
17.94
 
16.05
 
8.25
 
10.15
 
11.16
 
11.20


 


*Not Annualized
 
 
 
 
 
 
 
 
 
 
 
 
 


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



1
Reflects the
 cumulative performance experience of a continuous common stockholder who purchased
 one share at inception ($7.50 IPO), reinvested all distributions and fully participated
 in the primary subscription of the Fund’s 1994 rights offering.


2
Reflects the
 actual month-end market price movement of one share as it has traded on NYSE and,
 prior to 12/1/03, on the Nasdaq.








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









Top 10
 Positions
 
 


% of Net Assets
 
 


 
 
 


Diamond Hill Investment Group
 
1.2


 


Integrated Electrical Services
 
1.1


 


Atrion Corporation
 
1.1


 


MVC Capital
 
1.1


 


Seneca Foods
 
1.0


 


Nautilus
 
1.0


 


Newport Corporation
 
1.0


 


NN
 
1.0


 


Heritage-Crystal Clean
 
0.9


 


Mesa Laboratories
 
0.9


 









Portfolio Sector Breakdown
 
 


% of Net Assets
 
 


 
 
 


Information Technology
 
22.6


 


Industrials
 
20.7


 


Financials
 
19.8


 


Consumer Discretionary
 
16.6


 



Health Care
 
10.7


 


Materials
 
6.4


 


Consumer Staples
 
2.8


 


Energy
 
1.7


 


Utilities
 
0.3


 


Telecommunication Services
 
0.1


 


Miscellaneous
 
4.2


 


Preferred Stock
 
0.3


 


Outstanding Line of Credit, Net of Cash
and Cash Equivalents
 
-6.2


 









Calendar Year Total Returns (%)
 
 


 
 
 


YEAR
 
RVT (NAV)


 


2014
 
3.5


 


2013
 
44.5


 


2012
 
17.3


 


2011
 
-7.7


 


2010
 
28.5


 


2009
 
46.5


 


2008
 
-45.5


 


2007
 
0.6


 


2006
 
22.5


 


2005
 
6.8


 


2004
 
18.7


 


2003
 
55.5


 


2002
 
-13.8


 


2001
 
23.4


 


2000
 
10.9


 










Portfolio Diagnostics
 
 


 
 
 


Fund Net Assets
 
$376 million


 


Number of Holdings
 
358


 


Turnover Rate
 
17%


 


Net Asset Value
 
$10.77


 


Market Price
 
$9.22


 


Net Leverage1
 
6%


 


Average Market Capitalization2
 
$349 million


 


Weighted Average P/E Ratio3,4
 
19.6x


 


Weighted Average P/B Ratio3
 
2.1x


 


Holdings ≥ 75%
 of Total Investments
 
155


 


Active Share5
 
95%


 


U.S. Investments (% of Net Assets)
 
90.8%


 


Non-U.S. Investments (% of Net Assets)
 
15.4%


 




1
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.


2
Geometric Average. This weighted calculation uses each portfolio
holding’s market cap in a way designed to not skew the effect of
very large or small holdings; instead, it aims to better identify
the portfolio’s center, which Royce believes offers a more accurate
measure of average market cap than a simple mean or median.


3
Harmonic Average. This weighted calculation evaluates a portfolio
as if it were a single stock and measures it overall. It compares the
total market value of the portfolio to the portfolio’s share in the
earnings or book value, as the case may be, of its underlying stocks.



4
The Fund’s P/E ratio calculation excludes companies with zero or
negative earnings (25% of portfolio holdings as of 6/30/15).



5
Active Share is the sum of the absolute values of the different
weightings of each holding in the Fund versus each holding in the
benchmark, divided by two.





Important Performance and Risk Information


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






2015 Semiannual Report to Stockholders | 9







 
 
 
 







 
 
MANAGER’S
 DISCUSSION


 
 
 


 Royce Global Value Trust (RGT)
 
 


 
 
 








Chuck Royce





FUND PERFORMANCE


Royce Global Value Trust gained
5.6% on an NAV (net asset value)
basis and 3.4% on a market price
basis for the year-to-date period
ended June 30, 2015, lagging its
benchmark, the Russell Global Small Cap Index, which advanced  6.4% for the same period. For most U.S. stocks, 2015 started on a
discouraging note while non-U.S. equities had more mixed results.
We were disappointed to see the Fund shed more value than the
benchmark in January, lag in the bullish February, in which results
were driven largely by U.S. and European equities, and fall back into
the red in March. In the first quarter, Global Value Trust was up 0.6%
on an NAV basis and 0.1% on a market price basis versus 3.9% for
the index.
The Fund’s fortunes shifted in the opening month of the second
quarter, when it held a generous lead over the global small-cap
index on an NAV basis (+5.7% versus +2.3%). Unfortunately,
this advantage did not last, and the Fund fell behind during May,
when returns were lower though positive, and June, which turned
decidedly bearish late in the month thanks to the Greek default and
the quickening pace of decline for Chinese stocks. Global Value Trust,
however, hung on to its relative edge thanks to its terrific April. For
the second quarter, the Fund rose 4.9% on an NAV basis and 3.2%
on a market price basis, outpacing the benchmark, which advanced
2.4% for the same period. While the Fund’s initial results have been
underwhelming on both an absolute and relative basis, we remain
confident that our disciplined, bottom-up approach can be successful.



 


WHAT WORKED... AND WHAT DIDN’T


Of the Fund’s eight equity sectors, Financials and Industrials—followed by Consumer Discretionary—led performance in the
semiannual period. We were pleased that the first of these groups
also achieved better results than the sector did within the portfolio’s
benchmark while the second had a modestly negative impact
relative to the benchmark. Three other sectors—Information
Technology, Materials, and Health Care—had a more pronounced
adverse effect on relative results. The first two were the largest
detractors on an absolute basis as well. The Fund’s two biggest net
losses at the position level came from Information Technology
and are based in Germany. Aixtron engineers and manufactures
metal organic chemical vapor deposition (MOVD) systems used to
produce compound semiconductor layer structures for use in LED,
laser, solar cell, and other applications. Its stock has been mostly
trending downward over the last couple of years and began to fall
more steadily late in 2014 and into 2015 as growth in revenues and
earnings remained poor. We sold our position in mid-March. LPKF
Laser & Electronics develops specialized mechanical engineering products for electronics production, the automotive industry, and in
the manufacture of solar cells. After a disappointing 2014, its shares
rallied briefly in February only to begin falling again in March after
a disappointing first-quarter report led to a wave of selling. We
reduced our position in the first half.



      At the country level, holdings in the U.S. and Brazil had the largest
negative impact on results in the first half. Net losses were somewhat
mitigated, however, by holdings in Japan, the U.K., and Hong Kong.
The advantage for the third of those nations was largely due to a
position in the capital markets industry. Also a top-10 position at the
end of June, Value Partners Group is a Hong Kong-based asset
manager with a value orientation similar to our own. Its shares
benefited from the meteoric rise in the Hong Kong and Shanghai
markets in early May before cooling off with the bear market for
Chinese stocks in June. We were pleased to see growth in its assets
under management and improved performance and management
fees, all of which helped its earnings. We trimmed our position before
the correction. London-based Clarkson was the Fund’s biggest
position at the end of June and second-largest contributor to
performance in the first six months of 2015. An investment holding
company whose subsidiaries provide integrated shipping services
worldwide, its stock began to rise in February and did well through
the remainder of 2015’s first half. Strong results for fiscal 2014, which
were well ahead of market expectations, and a double-digit growth
outlook helped drive performance. The company’s entrance into the
FTSE 250 index on the London Stock Exchange in mid-April, a
move which mandates that U.K. index funds invest in the stock, also
played a part.





Top Contributors
 to Performance
Year-to-Date Through 6/30/15 (%)1
 
 


 


Value Partners Group
 
0.80


 


Clarkson
 
 0.64


 


Relo Holdings
 
 0.49


 


Pico Far East Holdings
 
 0.41


 


Trancom
 
 0.31


 


1 Includes
 dividends
 
 





Top Detractors
 from Performance
Year-to-Date Through 6/30/15 (%)2
 
 


 


Aixtron ADR
 
 -0.22


 


LPKF Laser & Electronics
 
 -0.20


 


New World Department Store
China
 
-0.19


 


Daphne International Holdings
 
 -0.19


 


RHJ International
 
-0.19


 


2 Net of dividends
 
 





CURRENT POSITIONING AND OUTLOOK


As the global economy continues to recover, we continue to look
for opportunities in several sectors and regions. At the end of the
semiannual period Global Value Trust had substantial overweights
in Industrials and Materials while also having greater exposure than
its benchmark to Consumer Discretionary and Financials. At the
country level the portfolio had far less exposure to the U.S. while
having significantly greater exposure to the U.K., Canada, France,
Hong Kong, Switzerland, Germany, and Brazil.





10  |  2015 Semiannual Report to Stockholders








 
 
 
 






PERFORMANCE
 AND PORTFOLIO REVIEW
 
SYMBOLS  MARKET PRICE RGT NAV XRGTX





 


Performance

 
 
 
 
 
 



Average Annual Total Return (%) Through 6/30/15
 
 
 
 


 


 
 
JAN-JUN 2015*
 
1-YR
 
SINCE INCEPTION
 (10/17/13)


 


RGT (NAV)
 
5.62
 
-6.18
 
1.04


 


*Not Annualized
 
 
 
 
 
 











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









Top 10
 Positions
 
 


% of Net Assets
 
 


 


Clarkson
 
 2.0


 


Genworth MI Canada
 
 2.0


 


Value Partners Group
 
 1.6


 


CETIP - Mercados Organizados
 
1.5


 


Relo Holdings
 
1.4


 


Consort Medical
 
 1.3


 


TGS-NOPEC Geophysical
 
 1.3


 


New World Department Store China
 
 1.2


 


Shimano
 
 1.2


 


Ashmore Group
 
1.2


 








Portfolio
 Sector Breakdown
 
 


% of Net Assets
 
 


 


Industrials
 
25.9


 


Financials
 
23.0


 


Consumer Discretionary
 
17.1


 


Information
 Technology
 
13.5


 


Materials
 
11.6


 


Health Care
 
9.3


 


Energy
 
3.5


 


Consumer Staples
 
1.9


 


Outstanding Line of Credit, Net of Cash

and Cash Equivalents
 
-5.8


 









Calendar Year Total Returns (%)
 
 


 
 
 


YEAR
 
RGT (NAV)


 


2014
 
-6.2


 








Portfolio
 Country Breakdown1,2
 
 


% of Net Assets
 
 


 


United States
 
14.8


 


United Kingdom
 
13.4


 


Japan
 
11.9


 


Canada
 
10.1


 


France
 
8.7


 


Hong Kong
 
7.4


 


Switzerland
 
 5.3


 


Germany
 
 4.1


 


Brazil
 
 3.6


 




1
Represents countries that are 3% or more of net assets.


2
Securities are categorized by the country of their headquarters.








Portfolio
 Diagnostics
 
 


 


Fund Net Assets
 
$101 million


 


Number of
 Holdings
 
269


 


Turnover Rate
 
34%


 


Net Asset
 Value
 
$9.77


 


Market Price
 
$8.31


 


Net Leverage1
 
 6%


 


Average Market Capitalization2
 
$1,330 million


 


Weighted Average
 P/E Ratio3,4
 
18.6x


 


Weighted Average P/B Ratio3 
 
2.7x


 


Holdings ≥ 75% of Total Investments 
 
111


 


Active Share5 
 
98%


 




1
Net leverage is the percentage, in excess of 100%, of the total value of
equity type investments, divided by net assets.


2
Geometric Average. This weighted calculation uses each portfolio
holding’s market cap in a way designed to not skew the effect of
very large or small holdings; instead, it aims to better identify
the portfolio’s center, which Royce believes offers a more accurate
measure of average market cap than a simple mean or median.


3
Harmonic Average. This weighted calculation evaluates a portfolio
as if it were a single stock and measures it overall. It compares the
total market value of the portfolio to the portfolio’s share in the
earnings or book value, as the case may be, of its underlying stocks.


4
The Fund’s P/E ratio calculation excludes companies with zero or
negative earnings (6% of portfolio holdings as of 6/30/15).


5
Active Share is the sum of the absolute values of the different
weightings of each holding in the Fund versus each holding in the
benchmark, divided by two.





Important
 Performance and Risk Information
All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance
may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily
in securities of small- and micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit
or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S.
investments. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 10, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate
the Fund’s year-to-date performance for 2015.





2015 Semiannual Report to Stockholders  |  11





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


HISTORY

 

AMOUNT INVESTED
 

PURCHASE PRICE1
 

SHARES
 

NAV VALUE2
 

MARKET VALUE2
 


 



Royce Value Trust 


11/26/86 
 
Initial Purchase
 
$
 10,000
 
$
 10.000
 
 
1,000
 
$
 9,280
 
$
 10,000
 


 


10/15/87
 
Distribution
 $0.30
 
 
 
 
 
7.000
 
 
42
 
 
 
 
 
 
 


 


12/31/87
 
Distribution
 $0.22
 
 
 
 
 
7.125
 
 
32
 
 
8,578
 
 
7,250
 


 


12/27/88
 
Distribution
 $0.51
 
 
 
 
 
8.625
 
 
63
 
 
10,529
 
 
9,238
 


 


9/22/89
 
Rights Offering
 
 
405
 
 
9.000
 
 
45
 
 
 
 
 
 
 


 


12/29/89
 
Distribution
 $0.52
 
 
 
 
 
9.125
 
 
67
 
 
12,942
 
 
11,866
 


 


9/24/90
 
Rights Offering
 
 
457
 
 
7.375
 
 
62
 
 
 
 
 
 
 


 


12/31/90
 
Distribution
 $0.32
 
 
 
 
 
8.000
 
 
52
 
 
11,713
 
 
11,074
 


 


9/23/91
 
Rights Offering
 
 
638
 
 
9.375
 
 
68
 
 
 
 
 
 
 


 


12/31/91
 
Distribution
 $0.61
 
 
 
 
 
10.625
 
 
82
 
 
17,919
 
 
15,697
 


 


9/25/92
 
Rights Offering
 
 
825
 
 
11.000
 
 
75
 
 
 
 
 
 
 


 


12/31/92
 
Distribution
 $0.90
 
 
 
 
 
12.500
 
 
114
 
 
21,999
 
 
20,874
 


 


9/27/93
 
Rights Offering
 
 
1,469
 
 
13.000
 
 
113
 
 
 
 
 
 
 


 


12/31/93
 
Distribution
 $1.15
 
 
 
 
 
13.000
 
 
160
 
 
26,603
 
 
25,428
 


 


10/28/94
 
Rights Offering
 
 
1,103
 
 
11.250
 
 
98
 
 
 
 
 
 
 


 


12/19/94
 
Distribution
 $1.05
 
 
 
 
 
11.375
 
 
191
 
 
27,939
 
 
24,905
 


 


11/3/95
 
Rights Offering
 
 
1,425
 
 
12.500
 
 
114
 
 
 
 
 
 
 


 


12/7/95
 
Distribution
 $1.29
 
 
 
 
 
12.125
 
 
253
 
 
35,676
 
 
31,243
 


 


12/6/96
 
Distribution
 $1.15
 
 
 
 
 
12.250
 
 
247
 
 
41,213
 
 
36,335
 


 


1997
 
Annual distribution
 total $1.21
 
 
 
 
 
15.374
 
 
230
 
 
52,556
 
 
46,814
 


 


1998
 
Annual distribution
 total $1.54
 
 
 
 
 
14.311
 
 
347
 
 
54,313
 
 
47,506
 


 


1999
 
Annual distribution
 total $1.37
 
 
 
 
 
12.616
 
 
391
 
 
60,653
 
 
50,239
 


 


2000
 
Annual distribution
 total $1.48
 
 
 
 
 
13.972
 
 
424
 
 
70,711
 
 
61,648
 


 


2001
 
Annual distribution
 total $1.49
 
 
 
 
 
15.072
 
 
437
 
 
81,478
 
 
73,994
 


 


2002
 
Annual distribution
 total $1.51
 
 
 
 
 
14.903
 
 
494
 
 
68,770
 
 
68,927
 


 


1/28/03
 
Rights Offering
 
 
5,600
 
 
10.770
 
 
520
 
 
 
 
 
 
 


 


2003
 
Annual distribution
 total $1.30
 
 
 
 
 
14.582
 
 
516
 
 
106,216
 
 
107,339
 


 


2004
 
Annual distribution
 total $1.55
 
 
 
 
 
17.604
 
 
568
 
 
128,955
 
 
139,094
 


 


2005
 
Annual distribution
 total $1.61
 
 
 
 
 
18.739
 
 
604
 
 
139,808
 
 
148,773
 


 


2006
 
Annual distribution
 total $1.78
 
 
 
 
 
19.696
 
 
693
 
 
167,063
 
 
179,945
 


 


2007
 
Annual distribution
 total $1.85
 
 
 
 
 
19.687
 
 
787
 
 
175,469
 
 
165,158
 


 


2008
 
Annual distribution
 total $1.723
 
 
 
 
 
12.307
 
 
1,294
 
 
95,415
 
 
85,435
 


 


3/11/09
 
Distribution $0.323
 
 
 
 
 
6.071
 
 
537
 
 
137,966
 
 
115,669
 


 


12/2/10
 
Distribution
 $0.03
 
 
 
 
 
13.850
 
 
23
 
 
179,730
 
 
156,203
 


 


2011
 
Annual distribution
 total $0.783
 
 
 
 
 
13.043
 
 
656
 
 
161,638
 
 
139,866
 


 


2012
 
Annual distribution
 total $0.80
 
 
 
 
 
13.063
 
 
714
 
 
186,540
 
 
162,556
 


 


2013
 
Annual distribution
 total $2.194
 
 
 
 
 
16.647
 
 
1,658
 
 
250,219
 
 
220,474
 


 


2014
 
Annual distribution
 total $1.82
 
 
 
 
 
14.840
 
 
1,757
 
 
252,175
 
 
222,516
 


 


2015
 
Year-to-Date
 distribution total $0.59
 
 
 
 
 
14.196
 
 
652
 
 
 
 
 
 
 


 


6/30/15

 
 
 
$
 21,922

 
 
 
 
 
16,180

 
$
 256,453

 
$
 223,122

 


 




 
 


1
The purchase
 price used for annual distribution totals is a weighted average of the distribution
 reinvestment prices for the year.


2
 Values are
 stated as of December 31 of the year indicated, after reinvestment of distributions,
 other than for initial purchase.


3
 Includes
 a return of capital.


4
Includes Royce
 Global Value Trust spin-off of $1.40 per share.






12  |   2015 Semiannual Report to Stockholders







HISTORY

 
 
AMOUNT
 INVESTED
 
 
PURCHASE
 PRICE1
 
 
SHARES

 
 
NAV VALUE2

 
 
MARKET
 VALUE2
 


 



Royce Micro-Cap Trust 


12/14/93
 
Initial Purchase
 
$
 7,500
 
$
 7.500
 
 
1,000
 
$
 7,250
 
$
 7,500
 


 


10/28/94
 
Rights Offering
 
 
1,400
 
 
7.000
 
 
200
 
 
 
 
 
 
 


 


12/19/94
 
Distribution
 $0.05
 
 
 
 
 
6.750
 
 
9
 
 
9,163
 
 
8,462
 


 


12/7/95
 
Distribution
 $0.36
 
 
 
 
 
7.500
 
 
58
 
 
11,264
 
 
10,136
 


 


12/6/96
 
Distribution
 $0.80
 
 
 
 
 
7.625
 
 
133
 
 
13,132
 
 
11,550
 


 


12/5/97
 
Distribution
 $1.00
 
 
 
 
 
10.000
 
 
140
 
 
16,694
 
 
15,593
 


 


12/7/98
 
Distribution
 $0.29
 
 
 
 
 
8.625
 
 
52
 
 
16,016
 
 
14,129
 


 


12/6/99
 
Distribution
 $0.27
 
 
 
 
 
8.781
 
 
49
 
 
18,051
 
 
14,769
 


 


12/6/00
 
Distribution
 $1.72
 
 
 
 
 
8.469
 
 
333
 
 
20,016
 
 
17,026
 


 


12/6/01
 
Distribution
 $0.57
 
 
 
 
 
9.880
 
 
114
 
 
24,701
 
 
21,924
 


 


2002
 
Annual distribution
 total $0.80
 
 
 
 
 
9.518
 
 
180
 
 
21,297
 
 
19,142
 


 


2003
 
Annual distribution
 total $0.92
 
 
 
 
 
10.004
 
 
217
 
 
33,125
 
 
31,311
 


 


2004
 
Annual distribution
 total $1.33
 
 
 
 
 
13.350
 
 
257
 
 
39,320
 
 
41,788
 


 


2005
 
Annual distribution
 total $1.85
 
 
 
 
 
13.848
 
 
383
 
 
41,969
 
 
45,500
 


 


2006
 
Annual distribution
 total $1.55
 
 
 
 
 
14.246
 
 
354
 
 
51,385
 
 
57,647
 


 


2007
 
Annual distribution
 total $1.35
 
 
 
 
 
13.584
 
 
357
 
 
51,709
 
 
45,802
 


 


2008
 
Annual distribution
 total $1.193
 
 
 
 
 
8.237
 
 
578
 
 
28,205
 
 
24,807
 


 


3/11/09
 
Distribution
 $0.223
 
 
 
 
 
4.260
 
 
228
 
 
41,314
 
 
34,212
 


 


12/2/10
 
Distribution
 $0.08
 
 
 
 
 
9.400
 
 
40
 
 
53,094
 
 
45,884
 


 


2011
 
Annual distribution total $0.533
 
 
 
 
 
8.773
 
 
289
 
 
49,014
 
 
43,596
 


 


2012
 
Annual distribution
 total $0.51
 
 
 
 
 
9.084
 
 
285
 
 
57,501
 
 
49,669
 


 


2013
 
Annual distribution
 total $1.38
 
 
 
 
 
11.864
 
 
630
 
 
83,110
 
 
74,222
 


 


2014
 
Annual distribution
 total $2.90
 
 
 
 
 
10.513
 
 
1,704
 
 
86,071
 
 
76,507
 


 


2015
 
Year-to-Date
 distribution total $0.45
 
 
 
 
 
9.597
 
 
360
 
 
 
 
 
 
 


 


6/30/15

 
 
 
$
 8,900

 
 
 
 
 
7,950
 
$
 85,622

 
$
 73,299

 


 



Royce Global Value Trust


10/17/13
 
Initial
 Purchase
 
$
 8,975
 
$
 8.975
 
 
1,000
 
$
 9,780
 
$
 8,975
 


 


12/11/14
 
Distribution
 $0.15
 
 
 
 
 
7.970
 
 
19
 
 
9,426
 
 
8,193
 


 


6/30/15

 
 
 
$
 8,975

 
 
 
 
 
1,019
 
$
 9,956

 
$
 8,468

 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






1
 The purchase
 price used for annual distribution totals is a weighted average of the distribution
 reinvestment prices for the year.


2
 Values are
 stated as of December 31 of the year indicated, after reinvestment of distributions,
 other than for initial purchase.


3
 Includes
 a return of capital.





2015 Semiannual Report to Stockholders  |  13





Distribution Reinvestment and Cash Purchase
 Options


Why should I reinvest my distributions?


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

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

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

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

    What other features are available for registered stockholders?

The Distribution Reinvestment and Cash Purchase Plans also allow
registered stockholders to make optional cash purchases of shares
of a Fund’s common stock directly through Computershare on a
monthly basis, and to deposit certificates representing your RVT and
RMT shares with Computershare for safekeeping. (RGT does not
issue shares in certificated form). Plan participants are subject to a
$0.75 service fee for each voluntary cash purchase under the Plans.
The Funds’ investment adviser absorbed all commissions on optional
cash purchases under the Plans through December 31, 2014.






How do the
 Plans work for registered stockholders?
Computershare maintains the accounts
 for registered stockholders in the Plans and sends written confirmation of all transactions
 in the account. Shares in the account of each participant will be held by Computershare
 in non-certificated form in the name of the participant, and each participant will
 be able to vote those shares at a stockholder meeting or by proxy. A participant
 may also send stock certificates for RVT and RMT held by them to Computershare to
 be held in non-certificated form. RGT does not issue shares in certificated form.
 There is no service fee charged to participants for reinvesting distributions. If
 a participant elects to sell shares from a Plan account, Computershare will deduct
 a $2.50 service fee from the sale transaction. The Funds’ investment adviser
 absorbed all commissions on optional sales under the Plans through December 31,
 2014. If a nominee is the registered owner of your shares, the nominee will maintain
 the accounts on your behalf.

How can I
 get more information on the Plans?
You can call an Investor Services Representative at (800) 221-4268 or
you can request a copy of the Plan for your Fund from Computershare.
All correspondence (including notifications) should be directed to:
[Name of Fund] Distribution Reinvestment and Cash Purchase Plan,
c/o Computershare, PO Box 43078, Providence, RI 02940-3078,
telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.).






14  |   2015 Semiannual Report to Stockholders







Royce Value Trust
June 30, 2015 (unaudited)






 


Schedule of Investments


Common Stocks – 98.8%


 
 
SHARES
 
VALUE


 


CONSUMER DISCRETIONARY – 12.4%
 
 
 



AUTO COMPONENTS - 1.2%
 
 
 


Drew Industries
 
93,736
 
$
5,438,563


Fuel
 Systems Solutions 1
 
107,000
 
 
800,360


Gentex
 Corporation
 
223,050
 
 
3,662,481


Global
 & Yuasa Battery
 
28,500
 
 
977,296


Motorcar
 Parts of America 1
 
7,990
 
 
240,419


MRF
 
800
 
 
429,585


Selamat
 Sempurna
 
1,816,700
 
 
628,845


Standard
 Motor Products
 
50,391
 
 
1,769,732


Superior
 Industries International
 
21,600
 
 
395,496


 
 
 
 
 


 
 
 
 
 
14,342,777



 
 
 
 
 



AUTOMOBILES - 1.1%
 
 
 


Thor
 Industries 2
 
153,460
 
 
8,636,729


Winnebago
 Industries
 
211,400
 
 
4,986,926


 
 
 
 
 


 
 
 
 
 
13,623,655



 
 
 
 
 



DISTRIBUTORS - 0.8%
 
 
 


Core-Mark
 Holding Company
 
115,200
 
 
6,825,600


Weyco
 Group
 
97,992
 
 
2,922,121


 
 
 
 
 


 
 
 
 
 
9,747,721



 
 
 
 
 



DIVERSIFIED CONSUMER SERVICES - 1.2%
 
 
 


American
 Public Education 1
 
36,100
 
 
928,492


Collectors
 Universe
 
50,400
 
 
1,004,976


Lincoln
 Educational Services 1
 
712,300
 
 
1,438,846


Regis
 Corporation 1, 2, 3
 
233,800
 
 
3,684,688


Sotheby’s
 
138,200
 
 
6,252,168


Universal
 Technical Institute
 
130,432
 
 
1,121,715


 
 
 
 
 


 
 
 
 
 
14,430,885



 
 
 
 
 



HOTELS, RESTAURANTS & LEISURE - 0.3%
 
 
 


Biglari
 Holdings 1
 
700
 
 
289,625


Century
 Casinos 1
 
209,600
 
 
1,320,480


Monarch
 Casino & Resort 1
 
28,103
 
 
577,798


MTY
 Food Group
 
48,400
 
 
1,283,433


Thomas
 Cook (India)
 
100,000
 
 
350,581


Tropicana
 Entertainment 1, 4
 
10,000
 
 
157,600


 
 
 
 
 


 
 
 
 
 
3,979,517



 
 
 
 
 



HOUSEHOLD DURABLES - 2.4%
 
 
 


Ethan
 Allen Interiors
 
320,800
 
 
8,449,872


Flexsteel
 Industries
 
23,700
 
 
1,021,233


Forbo
 Holding
 
110
 
 
130,831


Harman
 International Industries
 
28,600
 
 
3,401,684


Lifetime
 Brands
 
53,726
 
 
793,533


Mohawk
 Industries 1, 2
 
28,000
 
 
5,345,200


Natuzzi
 ADR 1
 
2,096,300
 
 
4,402,230


NVR
 1
 
2,340
 
 
3,135,600


Stanley
 Furniture 1, 5
 
1,012,235
 
 
3,006,338


 
 
 
 
 


 
 
 
 
 
29,686,521



 
 
 
 
 



INTERNET & CATALOG RETAIL - 0.2%
 
 
 


Blue
 Nile 1
 
67,100
 
 
2,039,169


Manutan
 International
 
4,200
 
 
199,609


 
 
 
 
 


 
 
 
 
 
2,238,778



 
 
 
 
 



LEISURE PRODUCTS - 1.3%
 
 
 


Beneteau
 
20,800
 
 
354,326


LeapFrog
 Enterprises Cl. A 1
 
348,100
 
 
487,340



Nautilus 1
 
667,100
 
 
14,349,321


Shimano
 
3,500
 
 
477,591


Smith
 & Wesson Holding Corporation 1
 
30,600
 
 
507,654


 
 
 
 
 


 
 
 
 
 
16,176,232



 
 
 
 
 



MEDIA - 1.4%
 
 
 


E.W.
 Scripps Company Cl. A
 
76,640
 
 
1,751,224


Harte-Hanks
 
166,730
 
 
993,711


McClatchy
 Company (The) Cl. A 1
 
334,200
 
 
360,936


Morningstar
 
84,600
 
 
6,729,930


Pico
 Far East Holdings
 
3,484,400
 
 
1,114,785


Rentrak
 Corporation 1
 
17,400
 
 
1,214,520


RLJ
 Entertainment 1
 
35,600
 
 
14,026


T4F
 Entretenimento 1
 
143,800
 
 
168,817


Technicolor
 
30,000
 
 
195,656


Television
 Broadcasts
 
173,400
 
 
1,027,889


Wiley
 (John) & Sons Cl. A
 
62,440
 
 
3,394,863


 
 
 
 
 


 
 
 
 
 
16,966,357



 
 
 
 
 



MULTILINE RETAIL - 0.1%
 
 
 


New
 World Department Store China
 
2,947,500
 
 
790,913


Parkson
 Retail Asia
 
345,800
 
 
121,955


 
 
 
 
 


 
 
 
 
 
912,868



 
 
 
 
 



SPECIALTY RETAIL - 1.2%
 
 
 


Aeropostale
 1
 
110,000
 
 
178,200


Buckle
 (The) 2
 
110,965
 
 
5,078,868


Destination
 Maternity
 
42,200
 
 
492,052


Genesco
 1
 
62,935
 
 
4,155,598


I.T
 
1,127,000
 
 
424,539


Lewis
 Group
 
75,000
 
 
607,780


Oriental
 Watch Holdings
 
543,000
 
 
92,467


Signet
 Jewelers
 
1,900
 
 
243,656


Systemax
 1
 
194,000
 
 
1,676,160


TravelCenters
 of America LLC 1
 
62,500
 
 
928,125


West
 Marine 1
 
131,100
 
 
1,263,804


 
 
 
 
 


 
 
 
 
 
15,141,249



 
 
 
 
 



TEXTILES, APPAREL & LUXURY GOODS - 1.2%
 
 
 


Asia
 Brands
 
59,900
 
 
28,418


Crown
 Crafts
 
139,141
 
 
1,113,128


Culp
 
48,400
 
 
1,500,400


Daphne
 International Holdings
 
662,800
 
 
165,880


Grendene
 
100,000
 
 
538,098


J.G.
 Boswell Company 4
 
2,492
 
 
1,756,860


Kewal
 Kiran Clothing
 
1,482
 
 
49,361


Movado
 Group
 
122,651
 
 
3,331,201


Pacific
 Textiles Holdings
 
285,500
 
 
456,709


Stella
 International Holdings
 
155,700
 
 
371,597


Van
 de Velde
 
11,700
 
 
672,144


Wolverine
 World Wide 2
 
123,500
 
 
3,517,280


YGM
 Trading
 
1,082,600
 
 
1,399,417


 
 
 
 
 


 
 
 
 
 
14,900,493



 


Total (Cost $124,747,109)

 
 
 
 
152,147,053



 



CONSUMER STAPLES – 2.5%
 
 
 



BEVERAGES - 0.2%
 
 
 


Compania
 Cervecerias Unidas ADR
 
134,000
 
 
2,838,120


Crimson
 Wine Group 1, 4
 
11,876
 
 
111,041


 
 
 
 
 


 
 
 
 
 
2,949,161



 
 
 
 
 



FOOD PRODUCTS - 1.9%
 
 
 


Alico
 
27,000
 
 
1,224,720


Binggrae
 
14,000
 
 
1,060,559


Cal-Maine
 Foods
 
78,436
 
 
4,094,359


Farmer
 Bros. 1
 
57,300
 
 
1,346,550


Industrias
 Bachoco ADR
 
36,045
 
 
1,950,395


Sanderson
 Farms
 
7,500
 
 
563,700


Seneca
 Foods Cl. A 1
 
229,255
 
 
6,366,411








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





Royce Value Trust


 



Schedule of Investments (continued)


 
 
 
 
 
 


 
 
SHARES

 
VALUE


 



CONSUMER STAPLES (continued)
 
 
 



FOOD PRODUCTS (continued)
 
 
 


Seneca
 Foods Cl. B 1
 
13,840
 
$
411,878


SunOpta
 1
 
116,100
 
 
1,245,753


Tootsie
 Roll Industries 2
 
127,859
 
 
4,131,124


Waterloo
 Investment Holdings 1, 6
 
598,676
 
 
227,497


 
 
 
 
 


 
 
 
 
 
22,622,946



 
 
 
 
 



PERSONAL PRODUCTS - 0.4%
 
 
 


Nu
 Skin Enterprises Cl. A 2, 3
 
99,460
 
 
4,687,550



 


Total (Cost $26,210,495)

 
 
 
 
30,259,657



 



ENERGY – 2.8%
 
 
 



ENERGY EQUIPMENT & SERVICES - 2.5%
 
 
 


CARBO
 Ceramics 2, 3
 
63,000
 
 
2,622,690


Ensign
 Energy Services
 
134,000
 
 
1,313,178


Gulf
 Island Fabrication
 
32,964
 
 
368,208


Helmerich
 & Payne
 
42,780
 
 
3,012,568


ION
 Geophysical 1
 
1,078,200
 
 
1,153,674


Oil
 States International 1
 
30,733
 
 
1,144,190


Pason
 Systems
 
351,560
 
 
6,290,925



SEACOR Holdings 1
 
131,042
 
 
9,296,119


TGS-NOPEC
 Geophysical
 
78,060
 
 
1,822,955


Tidewater
 2
 
24,000
 
 
545,520


Unit
 Corporation 1
 
112,330
 
 
3,046,390


 
 
 
 
 


 
 
 
 
 
30,616,417



 
 
 
 
 



OIL, GAS & CONSUMABLE FUELS - 0.3%
 
 
 


Green
 Plains
 
28,000
 
 
771,400


Permian
 Basin Royalty Trust
 
161,000
 
 
1,297,660


World
 Fuel Services
 
16,600
 
 
795,970


WPX
 Energy 1
 
110,000
 
 
1,350,800


 
 
 
 
 


 
 
 
 
 
4,215,830



 


Total (Cost $44,917,420)

 
 
 
 
34,832,247



 



FINANCIALS – 17.1%
 
 
 



BANKS - 1.5%
 
 
 


Bank
 of N.T. Butterfield & Son
 
1,784,161
 
 
2,908,183


BCB
 Holdings 1
 
209,426
 
 
27,970


Blue
 Hills Bancorp 1
 
104,180
 
 
1,458,520


Farmers
 & Merchants Bank of Long Beach 4
 
1,200
 
 
7,176,000


Fauquier
 Bankshares
 
160,800
 
 
2,555,112


First
 Citizens BancShares Cl. A
 
17,026
 
 
4,478,519


 
 
 
 
 


 
 
 
 
 
18,604,304



 
 
 
 
 



CAPITAL MARKETS - 8.5%
 
 
 


AllianceBernstein
 Holding L.P.
 
102,000
 
 
3,012,060


Ares
 Management L.P.
 
101,600
 
 
1,879,600


Artisan
 Partners Asset Management Cl. A
 
134,210
 
 
6,235,396


ASA
 Gold and Precious Metals
 
324,821
 
 
3,154,012


Ashmore
 Group
 
649,800
 
 
2,952,727


Azimut
 Holding
 
8,000
 
 
234,029


BHF
 Kleinwort Benson Group 1
 
293,500
 
 
1,436,445


CETIP
 - Mercados Organizados
 
485,700
 
 
5,323,938


Citadel
 Capital 1
 
11,799,921
 
 
3,077,548


 †Citadel Capital (Rights) 1, 6
 
 2,507,483
 
 
0


Cowen
 Group 1
 
421,158
 
 
2,695,411


Dundee
 Corporation Cl. A 1
 
329,800
 
 
3,311,202


Eaton
 Vance 2, 3
 
40,500
 
 
1,584,765


Edmond
 de Rothschild (Suisse)
 
133
 
 
2,745,494



Federated Investors Cl. B
 
299,420
 
 
10,027,576


GAMCO
 Investors Cl. A
 
20,200
 
 
1,387,942


GCA
 Savvian
 
24,000
 
 
298,076


Jupiter
 Fund Management
 
230,000
 
 
1,610,704


Lazard
 Cl. A
 
79,695
 
 
4,482,047


Medley
 Management Cl. A
 
152,200
 
 
1,802,048


mutares
 
330
 
 
37,894


MVC
 Capital
 
324,200
 
 
3,306,840


Newtek
 Business Services
 
89,800
 
 
1,591,256


Paris
 Orleans
 
196,893
 
 
6,289,947


Partners
 Group Holding
 
1,075
 
 
321,367


RCS
 Capital Cl. A 1
 
66,100
 
 
506,326



SEI Investments
 
226,135
 
 
11,087,399


Sprott
 
590,000
 
 
1,166,773


U.S.
 Global Investors Cl. A
 
661,751
 
 
1,839,668


Value
 Partners Group
 
5,428,000
 
 
8,571,024


Virtus
 Investment Partners
 
26,240
 
 
3,470,240


VZ
 Holding
 
1,300
 
 
312,851


Westwood
 Holdings Group
 
54,573
 
 
3,250,914


ZAIS
 Group Holdings Cl. A 1
 
492,300
 
 
5,366,070


 
 
 
 
 


 
 
 
 
 
104,369,589



 
 
 
 
 



CONSUMER FINANCE - 0.2%
 
 
 


EZCORP
 Cl. A 1
 
213,000
 
 
1,582,590


Shriram
 City Union Finance
 
12,500
 
 
350,188


 
 
 
 
 


 
 
 
 
 
1,932,778



 
 
 
 
 



DIVERSIFIED FINANCIAL SERVICES - 1.5%
 
 
 


Bajaj
 Holdings & Investment
 
15,600
 
 
356,928


Banca
 Finnat Euramerica
 
1,060,000
 
 
575,508


First
 Pacific
 
1,020,000
 
 
859,260



MarketAxess Holdings
 
100,000
 
 
9,277,000


PICO
 Holdings 1
 
100,400
 
 
1,477,888


Sofina
 
19,698
 
 
2,198,227


TMX
 Group
 
91,000
 
 
3,872,418


 
 
 
 
 


 
 
 
 
 
18,617,229



 
 
 
 
 



INSURANCE - 2.1%
 
 
 


Alleghany
 Corporation 1
 
4,179
 
 
1,958,948


Atlas
 Financial Holdings 1
 
9,500
 
 
188,385


E-L
 Financial
 
16,500
 
 
8,661,575


Erie
 Indemnity Cl. A
 
25,000
 
 
2,051,750


Greenlight
 Capital Re Cl. A 1
 
230,561
 
 
6,725,465


Independence
 Holding Company
 
349,423
 
 
4,608,889


Lancashire
 Holdings
 
50,000
 
 
484,338


MBIA
 1
 
19,400
 
 
116,594


ProAssurance
 Corporation
 
17,139
 
 
791,993


 †WMIH 1, 4
 
77,742
 
 
202,129


 
 
 
 
 


 
 
 
 
 
25,790,066



 
 
 
 
 



INVESTMENT COMPANIES - 0.3%
 
 
 


RIT
 Capital Partners
 
149,000
 
 
3,621,778



 
 
 
 
 



REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.1%
 
 
 


AV
 Homes 1
 
55,500
 
 
797,535


E-House
 (China) Holdings ADR 2, 3
 
108,765
 
 
730,901


Forestar
 Group 1
 
102,000
 
 
1,342,320


FRP
 Holdings 1
 
212,958
 
 
6,906,228


Hopefluent
 Group Holdings
 
680,000
 
 
230,715


Kennedy
 Wilson Europe Real Estate
 
24,000
 
 
428,386


Kennedy-Wilson
 Holdings
 
101,300
 
 
2,490,967


Midland
 Holdings 1
 
700,000
 
 
316,969


St.
 Joe Company (The) 1, 2
 
177,000
 
 
2,748,810


Sun
 Frontier Fudousan
 
17,600
 
 
142,658



Tejon Ranch 1
 
342,600
 
 
8,808,246








16   |   2015 Semiannual Report to Stockholders
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







June 30, 2015 (unaudited)






 



Schedule of Investments (continued)


 
 
 
 
 
 


 
 
SHARES

 

VALUE


 



FINANCIALS (continued)
 
 
 



REAL ESTATE MANAGEMENT & DEVELOPMENT (continued)
 
 
 


Tejon Ranch (Warrants) 1
 
96,561
 
$
43,452


 
 
 
 
 


 
 
 
 
 
24,987,187



 
 
 
 
 



THRIFTS & MORTGAGE FINANCE - 0.9%
 
 
 


Genworth
 MI Canada
 
251,903
 
 
6,615,227


Timberland
 Bancorp 5
 
444,200
 
 
4,450,884


Vestin
 Realty Mortgage II 1
 
53,557
 
 
208,337


 
 
 
 
 


 
 
 
 
 
11,274,448



 


Total (Cost $189,071,119)

 
 
 
 
209,197,379


 



HEALTH CARE – 5.0%
 
 
 



BIOTECHNOLOGY - 0.5%
 
 
 


Aquinox
 Pharmaceuticals 1
 
65,232
 
 
452,710


ARIAD
 Pharmaceuticals 1, 2
 
140,000
 
 
1,157,800


Cancer
 Genetics 1
 
56,900
 
 
669,144


Celsion
 Corporation 1
 
97,604
 
 
229,370


Genomic
 Health 1
 
33,000
 
 
917,070


Green
 Cross
 
3,100
 
 
712,851


Myriad
 Genetics 1, 2, 3
 
18,993
 
 
645,572


Zealand
 Pharma 1
 
102,000
 
 
1,684,275


 
 
 
 
 


 
 
 
 
 
6,468,792



 
 
 
 
 



HEALTH CARE EQUIPMENT & SUPPLIES - 2.2%
 
 
 


Analogic
 Corporation
 
38,135
 
 
3,008,851


Atrion
 Corporation 2, 3
 
17,079
 
 
6,700,262


bioMerieux
 
4,000
 
 
425,694


Cerus
 Corporation 1
 
198,000
 
 
1,027,620


CONMED
 Corporation
 
81,500
 
 
4,749,005


Derma
 Sciences 1
 
87,142
 
 
623,937


DiaSorin
 
7,000
 
 
319,572


IDEXX
 Laboratories 1, 2, 3
 
114,822
 
 
7,364,683


Invacare
 Corporation
 
38,900
 
 
841,407


Meridian
 Bioscience
 
39,600
 
 
738,144


Synergetics
 USA 1, 2
 
53,665
 
 
252,226


Trinity
 Biotech ADR Cl. A
 
66,100
 
 
1,193,766


 
 
 
 
 


 
 
 
 
 
27,245,167



 
 
 
 
 



HEALTH CARE PROVIDERS & SERVICES - 0.4%
 
 
 


Aceto
 Corporation
 
39,015
 
 
960,939


Addus
 HomeCare 1
 
49,000
 
 
1,365,140


Landauer
 
50,000
 
 
1,782,000


Psychemedics
 Corporation
 
39,600
 
 
587,268


 
 
 
 
 


 
 
 
 
 
4,695,347



 
 
 
 
 



HEALTH CARE TECHNOLOGY - 0.2%
 
 
 


Medidata
 Solutions 1
 
40,000
 
 
2,172,800



 
 
 
 
 



LIFE SCIENCES TOOLS & SERVICES - 1.1%
 
 
 


Bio-Rad
 Laboratories Cl. A 1
 
23,828
 
 
3,588,735


Bio-Techne
 
39,993
 
 
3,938,111


PAREXEL
 International 1
 
56,600
 
 
3,639,946


PerkinElmer
 
39,000
 
 
2,052,960


 
 
 
 
 


 
 
 
 
 
13,219,752



 
 
 
 
 



PHARMACEUTICALS - 0.6%
 
 
 


Boiron
 
4,200
 
 
412,048


Lannett
 Company 1
 
21,140
 
 
1,256,562


Lipocine
 1
 
144,333
 
 
1,238,377


Medicines
 Company (The) 1
 
58,000
 
 
1,659,380


Repros
 Therapeutics 1
 
62,000
 
 
443,300


Santen
 Pharmaceutical
 
52,000
 
 
736,332


Stallergenes
 
8,000
 
 
488,304


Theravance
 Biopharma 1
 
63,291
 
 
824,049


Vetoquinol
 
10,400
 
 
431,313


 
 
 
 
 


 
 
 
 
 
7,489,665



 


Total (Cost $37,598,792)

 
 
 
 
61,291,523



 



INDUSTRIALS – 28.4%
 
 
 



AEROSPACE & DEFENSE - 2.0%
 
 
 


Ducommun
 1
 
117,200
 
 
3,008,524



HEICO Corporation
 
155,938
 
 
9,091,186



HEICO Corporation Cl. A
 
80,808
 
 
4,102,622


Hexcel
 Corporation
 
47,500
 
 
2,362,650


Magellan
 Aerospace
 
124,800
 
 
1,704,634


Moog
 Cl. A 1
 
25,000
 
 
1,767,000


Teledyne
 Technologies 1
 
20,600
 
 
2,173,506


 
 
 
 
 


 
 
 
 
 
24,210,122



 
 
 
 
 



AIR FREIGHT & LOGISTICS - 2.6%
 
 
 


Expeditors
 International of Washington
 
158,900
 
 
7,326,085



Forward Air
 
209,750
 
 
10,961,535


Frontier
 Services Group 1
 
2,301,714
 
 
968,011


Hub
 Group Cl. A 1, 2, 3
 
149,400
 
 
6,026,796


UTi
 Worldwide 1
 
635,400
 
 
6,347,646


 
 
 
 
 


 
 
 
 
 
31,630,073



 
 
 
 
 



BUILDING PRODUCTS - 0.7%
 
 
 


American
 Woodmark 1
 
117,135
 
 
6,424,855


Burnham
 Holdings Cl. B 4
 
36,000
 
 
665,280


Patrick
 Industries 1
 
18,450
 
 
702,022


Polypipe
 Group
 
121,000
 
 
516,179


 
 
 
 
 


 
 
 
 
 
8,308,336



 
 
 
 
 



COMMERCIAL SERVICES & SUPPLIES - 2.8%
 
 
 


Atento
 1
 
76,600
 
 
1,101,508


Brady
 Corporation Cl. A
 
45,900
 
 
1,135,566


CompX
 International Cl. A
 
211,100
 
 
2,406,540


Copart
 1
 
178,360
 
 
6,328,213


Heritage-Crystal
 Clean 1
 
102,527
 
 
1,507,147


InnerWorkings
 1
 
114,000
 
 
760,380


Intersections
 1
 
178,500
 
 
547,995


Kaba
 Holding
 
600
 
 
357,131


Kimball
 International Cl. B
 
286,180
 
 
3,479,949


Latchways
 
35,000
 
 
431,701



Ritchie Bros. Auctioneers
 
484,494
 
 
13,527,072


Societe
 BIC
 
1,500
 
 
239,135


Steelcase
 Cl. A
 
109,950
 
 
2,079,155


 
 
 
 
 


 
 
 
 
 
33,901,492



 
 
 
 
 



CONSTRUCTION & ENGINEERING - 2.4%
 
 
 


EMCOR
 Group 2, 3
 
149,400
 
 
7,136,838


Integrated
 Electrical Services 1
 
677,482
 
 
4,810,122


Jacobs
 Engineering Group 1, 2, 3
 
164,900
 
 
6,698,238


KBR
 
421,192
 
 
8,204,820


Northwest
 Pipe 1
 
38,000
 
 
774,060


Sterling
 Construction 1
 
326,671
 
 
1,306,684


 
 
 
 
 


 
 
 
 
 
28,930,762



 
 
 
 
 



ELECTRICAL EQUIPMENT - 1.2%
 
 
 


EnerSys
 
5,100
 
 
358,479


Franklin
 Electric
 
209,200
 
 
6,763,436


Global
 Power Equipment Group
 
159,519
 
 
1,237,868


Powell
 Industries
 
94,500
 
 
3,323,565


Preformed
 Line Products
 
91,600
 
 
3,455,152


 
 
 
 
 


 
 
 
 
 
15,138,500



 
 
 
 
 








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





Royce Value Trust




 



Schedule of Investments (continued)


 
 
 
 
 
 


 
 
SHARES

 

VALUE


 



INDUSTRIALS (continued)
 
 
 



INDUSTRIAL CONGLOMERATES - 0.5%
 
 
 


A.
 Soriano
 
2,791,000
 
$
427,099


Carlisle
 Companies 2, 3
 
21,595
 
 
2,162,092


Raven
 Industries
 
197,125
 
 
4,007,551


 
 
 
 
 


 
 
 
 
 
6,596,742



 
 
 
 
 



MACHINERY - 10.5%
 
 
 


Astec
 Industries
 
20,000
 
 
836,400


Burckhardt
 Compression Holding
 
8,400
 
 
3,182,737


Chen
 Hsong Holdings
 
1,159,000
 
 
343,893


China
 Metal International Holdings
 
249,000
 
 
80,628


CIRCOR
 International
 
89,962
 
 
4,905,628


CLARCOR
 
92,500
 
 
5,757,200


Columbus
 McKinnon
 
104,885
 
 
2,622,125


Deutz
 
115,000
 
 
658,988


Donaldson
 Company
 
193,559
 
 
6,929,412


Federal
 Signal
 
98,640
 
 
1,470,722


Graco
 
104,776
 
 
7,442,239


Graham
 Corporation
 
20,568
 
 
421,438


Hurco
 Companies
 
25,952
 
 
898,458


Hyster-Yale
 Materials Handling Cl. A
 
15,485
 
 
1,072,801


IDEX
 Corporation
 
67,400
 
 
5,296,292


John
 Bean Technologies
 
175,536
 
 
6,598,398


Kennametal
 
198,160
 
 
6,761,219


Lincoln
 Electric Holdings
 
46,360
 
 
2,822,860


Lindsay
 Corporation 2, 3
 
36,000
 
 
3,164,760


Lydall
 1
 
65,220
 
 
1,927,903


Mincon
 Group
 
384,100
 
 
297,232


Mueller
 Water Products Cl. A
 
33,600
 
 
305,760


NN
 
308,700
 
 
7,878,024


Nordson
 Corporation
 
24,296
 
 
1,892,416


Pfeiffer
 Vacuum Technology
 
14,000
 
 
1,247,383


PMFG
 1
 
378,352
 
 
2,432,803


Rational
 
1,000
 
 
367,287



RBC Bearings 1
 
121,800
 
 
8,740,368


Rotork
 
100,000
 
 
365,473


Semperit
 AG Holding
 
12,940
 
 
533,768


Spirax-Sarco
 Engineering
 
7,600
 
 
405,175


Sun
 Hydraulics
 
71,018
 
 
2,706,496


Tecumseh
 Products 1
 
46,700
 
 
115,349


Tennant
 Company
 
78,900
 
 
5,155,326


Valmont
 Industries 2
 
67,235
 
 
7,992,225


Wabash
 National 1
 
40,400
 
 
506,616


WABCO
 Holdings 1
 
43,400
 
 
5,369,448


Wabtec
 Corporation
 
82,840
 
 
7,806,842



Woodward
 
208,400
 
 
11,459,916


 
 
 
 
 


 
 
 
 
 
128,772,008



 
 
 
 
 



MARINE - 0.6%
 
 
 


Clarkson
 
164,671
 
 
7,081,694



 
 
 
 
 



PROFESSIONAL SERVICES - 3.6%
 
 
 


Acacia
 Research
 
61,100
 
 
535,847


Advisory
 Board (The) 1, 2, 3
 
150,277
 
 
8,215,644


Franklin
 Covey 1
 
69,700
 
 
1,414,213


Heidrick
 & Struggles International
 
88,080
 
 
2,297,126


ICF
 International 1
 
30,546
 
 
1,064,833


ManpowerGroup
 
83,858
 
 
7,495,228



On Assignment 1
 
334,995
 
 
13,158,604


Robert
 Half International
 
14,812
 
 
822,066


Towers
 Watson & Co. Cl. A
 
65,300
 
 
8,214,740


Volt Information Sciences 1
 
49,000
 
 
475,790


 
 
 
 
 


 
 
 
 
 
43,694,091



 
 
 
 
 



ROAD & RAIL - 0.8%
 
 
 


Genesee
 & Wyoming Cl. A 1
 
20,000
 
 
1,523,600


Landstar
 System
 
99,400
 
 
6,646,878


Trancom
 
8,000
 
 
437,309


Universal
 Truckload Services
 
78,916
 
 
1,732,995


 
 
 
 
 


 
 
 
 
 
10,340,782



 
 
 
 
 



TRADING COMPANIES & DISTRIBUTORS - 0.5%
 
 
 


Kloeckner
 & Co
 
31,300
 
 
282,473


MISUMI
 Group
 
27,000
 
 
383,429


MSC
 Industrial Direct Cl. A 2
 
84,023
 
 
5,862,285


 
 
 
 
 


 
 
 
 
 
6,528,187



 
 
 
 
 



TRANSPORTATION INFRASTRUCTURE - 0.2%
 
 
 


Hopewell
 Highway Infrastructure
 
1,012,000
 
 
497,413


Touax
 
40,040
 
 
662,883


Wesco
 Aircraft Holdings 1
 
68,400
 
 
1,036,260


 
 
 
 
 


 
 
 
 
 
2,196,556



 


Total (Cost $214,361,387)

 
 
 
 
347,329,345



 



INFORMATION TECHNOLOGY – 19.7%
 
 
 



COMMUNICATIONS EQUIPMENT - 0.5%
 
 
 


ADTRAN
 
234,973
 
 
3,818,311


Alliance
 Fiber Optic Products
 
42,900
 
 
795,795


Bel
 Fuse Cl. B
 
30,238
 
 
620,484


EVS
 Broadcast Equipment
 
7,800
 
 
226,092


Extreme
 Networks 1
 
212,000
 
 
570,280


 
 
 
 
 


 
 
 
 
 
6,030,962



 
 
 
 
 



ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 9.4%
 
 
 


Agilysys
 1
 
165,125
 
 
1,515,847


Anixter
 International 1, 2
 
70,895
 
 
4,618,809


Benchmark
 Electronics 1
 
156,900
 
 
3,417,282


Cognex
 Corporation
 
69,800
 
 
3,357,380



Coherent 1
 
156,006
 
 
9,903,261


Dolby
 Laboratories Cl. A
 
93,410
 
 
3,706,509


DTS
 1
 
245,000
 
 
7,470,050


FARO
 Technologies 1
 
90,000
 
 
4,203,000


FEI
 Company
 
82,100
 
 
6,808,553


FLIR
 Systems
 
262,600
 
 
8,093,332


HollySys
 Automation Technologies
 
35,582
 
 
855,035


IPG
 Photonics 1, 2, 3
 
58,760
 
 
5,004,883


Kimball
 Electronics 1
 
214,635
 
 
3,131,525


LRAD
 Corporation 1
 
548,244
 
 
1,091,005


Mercury
 Systems 1
 
38,200
 
 
559,248


MTS
 Systems
 
5,200
 
 
358,540


National
 Instruments
 
251,850
 
 
7,419,501



Newport Corporation 1
 
541,000
 
 
10,257,360


Oxford
 Instruments
 
4,200
 
 
64,046


PC
 Connection
 
16,301
 
 
403,287


Perceptron
 1
 
357,700
 
 
3,777,312


Plexus
 Corporation 1
 
176,100
 
 
7,727,268


Richardson
 Electronics
 
573,732
 
 
4,635,755


Rofin-Sinar
 Technologies 1
 
257,501
 
 
7,107,028


Rogers
 Corporation 1
 
57,066
 
 
3,774,345


TTM
 Technologies 1, 2, 3
 
496,400
 
 
4,959,036


Vishay
 Precision Group 1
 
74,826
 
 
1,126,880


 
 
 
 
 


 
 
 
 
 
115,346,077



 
 
 
 
 








18   |   2015 Semiannual Report to Stockholders
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







June 30, 2015 (unaudited)






 



Schedule of Investments (continued)


 
 
 
 
 
 


 
 
SHARES

 

VALUE


 



INFORMATION TECHNOLOGY (continued)
 
 
 



INTERNET SOFTWARE & SERVICES - 1.4%
 
 
 


Care.com 1
 
369,400
 
$
2,186,848


j2
 Global
 
32,870
 
 
2,233,188


QuinStreet
 1
 
463,732
 
 
2,991,071


RealNetworks
 1
 
376,750
 
 
2,038,217


Spark
 Networks 1, 2
 
346,700
 
 
1,064,369


Stamps.com
 1
 
34,400
 
 
2,530,808


Support.com
 1
 
1,599,399
 
 
2,255,153


Tomorrow
 Focus 1
 
44,900
 
 
217,496


United
 Online 1
 
102,371
 
 
1,604,154


 
 
 
 
 


 
 
 
 
 
17,121,304



 
 
 
 
 



IT SERVICES - 2.7%
 
 
 


Computer
 Task Group
 
155,300
 
 
1,198,916


Convergys
 Corporation
 
121,000
 
 
3,084,290


eClerx
 Services
 
13,500
 
 
317,572



Hackett Group (The)
 
1,039,366
 
 
13,958,685


Hexaware
 Technologies
 
75,000
 
 
300,330


Innodata
 1
 
314,314
 
 
826,646


MAXIMUS
 
107,500
 
 
7,065,975


MoneyGram
 International 1
 
75,000
 
 
689,250


Persistent
 Systems
 
35,000
 
 
329,362


Prodware
 1
 
20,100
 
 
137,588


Sykes
 Enterprises 1
 
142,734
 
 
3,461,299


Unisys
 Corporation 1
 
94,000
 
 
1,879,060


 
 
 
 
 


 
 
 
 
 
33,248,973



 
 
 
 
 



SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
 
 
 


Amtech
 Systems 1
 
105,371
 
 
1,094,805


Brooks
 Automation
 
101,900
 
 
1,166,755


Cascade
 Microtech 1
 
44,300
 
 
674,467


Diodes
 1
 
270,850
 
 
6,530,193


Exar
 Corporation 1
 
157,576
 
 
1,541,093


Integrated
 Silicon Solution
 
14,715
 
 
325,790


Intermolecular
 1
 
185,448
 
 
365,333


Kopin
 Corporation 1
 
242,200
 
 
835,590


Kulicke
 & Soffa Industries 1
 
63,800
 
 
747,098


MKS
 Instruments
 
187,490
 
 
7,113,371


MoSys
 1, 2, 3
 
337,000
 
 
640,300


Nanometrics
 1
 
145,440
 
 
2,344,493


Photronics
 1
 
131,400
 
 
1,249,614


Teradyne
 
130,000
 
 
2,507,700


Ultra
 Clean Holdings 1
 
113,000
 
 
703,990


Veeco Instruments 1, 2, 3
 
91,760
 
 
2,637,182


 
 
 
 
 


 
 
 
 
 
30,477,774



 
 
 
 
 



SOFTWARE - 2.1%
 
 
 


American
 Software Cl. A
 
88,490
 
 
840,655



ANSYS 1, 2, 3
 
95,000
 
 
8,667,800


AVEVA
 Group
 
11,200
 
 
318,172


Blackbaud
 
31,400
 
 
1,788,230


Computer
 Modelling Group
 
192,000
 
 
1,946,133


Cyient
 
39,000
 
 
349,732


Envivio
 1
 
262,532
 
 
498,811


ePlus
 1
 
12,700
 
 
973,455


Mentor
 Graphics
 
92,083
 
 
2,433,754


Model
 N 1
 
104,000
 
 
1,238,640


Monotype
 Imaging Holdings
 
137,320
 
 
3,310,785


PSI
 1
 
52,500
 
 
605,781


SeaChange
 International 1
 
228,369
 
 
1,600,867


SimCorp
 
9,300
 
 
370,366


Totvs
 
50,000
 
 
627,191


 
 
 
 
 


 
 
 
 
 
25,570,372



 
 
 
 
 



TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.1%
 
 
 


Avid
 Technology 1
 
37,700
 
 
502,918


BlackBerry
 1, 2
 
10,000
 
 
81,800



Diebold 2, 3
 
266,600
 
 
9,331,000


Intevac
 1
 
114,000
 
 
666,900


Kortek
 
99,000
 
 
1,366,802


Silicon
 Graphics International 1
 
141,410
 
 
914,923


 
 
 
 
 


 
 
 
 
 
12,864,343



 


Total (Cost $184,727,597)

 
 
 
 
240,659,805



 



MATERIALS – 7.3%
 
 
 



CHEMICALS - 2.1%
 
 
 


C.
 Uyemura & Co.
 
5,800
 
 
311,836


Chase
 Corporation
 
11,497
 
 
457,006


FutureFuel
 Corporation
 
51,500
 
 
662,805


Hawkins
 
86,178
 
 
3,480,729


Innospec
 
57,178
 
 
2,575,297


KMG
 Chemicals
 
44,000
 
 
1,119,360


Minerals
 Technologies
 
94,843
 
 
6,461,654



Quaker Chemical
 
109,669
 
 
9,742,994


Umicore
 
6,000
 
 
284,487


Victrex
 
8,000
 
 
242,601


 
 
 
 
 


 
 
 
 
 
25,338,769



 
 
 
 
 



CONSTRUCTION MATERIALS - 0.9%
 
 
 



Ash Grove Cement Cl. B 4
 
50,518
 
 
10,154,118


Mardin
 Cimento Sanayii
 
255,200
 
 
402,782


 
 
 
 
 


 
 
 
 
 
10,556,900



 
 
 
 
 



CONTAINERS & PACKAGING - 0.7%
 
 
 


Greif
 Cl. A
 
106,344
 
 
3,812,433


Mayr-Melnhof
 Karton
 
32,000
 
 
3,615,680


UFP
 Technologies 1
 
59,609
 
 
1,247,020


 
 
 
 
 


 
 
 
 
 
8,675,133



 
 
 
 
 



METALS & MINING - 3.5%
 
 
 


AuRico
 Gold
 
132,000
 
 
374,880


Central
 Steel & Wire 4
 
4,862
 
 
3,014,440


Exeter
 Resource 1
 
475,000
 
 
229,188


Franco-Nevada
 Corporation
 
118,000
 
 
5,622,700


Fresnillo
 
20,000
 
 
218,089


Gold
 Fields ADR
 
865,000
 
 
2,793,950


Haynes
 International
 
23,000
 
 
1,134,360


Hecla
 Mining
 
660,000
 
 
1,735,800


IAMGOLD
 Corporation 1
 
510,000
 
 
1,020,000


Imdex
 1
 
741,766
 
 
171,693


Kirkland
 Lake Gold 1
 
90,000
 
 
405,685


Lundin
 Mining 1
 
640,000
 
 
2,628,663


Major
 Drilling Group International
 
491,323
 
 
2,458,582


Pan
 American Silver
 
130,430
 
 
1,120,394


Pretium
 Resources 1
 
246,000
 
 
1,331,433



Reliance Steel & Aluminum
 
168,130
 
 
10,168,502


Seabridge
 Gold 1, 2
 
282,000
 
 
1,723,020


Synalloy
 Corporation
 
178,800
 
 
2,449,560


Victoria
 Gold 1
 
550,000
 
 
61,649


Vista
 Gold 1
 
124,000
 
 
40,920


Worthington
 Industries
 
148,000
 
 
4,448,880


 
 
 
 
 


 
 
 
 
 
43,152,388



 
 
 
 
 








THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
2015 Semiannual Report to Stockholders   |   19







Royce Value Trust
June 30, 2015 (unaudited)






 



Schedule of Investments (continued)


 
 
 
 
 
 


 
 
SHARES

 

VALUE


 



MATERIALS (continued)
 
 
 



PAPER & FOREST PRODUCTS - 0.1%
 
 
 


Schweitzer-Mauduit
 International
 
22,198
 
$
885,256


TFS
 Corporation
 
246,700
 
 
305,498


 
 
 
 
 


 
 
 
 
 
1,190,754



 


Total (Cost $80,095,702)

 
 
 
 
88,913,944



 



TELECOMMUNICATION SERVICES – 0.5%
 
 
 



WIRELESS TELECOMMUNICATION SERVICES - 0.5%
 
 
 


Spok
 Holdings
 
18,595
 
 
313,140


Telephone
 and Data Systems
 
208,270
 
 
6,123,138


 


Total (Cost $5,721,184)

 
 
 
 
6,436,278



 



UTILITIES – 0.1%
 
 
 



GAS UTILITIES - 0.1%
 
 
 


Shizuoka
 Gas
 
110,000
 
 
768,476


Toho
 Gas
 
60,000
 
 
355,436


 
 
 
 
 


 
 
 
 
 
1,123,912



 
 
 
 
 



MULTI-UTILITIES - 0.0%
 
 
 


Just
 Energy Group 2
 
20,600
 
 
107,326



 


Total (Cost $1,234,656)

 
 
 
 
1,231,238



 



MISCELLANEOUS 7 – 3.0%
 
 
 


 


Total (Cost $34,748,812)

 
 
 
 
37,321,928



 



TOTAL COMMON STOCKS
 
 
 


 


(Cost $943,434,273)

 
 
 
 
1,209,620,397



 





REPURCHASE AGREEMENT – 7.3%
 
 
 


Fixed Income
 Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value $89,420,000

 (collateralized by obligations of various U.S. Government Agencies, 2.125% due 1/31/21,

 valued at $91,208,579)


 


(Cost $89,420,000)

 
 
 
 
89,420,000



 



TOTAL INVESTMENTS – 106.1%
 
 
 


 


(Cost $1,032,854,273)

 
 
 
 
1,299,040,397


 


 
 
 
 
 
 



LIABILITIES LESS CASH AND OTHER ASSETS – (6.1)%
 
 
(74,840,748)


 
 
 
 
 


 


NET ASSETS
 – 100.0%
 
 
 
$
1,224,199,649


 








 


 †
New additions
 in 2015.


 1
Non-income
 producing.


 2
All or a portion
 of these securities were pledged as collateral in connection with the revolving
 credit agreement at June 30, 2015. Total market value of pledged securities at June
 30, 2015, was $110,779,080.


 3
At June 30,
 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $65,665,298.


 4
These securities
 are defined as Level 2 securities due to fair value being based on quoted prices
 for similar securities. See Notes to Financial Statements.


 5
At June 30,
 2015, the Fund owned 5% or more of the Company’s outstanding voting securities
 thereby making the Company an Affiliated Company as that term is defined in the
 Investment Company Act of 1940. See Notes to Financial Statements.


 6
Securities
 for which market quotations are not readily available represent 0.0% of net assets.
 These securities have been valued at their fair value under procedures approved
 by the Fund’s Board of Directors. These securities are defined as Level 3 securities
 due to the use of significant unobservable inputs in the determination of fair value.
 See Notes to Financial Statements.


 7
Includes securities
 first acquired in 2015 and less than 1% of net assets.


 
 


 
Bold indicates
 the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.



 
 


 
TAX INFORMATION:
 The cost of total investments for Federal income tax purposes was $1,033,991,063.
 At June 30, 2015, net unrealized appreciation for all securities was $265,049,334,
 consisting of aggregate gross unrealized appreciation of $347,502,881 and aggregate
 gross unrealized depreciation of $82,453,547. The primary difference between book
 and tax basis cost is the timing of the recognition of losses on securities sold.


 








20   |   2015 Semiannual Report to Stockholders
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







Royce Value Trust
June 30, 2015 (unaudited)






 



Statement of Assets and Liabilities


 
 
 
 
 


ASSETS:
 
 
 
 


Investments
 at value
 
 
 
 


 


Non-Affiliated
 Companies (cost $935,250,548)
 
$
1,202,163,175
 


 


Affiliated
 Companies (cost $8,183,725)
 
 
7,457,222
 


 


Total investments at value
 
 
1,209,620,397
 


 


Repurchase agreements (at cost and value)
 
 
89,420,000
 


 


Cash and foreign currency
 
 
7,975
 


 


Receivable for investments sold
 
 
2,214,780
 


 


Receivable for dividends and interest
 
 
931,282
 


 


Prepaid expenses and other assets
 
 
548,484
 


 


Total Assets
 
 
1,302,742,918

 


 


LIABILITIES:
 
 
 
 


Revolving credit agreement
 
 
70,000,000
 


 


Payable for investments purchased
 
 
7,733,832
 


 


Payable for
 investment advisory fee
 
 
491,871
 


 


Payable for
 directors’ fees
 
 
46,197
 


 


Payable for
 interest expense
 
 
4,801
 


 


Accrued expenses
 
 
209,864
 


 


Deferred capital
 gains tax
 
 
56,704
 


 


Total Liabilities

 
 
78,543,269

 


 


Net Assets

 
$
1,224,199,649

 


 


ANALYSIS OF
 NET ASSETS:
 
 
 
 


Paid-in capital - $0.001 par value per share; 77,251,036 shares outstanding (150,000,000 shares authorized)
 
$
907,619,001
 


 


Undistributed
 net investment income (loss)
 
 
7,493,931
 


 


Accumulated
 net realized gain (loss) on investments and foreign currency
 
 
87,943,951
 


 


Net unrealized
 appreciation (depreciation) on investments and foreign currency
 
 
266,107,071
 


 


Quarterly distributions
 
 
(44,964,305
)


 


Net Assets
 (net asset value per share - $15.85)
 
$
1,224,199,649

 


 


Investments
 at identified cost
 
$
943,434,273
 


 








THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
2015 Semiannual Report to Stockholders   |   21







Royce Value Trust
Six Months Ended June 30, 2015 (unaudited)






 



Statement of Operations


 
 
 
 
 


INVESTMENT
 INCOME:
 
 
 
 


INCOME:
 
 
 
 


Dividends
 
 
 
 


 


Non-Affiliated
 Companies
 
$
9,042,544
 


 


Affiliated
 Companies
 
 
53,304
 


 


Foreign withholding
 tax
 
 
(227,460
)


 


Interest
 
 
44,437
 


 


Rehypothecation
 income
 
 
265,265
 


 


Securities
 lending
 
 
668
 


 


Total income

 
 
9,178,758

 


 


EXPENSES:
 
 
 
 


 


Investment
 advisory fees
 
 
2,927,659
 


 


Interest expense
 
 
429,480
 


 


Stockholder
 reports
 
 
211,103
 


 


Custody and
 transfer agent fees
 
 
131,224
 


 


Administrative
 and office facilities
 
 
84,173
 


 


Directors’ fees
 
 
79,029
 


 


Professional
 fees
 
 
41,766
 


 


Other expenses
 
 
66,709
 


 


Total expenses

 
 
3,971,143

 


 


Compensating
 balance credits
 
 
(13
)


 


Net expenses

 
 
3,971,130

 


 


Net investment
 income (loss)
 
 
5,207,628

 


 



REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:


NET REALIZED
 GAIN (LOSS):
 
 
 
 


 


Investments
 
 
42,709,081
 


 


Foreign currency
 transactions
 
 
(17,114
)


 


NET CHANGE
 IN UNREALIZED APPRECIATION (DEPRECIATION):
 
 
 
 


 


Investments
 and foreign currency translations
 
 
(30,510,696
)


 


Other assets
 and liabilities denominated in foreign currency
 
 
180,895
 


 


Net realized
 and unrealized gain (loss) on investments and foreign currency
 
 
12,362,166

 


 


NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS
 
$
17,569,794

 


 








22   |   2015 Semiannual Report to Stockholders
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







Royce Value Trust






 


Statement of Changes in Net Assets


 
 
 
 
 
 
 
 
 


 
 
 
SIX MONTHS ENDED
6/30/15
(UNAUDITED)
 
 
 
YEAR ENDED 12/31/14
 


 


INVESTMENT
 OPERATIONS:
 
 
 
 
 
 
 
 


Net investment
 income (loss)
 
$
5,207,628
 
 
$
9,123,977
 


 


Net realized
 gain (loss) on investments and foreign currency
 
 
42,691,967
 
 
 
130,855,526
 


 


Net change in unrealized appreciation (depreciation) on investments and foreign currency
 
 
(30,329,801
)
 
 
(140,388,974
)


 


Net increase
 (decrease) in net assets from investment operations
 
 
17,569,794

 
 
 
(409,471
)


 


DISTRIBUTIONS:
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
(10,008,114
)


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
(123,263,927
)


 


Quarterly distributions 1
 
 
(44,964,305
)
 
 
–
 


 


Total distributions

 
 
(44,964,305
)
 
 
(133,272,041
)


 


CAPITAL STOCK
 TRANSACTIONS:
 
 
 
 
 
 
 
 


Reinvestment
 of distributions
 
 
19,639,522
 
 
 
57,806,861
 


 


Total capital
 stock transactions
 
 
19,639,522

 
 
 
57,806,861

 


 


Net Increase
 (Decrease) In Net Assets
 
 
(7,754,989
)
 
 
(75,874,651
)


 


NET ASSETS:
 
 
 
 
 
 
 
 


 


Beginning
 of period
 
 
1,231,954,638

 
 
 
1,307,829,289

 


 


End of
 period (including undistributed net investment income (loss) of $7,493,931 at 6/30/15
 and $2,286,303 at 12/31/14)
 
$
1,224,199,649

 
 
$
1,231,954,638

 


 






 1
To be allocated to net investment income, net realized gains and/or return of capital at year end.








THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
2015 Semiannual Report to Stockholders   |   23







Royce Value Trust
Six Months Ended June 30, 2015 (unaudited)






 



Statement of Cash Flows


 
 
 
 
 


CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 


Net increase
 (decrease) in net assets from investment operations
 
$
17,569,794
 


 


Adjustments
 to reconcile net increase (decrease) in net assets from investment operations to
 net cash provided by operating activities:
 
 
 
 


 


Purchases
 of long-term investments
 
 
(202,375,047
)


 


Proceeds
 from sales and maturities of long-term investments
 
 
282,196,062
 


 


Net
 purchases, sales and maturities of short-term investments
 
 
(59,865,000
)


 


Net
 (increase) decrease in dividends and interest receivable and other assets
 
 
58,603
 


 


Net
 increase (decrease) in interest expense payable, accrued expenses and other liabilities
 
 
(196,204
)


 


Net
 change in unrealized appreciation (depreciation) on investments
 
 
30,510,696
 


 


Net
 realized gain on investments and foreign currency
 
 
(42,691,967
)


 


Net cash
 provided by operating activities
 
 
25,206,937

 


 


CASH FLOWS
 FROM FINANCING ACTIVITIES:
 
 
 
 


Distributions
 
 
(44,964,305
)


 


Reinvestment
 of distributions
 
 
19,639,522
 


 


Net cash
 used for financing activities
 
 
(25,324,783
)


 


INCREASE
 (DECREASE) IN CASH:
 
 
(117,846
)


 


Cash and
 foreign currency at beginning of period
 
 
125,821

 


 


Cash and
 foreign currency at end of period
 
$
7,975
 


 








24   |   2015 Semiannual Report to Stockholders
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







Royce Value Trust


 


 


Financial
 Highlights


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




 
 
SIX MONTHS
 
YEARS ENDED








 


 
 
ENDED
6/30/15
(UNAUDITED)
 

12/31/14
 

12/31/13
 

12/31/12
 

12/31/11
 

12/31/10


 


Net Asset Value, Beginning of Period
 
$
16.24
 
 
$
18.17
 
 
$
15.40
 
 
$
14.18
 
 
$
16.73
 
 
$
12.87
 


 


INVESTMENT
 OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net investment income (loss)
 
 
0.07
 
 
 
0.12
 
 
 
0.12
 
 
 
0.23
 
 
 
0.10
 
 
 
0.24
 


 


Net realized
 and unrealized gain (loss) on investments and foreign currency
 
 
0.17
 
 
 
(0.13
)
 
 
4.89
 
 
 
2.02
 
 
 
(1.62
)
 
 
3.85
 


 


Total investment
 operations
 
 
0.24
 
 
 
(0.01
)
 
 
5.01
 
 
 
2.25
 
 
 
(1.52
)
 
 
4.09
 


 


DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(0.04
)
 
 
(0.03
)
 
 
(0.20
)


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(0.13
)
 
 
(0.16
)
 
 
–
 


 


Total distributions to Preferred Stockholders
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(0.17
)
 
 
(0.19
)
 
 
(0.20
)


 


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



Investment Operations
 
 
0.24
 
 
 
(0.01
)
 
 
5.01
 
 
 
2.08
 
 
 
(1.71
)
 
 
3.89
 


 


DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
(0.14
)
 
 
(0.11
)
 
 
(0.17
)
 
 
(0.08
)
 
 
(0.03
)


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
(1.68
)
 
 
(2.08
)
 
 
(0.63
)
 
 
(0.43
)
 
 
–
 


 


Return of
 capital
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(0.27
)
 
 
–
 


 


Quarterly distributions 1
 
 
(0.59
)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 


 


Total distributions
 to Common Stockholders
 
 
(0.59
)
 
 
(1.82
)
 
 
(2.19
)
 
 
(0.80
)
 
 
(0.78
)
 
 
(0.03
)


 


CAPITAL STOCK
 TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Effect of
 reinvestment of distributions by Common Stockholders
 
 
(0.04
)
 
 
(0.10
)
 
 
(0.05
)
 
 
(0.06
)
 
 
(0.06
)
 
 
(0.00
)


 


Total capital
 stock transactions
 
 
(0.04
)
 
 
(0.10
)
 
 
(0.05
)
 
 
(0.06
)
 
 
(0.06
)
 
 
(0.00
)


 


Net Asset
 Value, End of Period
 
$
15.85
 
 
$
16.24
 
 
$
18.17
 
 
$
15.40
 
 
$
14.18
 
 
$
16.73
 


 


Market
 Value, End of Period
 
$
13.79
 
 
$
14.33
 
 
$
16.01
 
 
$
13.42
 
 
$
12.27
 
 
$
14.54
 


 



TOTAL RETURN: 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net Asset
 Value
 
 
1.69
% 3
 
 
0.78
%
 
 
34.14
%
 
 
15.41
%
 
 
(10.06
)%
 
 
30.27
%


 


Market Value
 
 
0.27
% 3
 
 
0.93
%
 
 
35.63
%
 
 
16.22
%
 
 
(10.46
)%
 
 
35.05
%


 


RATIOS BASED
 ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Investment
 advisory fee expense 4
 
 
0.48
% 5
 
 
0.46
%
 
 
0.54
%
 
 
0.56
%
 
 
0.86
%
 
 
0.11
%


 


Other operating
 expenses
 
 
0.17
% 5
 
 
0.15
%
 
 
0.25
%
 
 
0.15
%
 
 
0.12
%
 
 
0.12
%


 


Total expenses
 (net) 6
 
 
0.65
% 5
 
 
0.61
%
 
 
0.79
%
 
 
0.71
%
 
 
0.98
%
 
 
0.23
%


 


Expenses net
 of fee waivers and excluding interest expense
 
 
0.58
% 5
 
 
0.55
%
 
 
0.65
%
 
 
0.68
%
 
 
0.98
%
 
 
0.23
%


 


Expenses prior
 to fee waivers and balance credits
 
 
0.65
% 5
 
 
0.61
%
 
 
0.79
%
 
 
0.71
%
 
 
0.98
%
 
 
0.23
%


 


Expenses prior
 to fee waivers
 
 
0.65
% 5
 
 
0.61
%
 
 
0.79
%
 
 
0.71
%
 
 
0.98
%
 
 
0.23
%


 


Net investment
 income (loss)
 
 
0.85
% 5
 
 
0.72
%
 
 
0.70
%
 
 
1.57
%
 
 
0.63
%
 
 
1.69
%


 


SUPPLEMENTAL
 DATA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net Assets
 Applicable to Common Stockholders, End of Period (in thousands)
 
$
1,224,200
 
 
$
1,231,955
 
 
$
1,307,829
 
 
$
1,082,426
 
 
$
966,640
 
 
$
1,105,879
 


 


Liquidation
 Value of Preferred Stock, End of Period (in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
220,000
 
 
$
220,000
 


 


Portfolio
 Turnover Rate
 
 
17
%
 
 
40
%
 
 
33
%
 
 
25
%
 
 
26
%
 
 
30
%


 


PREFERRED
 STOCK:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Total shares
 outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,800,000
 
 
 
8,800,000
 


 


Asset coverage
 per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 134.88
 
 
$
 150.67
 


 


Liquidation
 preference per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 25.00
 
 
$
 25.00
 


 


Average month-end
 market value per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 25.37
 
 
$
 25.06
 


 


REVOLVING
 CREDIT AGREEMENT:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Asset coverage
 
 
1849
%
 
 
1860
%
 
 
1289
%
 
 
822
%
 
 
 
 
 
 
 
 


 


Asset coverage
 per $1,000
 
$
18,489
 
 
$
18,599
 
 
$
12,889
 
 
$
8,216
 
 
 
 
 
 
 
 
 


 






1
To be allocated
 to net investment income, net realized gains and/or return of capital at year end.


2
The Market
 Value Total Return is calculated assuming a purchase of Common Stock on the opening
 of the first business day and a sale on the closing of the last business day of
 each period. Dividends and distributions are assumed for the purposes of this calculation
 to be reinvested at prices obtained under the Fund’s Distribution Reinvestment
 and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis,
 except that the Fund’s net asset value is used on the purchase and sale dates
 instead of market value.


3
Not annualized


4
The investment
 advisory fee is calculated based on average net assets over a rolling 60-month basis,
 while the above ratios of investment advisory fee expenses are based on the average
 net assets applicable to Common Stockholders over a 12-month basis.


5
Annualized


6
Expense ratios
 based on total average net assets including liquidation value of Preferred Stock
 were 0.60%, 0.82% and 0.18% for the years ended December 31, 2012, 2011 and 2010,
 respectively.








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




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


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


 
Level 1 – 
quoted prices in active markets for identical securities.


 
Level 2 – 
other significant
 observable inputs (including quoted prices for similar securities, foreign securities
 that may be fair valued and repurchase agreements). The table below includes all
 Level 2 securities. Level 2 securities with values based on quoted prices for similar
 securities are noted in the Schedule of Investments.


 
Level 3 – 
significant
 unobservable inputs (including last trade price before trading was suspended, or
 at a discount thereto for lack of marketability or otherwise, market price information
 regarding other securities, information received from the company and/or published
 documents, including SEC filings and financial statements, or other publicly available
 information).


The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following
 is a summary of the inputs used to value the Fund’s investments as of June 30, 2015. For a detailed breakout of common stocks
 by sector classification, please refer to the Schedule of Investments.




 
LEVEL
 1
LEVEL
 2
LEVEL
 3
TOTAL



 


Common Stocks
$1,186,155,432
$23,237,468
$227,497
$1,209,620,397



 


Cash Equivalents
                    –
  89,420,000
          –
     89,420,000


 


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


26   |   2015 Semiannual Report to Stockholders



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


 
BALANCE AS OF 12/31/14
PURCHASES

SALES

REALIZED
 AND UNREALIZED
GAIN (LOSS) 1
BALANCE AS OF 6/30/15


 


Common Stocks
$ 270,001            
$ 0
$           1
       $ (42,503)       
$227,497


 


Preferred
 Stocks
1,216,350            
  –
724,062
        (492,288)       
           –


 




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




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


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


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


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


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


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


2015 Semiannual Report to Stockholders   |   27



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


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


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


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


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


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


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


28   |   2015 Semiannual Report to Stockholders



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


Notwithstanding the foregoing, Royce is
 not entitled to receive any fee for any month when the investment performance of
 the Fund for the rolling 36-month period ending with such month is negative. In
 the event that the Fund’s investment performance for such a performance period is less than zero, Royce will not be required
 to refund to the Fund any fee earned in respect of any prior performance period.


For the six rolling 60-month periods ended
 June 2015, the Fund’s investment performance ranged from 37% to 45% below the
investment performance of the S&P 600. Accordingly,
 the net investment advisory fee consisted of a Basic Fee of $5,855,318 and a net
 downward adjustment of $2,927,659 for the performance of the Fund relative to that
 of the S&P 600. For the six months ended June 30, 2015, the Fund accrued and
 paid Royce investment advisory fees totaling $2,927,659.


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


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




AFFILIATED
 COMPANY
SHARES
12/31/14
MARKET VALUE
12/31/14    
COST OF
PURCHASES
COST OF
SALES
REALIZED
GAIN (LOSS)
DIVIDEND
INCOME
SHARES  
6/30/15  
MARKET VALUE
6/30/15    


 


Stanley Furniture
1,012,235
$2,773,524
–
–
–
–
1,012,235
$3,006,338


 


Timberland
 Bancorp
444,200
4,708,520
–
–
–
$53,304
444,200
4,450,884


 


 
 
$7,482,044

 
 
 
$53,304

 
$7,457,222



 






2015 Semiannual Report to Stockholders   |   29



Royce Micro-Cap Trust


 



Schedule of Investments



Common Stocks – 105.9%


 
 
 
 
 
 


 
 
SHARES

 

VALUE


 



CONSUMER DISCRETIONARY – 16.6%
 
 
 



AUTO COMPONENTS - 2.6%
 
 
 



Drew Industries 1, 2
 
55,400
 
$
3,214,308


Fuel
 Systems Solutions 3
 
152,000
 
 
1,136,960


Global
 & Yuasa Battery
 
50,500
 
 
1,731,700


Motorcar
 Parts of America 3
 
50,000
 
 
1,504,500


Standard
 Motor Products
 
61,853
 
 
2,172,278


 
 
 
 
 


 
 
 
 
 
9,759,746



 
 
 
 
 



DISTRIBUTORS - 0.7%
 
 
 


Core-Mark
 Holding Company
 
16,800
 
 
995,400


Weyco
 Group
 
59,600
 
 
1,777,272


 
 
 
 
 


 
 
 
 
 
2,772,672



 
 
 
 
 



DIVERSIFIED CONSUMER SERVICES - 1.9%
 
 
 


American
 Public Education 3
 
68,300
 
 
1,756,676


Capella
 Education
 
1,300
 
 
69,771


Collectors
 Universe
 
83,100
 
 
1,657,014


Liberty
 Tax Cl. A
 
108,264
 
 
2,679,534


Lincoln
 Educational Services 3
 
425,800
 
 
860,116


 
 
 
 
 


 
 
 
 
 
7,023,111



 
 
 
 
 



HOTELS, RESTAURANTS & LEISURE - 0.6%
 
 
 


Monarch
 Casino & Resort 3
 
31,997
 
 
657,858


MTY
 Food Group
 
55,300
 
 
1,466,402


Nathan’s Famous
 
2,100
 
 
77,826


 
 
 
 
 


 
 
 
 
 
2,202,086



 
 
 
 
 



HOUSEHOLD DURABLES - 3.1%
 
 
 


Cavco
 Industries 3
 
18,691
 
 
1,410,049


Ethan
 Allen Interiors 1
 
69,700
 
 
1,835,898


Flexsteel
 Industries 1, 2
 
53,900
 
 
2,322,551


iRobot
 Corporation 1, 2, 3
 
15,000
 
 
478,200


Lifetime
 Brands
 
192,094
 
 
2,837,228


Skyline
 Corporation 3
 
183,400
 
 
539,196


Stanley
 Furniture 3
 
93,468
 
 
277,600


Universal
 Electronics 3
 
37,900
 
 
1,888,936


 
 
 
 
 


 
 
 
 
 
11,589,658



 
 
 
 
 



INTERNET & CATALOG RETAIL - 1.0%
 
 
 


Blue
 Nile 3
 
76,500
 
 
2,324,835


FTD
 Companies 3
 
48,700
 
 
1,372,853


 
 
 
 
 


 
 
 
 
 
3,697,688



 
 
 
 
 



LEISURE PRODUCTS - 1.7%
 
 
 


Arctic
 Cat
 
11,500
 
 
381,915


LeapFrog
 Enterprises Cl. A 1, 3
 
446,000
 
 
624,400



Nautilus 3
 
177,700
 
 
3,822,327


Smith
 & Wesson Holding Corporation 1, 2, 3
 
92,600
 
 
1,536,234


Sturm,
 Ruger & Co.
 
1,100
 
 
63,195


 
 
 
 
 


 
 
 
 
 
6,428,071



 
 
 
 
 



MEDIA - 1.1%
 
 
 


Rentrak
 Corporation 3
 
34,500
 
 
2,408,100


Sizmek
 3
 
5,800
 
 
41,180


Value
 Line
 
169,000
 
 
1,754,220


 
 
 
 
 


 
 
 
 
 
4,203,500



 
 
 
 
 



SPECIALTY RETAIL - 1.8%
 
 
 


Aeropostale
 3
 
165,000
 
 
267,300


America’s Car-Mart 1, 2, 3
 
18,100
 
 
892,692


Destination
 Maternity
 
190,600
 
 
2,222,396


Kirkland’s
 
7,900
 
 
220,173


Le
 Chateau Cl. A 3
 
685,000
 
 
318,094


Lewis
 Group
 
57,000
 
 
461,913


Shoe
 Carnival 1
 
31,628
 
 
912,784


Stage
 Stores 1
 
27,800
 
 
487,334


Systemax
 1, 2, 3
 
44,000
 
 
380,160


West
 Marine 3
 
86,000
 
 
829,040


 
 
 
 
 


 
 
 
 
 
6,991,886



 
 
 
 
 



TEXTILES, APPAREL & LUXURY GOODS - 2.1%
 
 
 


Crown
 Crafts
 
159,359
 
 
1,274,872


Culp
 
55,100
 
 
1,708,100


J.G.
 Boswell Company 4
 
2,490
 
 
1,755,450


Movado
 Group 1
 
44,374
 
 
1,205,198


YGM
 Trading
 
1,422,000
 
 
1,838,141


 
 
 
 
 


 
 
 
 
 
7,781,761



 


Total (Cost $56,674,496)

 
 
 
 
62,450,179



 



CONSUMER STAPLES – 2.8%
 
 
 



BEVERAGES - 0.1%
 
 
 


Crimson
 Wine Group 3, 4
 
58,124
 
 
543,459



 
 
 
 
 



FOOD PRODUCTS - 2.7%
 
 
 


Binggrae
 
18,078
 
 
1,369,484


Farmer
 Bros. 1, 3
 
67,400
 
 
1,583,900


John
 B. Sanfilippo & Son
 
26,900
 
 
1,396,110


Landec
 Corporation 3
 
75,610
 
 
1,091,052


Limoneira
 Company
 
6,400
 
 
142,272



Seneca Foods Cl. A 3
 
51,400
 
 
1,427,378



Seneca Foods Cl. B 3
 
42,500
 
 
1,264,800


SunOpta
 3
 
138,700
 
 
1,488,251


Waterloo
 Investment Holdings 3, 5
 
806,207
 
 
306,359


 
 
 
 
 


 
 
 
 
 
10,069,606



 


Total (Cost $7,527,262)

 
 
 
 
10,613,065



 



ENERGY – 1.7%
 
 
 



ENERGY EQUIPMENT & SERVICES - 0.9%
 
 
 


Canadian
 Energy Services & Technology
 
25,000
 
 
144,115


Dawson
 Geophysical 3
 
93,654
 
 
440,174


Geospace
 Technologies 1, 2, 3
 
9,500
 
 
218,975


Gulf
 Island Fabrication
 
103,216
 
 
1,152,923


Matrix
 Service 1, 2, 3
 
25,300
 
 
462,484


North
 American Energy Partners
 
50,000
 
 
121,500


Pioneer
 Energy Services 1, 3
 
57,500
 
 
364,550


Tesco
 Corporation 1
 
58,000
 
 
632,200


 
 
 
 
 


 
 
 
 
 
3,536,921



 
 
 
 
 



OIL, GAS & CONSUMABLE FUELS - 0.8%
 
 
 


Ardmore
 Shipping
 
10,600
 
 
128,366


Permian
 Basin Royalty Trust
 
266,333
 
 
2,146,644


Resolute
 Energy 1, 2, 3
 
102,100
 
 
98,680


StealthGas
 3
 
74,500
 
 
502,875


 
 
 
 
 


 
 
 
 
 
2,876,565



 


Total (Cost $9,118,156)

 
 
 
 
6,413,486



 



FINANCIALS – 19.8%
 
 
 



BANKS - 2.0%
 
 
 


Bank
 of N.T. Butterfield & Son
 
438,100
 
 
714,103


BCB
 Holdings 3
 
566,936
 
 
75,718


Blue
 Hills Bancorp 3
 
50,000
 
 
700,000


Bryn
 Mawr Bank
 
25,000
 
 
754,000


Chemung
 Financial 1
 
31,000
 
 
820,880


Fauquier
 Bankshares 1, 2
 
140,200
 
 
2,227,778


First
 Bancorp (The)
 
40,200
 
 
781,488


Peapack-Gladstone
 Financial
 
53,606
 
 
1,191,125


 
 
 
 
 


 
 
 
 
 
7,265,092



 
 
 
 
 



CAPITAL MARKETS - 11.1%
 
 
 


ASA
 Gold and Precious Metals
 
206,150
 
 
2,001,716








30   |   2015 Semiannual Report to Stockholders
THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







June 30,
 2015 (unaudited)






 


Schedule
 of Investments (continued)





 
 
SHARES

 
 
VALUE



 


 
 
 
 
 
 


FINANCIALS
 (continued)
 
 
 
 
 


CAPITAL MARKETS
 (continued)
 
 
 
 
 


BHF
 Kleinwort Benson Group 3
 
230,000
 
$
1,125,664


Cowen
 Group 3
 
245,900
 
 
1,573,760



Diamond Hill Investment Group 1,2
 
23,354
 
 
4,662,860


Dundee
 Corporation Cl. A 3
 
120,000
 
 
1,204,804


Equity
 Trustees
 
43,150
 
 
678,832


FBR
 & Co. 3
 
51,684
 
 
1,195,968


Fiera
 Capital Cl. A
 
78,000
 
 
773,755


†Fifth
 Street Asset Management Cl. A
 
211,603
 
 
2,175,279


INTL
 FCStone 1,2,3
 
41,727
 
 
1,387,005


JZ
 Capital Partners
 
253,999
 
 
1,789,945


Medley
 Management Cl. A
 
210,800
 
 
2,495,872



MVC Capital 1,2
 
387,400
 
 
3,951,480


Newtek
 Business Services
 
86,600
 
 
1,534,552


OHA
 Investment
 
230,820
 
 
1,313,366


Queen
 City Investments 4
 
948
 
 
1,090,200



Silvercrest Asset Management Group Cl. A
 
228,600
 
 
3,214,116


Sprott
 
984,300
 
 
1,946,534


U.S.
 Global Investors Cl. A
 
676,254
 
 
1,879,986


Urbana
 Corporation
 
237,600
 
 
410,901


Westwood
 Holdings Group 1
 
34,700
 
 
2,067,079



ZAIS Group Holdings Cl. A 3
 
292,160
 
 
3,184,544


 
 
 
 
 


 
 
 
 
 
41,658,218



 
 
 
 
 


CONSUMER FINANCE
 - 1.0%
 
 
 
 
 


EZCORP
 Cl. A 1,2,3
 
201,000
 
 
1,493,430


J.G.
 Wentworth Company Cl. A 3
 
160,000
 
 
1,472,000


Regional
 Management 3
 
51,400
 
 
918,004


 
 
 
 
 


 
 
 
 
 
3,883,434



 
 
 
 
 


DIVERSIFIED
 FINANCIAL SERVICES - 0.6%
 
 
 
 
 


Banca
 Finnat Euramerica
 
1,310,000
 
 
711,241


GAIN
 Capital Holdings
 
25,000
 
 
239,000


PICO
 Holdings 1,3
 
45,700
 
 
672,704


Warsaw
 Stock Exchange
 
52,900
 
 
666,033


 
 
 
 
 


 
 
 
 
 
2,288,978



 
 
 
 
 


INSURANCE
 - 2.1%
 
 
 
 
 


Hallmark
 Financial Services 3
 
114,000
 
 
1,297,320


Independence
 Holding Company
 
105,380
 
 
1,389,962


National
 Western Life Insurance Cl. A 1
 
7,033
 
 
1,684,333


State
 Auto Financial 1,2
 
97,264
 
 
2,329,473


United
 Fire Group 1
 
38,603
 
 
1,264,635


 
 
 
 
 


 
 
 
 
 
7,965,723



 
 
 
 
 


REAL ESTATE
 INVESTMENT TRUSTS (REITS) - 0.4%
 
 
 
 
 


BRT
 Realty Trust 3
 
230,331
 
 
1,619,227



 
 
 
 
 


REAL ESTATE
 MANAGEMENT & DEVELOPMENT - 2.6%
 
 
 
 
 


AV
 Homes 3
 
75,300
 
 
1,082,061


Forestar
 Group 1,2,3
 
53,000
 
 
697,480



FRP Holdings 1,2,3
 
88,381
 
 
2,866,196


Griffin
 Industrial Realty
 
47,746
 
 
1,529,782


Hopefluent
 Group Holdings
 
1,400,000
 
 
475,002


Marcus
 & Millichap 3
 
2,700
 
 
124,578



Tejon Ranch 1,2,3
 
112,162
 
 
2,883,685



Tejon Ranch (Warrants) 3
 
13,146
 
 
5,915


 
 
 
 
 


 
 
 
 
 
9,664,699



 


Total (Cost $67,746,119)

 
 
 
 
74,345,371



 


 
 
 
 
 
 


HEALTH
 CARE – 10.7%
 
 
 
 
 


BIOTECHNOLOGY
 - 1.2%
 
 
 
 
 


Aquinox
 Pharmaceuticals 3
 
47,622
 
 
330,497


ARIAD
 Pharmaceuticals 1,3
 
114,102
 
 
943,624


Celsion
 Corporation 3
 
115,555
 
 
271,554


ChemoCentryx
 3
 
70,000
 
 
576,100


Fortress
 Biotech 3
 
147,400
 
 
495,264


Zealand
 Pharma 3
 
104,000
 
 
1,717,300


 
 
 
 
 


 
 
 
 
 
4,334,339



 
 
 
 
 


HEALTH CARE
 EQUIPMENT & SUPPLIES - 4.5%
 
 
 
 
 


Allied
 Healthcare Products 3
 
45,172
 
 
66,403


AngioDynamics
 1,2,3
 
42,163
 
 
691,473



Atrion Corporation
 
10,294
 
 
4,038,439


Cerus
 Corporation 1,2,3
 
140,000
 
 
726,600


Cynosure
 Cl. A 3
 
1,500
 
 
57,870


Derma
 Sciences 3
 
74,958
 
 
536,699



Exactech 1,2,3
 
137,200
 
 
2,857,876


Inogen
 3
 
5,400
 
 
240,840


Invacare
 Corporation 1
 
44,300
 
 
958,209


Meridian
 Bioscience
 
45,400
 
 
846,256


STRATEC
 Biomedical
 
14,000
 
 
771,108


Symmetry
 Surgical 3
 
2,975
 
 
25,942


Synergetics  USA 1,3
 
61,735
 
 
290,155


Syneron
 Medical 3
 
69,200
 
 
734,904


TearLab
 Corporation 3
 
100,000
 
 
202,000


Trinity
 Biotech ADR Cl. A
 
81,600
 
 
1,473,696


Utah
 Medical Products
 
38,100
 
 
2,271,903


 
 
 
 
 


 
 
 
 
 
16,790,373



 
 
 
 
 


HEALTH CARE
 PROVIDERS & SERVICES - 3.4%
 
 
 
 
 


Aceto
 Corporation
 
72,219
 
 
1,778,754


Addus
 HomeCare 3
 
66,900
 
 
1,863,834


CorVel
 Corporation 1,3
 
40,000
 
 
1,280,800



Cross Country Healthcare 3
 
240,700
 
 
3,052,076


Landauer
 
32,343
 
 
1,152,704


National
 Research Cl. A
 
40,033
 
 
568,869


PharMerica
 Corporation 1,2,3
 
40,000
 
 
1,332,000


Psychemedics
 Corporation
 
83,200
 
 
1,233,856


U.S.
 Physical Therapy
 
12,600
 
 
689,976


 
 
 
 
 


 
 
 
 
 
12,952,869



 
 
 
 
 


HEALTH CARE
 TECHNOLOGY - 0.6%
 
 
 
 
 


Computer
 Programs and Systems
 
24,000
 
 
1,282,080


HealthStream
 3
 
24,227
 
 
736,985


Vocera
 Communications 3
 
33,100
 
 
378,995


 
 
 
 
 


 
 
 
 
 
2,398,060



 
 
 
 
 


PHARMACEUTICALS
 - 1.0%
 
 
 
 
 


Agile
 Therapeutics 1,3
 
80,000
 
 
687,200


Lipocine
 3
 
122,800
 
 
1,053,624


Repros
 Therapeutics 3
 
129,000
 
 
922,350


Theravance
 Biopharma 3
 
83,509
 
 
1,087,287


 
 
 
 
 


 
 
 
 
 
3,750,461




 


Total (Cost $30,310,628)

 
 
 
 
40,226,102



 


 
 
 
 
 
 


INDUSTRIALS
 – 20.7%
 
 
 
 
 


AEROSPACE
 & DEFENSE - 1.6%
 
 
 
 
 


Breeze-Eastern
 Corporation 3
 
24,233
 
 
278,680


CPI
 Aerostructures 3
 
90,700
 
 
907,907


Ducommun
 1,2,3
 
75,700
 
 
1,943,219


FLYHT
 Aerospace Solutions 3
 
800,200
 
 
150,558


Innovative
 Solutions and Support 3
 
142,828
 
 
471,332


Kratos
 Defense & Security Solutions 3
 
72,324
 
 
455,641


SIFCO
 Industries
 
45,800
 
 
682,420





THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual
 Report to Stockholders  |  31







Royce Micro-Cap
 Trust


 


 


 


Schedule
 of Investments (continued)





 
 
SHARES

 
 
VALUE



 


 
 
 
 
 
 


INDUSTRIALS
 (continued)
 
 
 
 
 


AEROSPACE
 & DEFENSE (continued)
 
 
 
 
 


Sparton
 Corporation 1,2,3
 
35,700
 
$
975,324


 
 
 
 
 


 
 
 
 
 
5,865,081



 
 
 
 
 


AIR FREIGHT
 & LOGISTICS - 0.7%
 
 
 
 
 


Frontier
 Services Group 3
 
6,137,286
 
 
2,581,103



 
 
 
 
 


BUILDING PRODUCTS
 - 1.7%
 
 
 
 
 


AAON
 1,2
 
30,300
 
 
682,356


Apogee
 Enterprises
 
31,900
 
 
1,679,216


Burnham
 Holdings Cl. A 4
 
117,000
 
 
2,162,160


Insteel
 Industries
 
60,500
 
 
1,131,350


Patrick
 Industries 3
 
21,150
 
 
804,758


 
 
 
 
 


 
 
 
 
 
6,459,840



 
 
 
 
 


COMMERCIAL
 SERVICES & SUPPLIES - 1.6%
 
 
 
 
 


CompX
 International Cl. A
 
107,500
 
 
1,225,500



Heritage-Crystal Clean 3
 
235,077
 
 
3,455,632


Horizon
 North Logistics
 
22,300
 
 
68,739


Intersections
 1,2,3
 
203,700
 
 
625,359


Team
 1,2,3
 
17,500
 
 
704,375


 
 
 
 
 


 
 
 
 
 
6,079,605



 
 
 
 
 


CONSTRUCTION
 & ENGINEERING - 3.2%
 
 
 
 
 


Ameresco
 Cl. A 3
 
295,700
 
 
2,262,105



Integrated Electrical Services 3
 
570,682
 
 
4,051,842


Layne
 Christensen 1,2,3
 
50,000
 
 
447,500



MYR Group 1,2,3
 
107,100
 
 
3,315,816


Northwest
 Pipe 3
 
32,000
 
 
651,840


Orbit
 Garant Drilling 3
 
1,512,500
 
 
1,235,188


 
 
 
 
 


 
 
 
 
 
11,964,291



 
 
 
 
 


ELECTRICAL
 EQUIPMENT - 1.0%
 
 
 
 
 


Encore
 Wire 1
 
15,000
 
 
664,350


Global
 Power Equipment Group
 
55,649
 
 
431,836


LSI
 Industries
 
99,012
 
 
924,772


Orion
 Energy Systems 3
 
100,000
 
 
251,000


Powell
 Industries
 
28,400
 
 
998,828


Preformed
 Line Products
 
17,243
 
 
650,406


 
 
 
 
 


 
 
 
 
 
3,921,192



 
 
 
 
 


INDUSTRIAL
 CONGLOMERATES - 0.6%
 
 
 
 
 


Raven
 Industries 1
 
103,400
 
 
2,102,122



 
 
 
 
 


MACHINERY
 - 5.2%
 
 
 
 
 


ARC
 Group Worldwide 1,2,3
 
39,250
 
 
208,025


CIRCOR
 International 1
 
1,100
 
 
59,983


Columbus
 McKinnon
 
39,850
 
 
996,250


Douglas
 Dynamics
 
50,000
 
 
1,074,000


Eastern
 Company (The)
 
39,750
 
 
736,170


Foster
 (L.B.) Company 1
 
46,400
 
 
1,605,904


Graham
 Corporation 1
 
111,948
 
 
2,293,815


Hurco
 Companies
 
57,266
 
 
1,982,549


Kadant
 
21,200
 
 
1,000,640


Luxfer
 Holdings ADR
 
27,812
 
 
361,556



NN
 
141,600
 
 
3,613,632


Pfeiffer
 Vacuum Technology
 
21,000
 
 
1,871,074


Sun
 Hydraulics
 
8,200
 
 
312,502


Tecumseh
 Products 3
 
265,000
 
 
654,550


Tennant
 Company 1,2
 
33,500
 
 
2,188,890


Twin
 Disc
 
7,000
 
 
130,480


Wabash
 National 3
 
46,100
 
 
578,094


 
 
 
 
 


 
 
 
 
 
19,668,114



 
 
 
 
 


 
 
 
 
 
 


MARINE - 0.4%
 
 
 
 
 


Clarkson
 
32,700
 
 
1,406,267



 
 
 
 
 


PROFESSIONAL
 SERVICES - 2.7%
 
 
 
 
 


Acacia
 Research 1
 
69,700
 
 
611,269


CBIZ
 3
 
47,000
 
 
453,080


Franklin
 Covey 3
 
78,700
 
 
1,596,823


Heidrick
 & Struggles International
 
98,268
 
 
2,562,830


ICF
 International 3
 
15,700
 
 
547,302


Kforce
 1
 
66,600
 
 
1,523,142


Mistras
 Group 3
 
4,100
 
 
77,818


Navigant
 Consulting 3
 
5,100
 
 
75,837


Resources
 Connection
 
60,160
 
 
967,974


RPX
 Corporation 3
 
104,900
 
 
1,772,810


 
 
 
 
 


 
 
 
 
 
10,188,885



 
 
 
 
 


ROAD &
 RAIL - 1.0%
 
 
 
 
 


Marten
 Transport
 
3,300
 
 
71,610


†Patriot
 Transportation Holding 1,2,3
 
29,460
 
 
726,189



Universal Truckload Services 1
 
134,200
 
 
2,947,032


 
 
 
 
 


 
 
 
 
 
3,744,831



 
 
 
 
 


TRADING COMPANIES
 & DISTRIBUTORS - 0.8%
 
 
 
 
 


DXP
 Enterprises 3
 
1,600
 
 
74,400


Houston
 Wire & Cable
 
162,075
 
 
1,607,784


Lawson
 Products 3
 
47,769
 
 
1,121,616


MFC
 Industrial 3
 
70,000
 
 
283,500


 
 
 
 
 


 
 
 
 
 
3,087,300



 
 
 
 
 


TRANSPORTATION
 INFRASTRUCTURE - 0.2%
 
 
 
 
 


Touax
 
53,197
 
 
880,704



 


Total (Cost $60,432,284)

 
 
 
 
77,949,335


 


 
 
 
 
 
 


INFORMATION
 TECHNOLOGY – 22.6%
 
 
 
 
 


COMMUNICATIONS
 EQUIPMENT - 1.2%
 
 
 
 
 


Alliance
 Fiber Optic Products
 
48,900
 
 
907,095


Applied
 Optoelectronics 1,2,3
 
7,500
 
 
130,200


Bel
 Fuse Cl. A
 
67,705
 
 
1,398,785


CalAmp
 Corporation 3
 
5,500
 
 
100,430


Ceragon
 Networks 3
 
29,700
 
 
34,155


ClearOne
 
25,000
 
 
322,625


Extreme
 Networks 3
 
320,000
 
 
860,800


KVH
 Industries 3
 
8,900
 
 
119,705


Oclaro
 3
 
27,900
 
 
63,054


PCTEL
 
44,100
 
 
316,638


Sandvine
 Corporation 3
 
22,700
 
 
65,247


 
 
 
 
 


 
 
 
 
 
4,318,734



 
 
 
 
 


ELECTRONIC
 EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.4%
 
 
 
 
 


Agilysys
 3
 
170,587
 
 
1,565,989


Deswell
 Industries
 
544,371
 
 
979,868



DTS 3
 
96,300
 
 
2,936,187


†FARO
 Technologies 3
 
60,000
 
 
2,802,000


Inficon
 Holding
 
3,600
 
 
1,230,226


LRAD
 Corporation 3
 
401,756
 
 
799,494


Mercury
 Systems 3
 
47,500
 
 
695,400



Mesa Laboratories 1,2
 
38,489
 
 
3,421,672



Newport Corporation 1,2,3
 
200,023
 
 
3,792,436


Orbotech
 1,2,3
 
127,800
 
 
2,658,240


PC
 Connection
 
43,716
 
 
1,081,534


Richardson
 Electronics
 
330,900
 
 
2,673,672


Rofin-Sinar
 Technologies 3
 
71,100
 
 
1,962,360


Rogers
 Corporation 1,3
 
14,700
 
 
972,258


TTM
 Technologies 1,2,3
 
179,400
 
 
1,792,206


Vishay
 Precision Group 3
 
154,000
 
 
2,319,240


 
 
 
 
 


 
 
 
 
 
31,682,782



 
 
 
 
 





32  |  2015
 Semiannual Report to Stockholders
 
THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







June 30, 2015
 (unaudited)






 


Schedule
 of Investments (continued)





 
 
SHARES

 
 
 
VALUE



 


 
 
 
 
 
 
 


INFORMATION
 TECHNOLOGY (continued)
 
 
 
 
 
 


INTERNET SOFTWARE
 & SERVICES - 3.6%
 
 
 
 
 
 


Care.com
 1,2,3
 
372,254
 
 
$
2,203,744


LivePerson
 3
 
3,700
 
 
 
36,297


Marchex
 Cl. B
 
95,000
 
 
 
470,250


QuinStreet
 3
 
306,900
 
 
 
1,979,505


Qumu
 Corporation 3
 
161,800
 
 
 
1,333,232


RealNetworks
 3
 
244,000
 
 
 
1,320,040


Reis
 
25,000
 
 
 
554,500


Stamps.com
 3
 
10,800
 
 
 
794,556


Support.com
 3
 
1,357,663
 
 
 
1,914,305


Textura
 Corporation 1,2,3
 
50,000
 
 
 
1,391,500


United
 Online 3
 
97,400
 
 
 
1,526,258


 
 
 
 
 
 


 
 
 
 
 
 
13,524,187



 
 
 
 
 
 


IT SERVICES
 - 1.9%
 
 
 
 
 
 


Cass
 Information Systems 1
 
29,150
 
 
 
1,638,813


Computer
 Task Group 1
 
256,233
 
 
 
1,978,119


Hackett
 Group (The)
 
170,000
 
 
 
2,283,100


Innodata
 3
 
437,275
 
 
 
1,150,033


Sykes
 Enterprises 3
 
6,300
 
 
 
152,775


 
 
 
 
 
 


 
 
 
 
 
 
7,202,840



 
 
 
 
 
 


SEMICONDUCTORS
 & SEMICONDUCTOR EQUIPMENT - 3.3%
 
 
 
 
 
 


Amtech
 Systems 3
 
120,700
 
 
 
1,254,073


Brooks
 Automation
 
116,300
 
 
 
1,331,635


Cascade
 Microtech 3
 
86,200
 
 
 
1,312,395


Exar
 Corporation 3
 
180,208
 
 
 
1,762,434


Intermolecular
 3
 
260,000
 
 
 
512,200


IXYS
 Corporation
 
18,800
 
 
 
287,640


Kulicke
 & Soffa Industries 3
 
72,300
 
 
 
846,633


MoSys
 1,2,3
 
402,275
 
 
 
764,322


Nanometrics
 3
 
50,800
 
 
 
818,896


Nova
 Measuring Instruments 3
 
71,800
 
 
 
897,500


Photronics
 3
 
162,700
 
 
 
1,547,277


Rubicon
 Technology 1,2,3
 
76,899
 
 
 
186,865


Ultra
 Clean Holdings 3
 
128,300
 
 
 
799,309


Xcerra
 Corporation 3
 
26,200
 
 
 
198,334


 
 
 
 
 
 


 
 
 
 
 
 
12,519,513



 
 
 
 
 
 


SOFTWARE -
 3.0%
 
 
 
 
 
 


American
 Software Cl. A
 
122,752
 
 
 
1,166,144


BSQUARE
 Corporation 3
 
98,675
 
 
 
669,017


†Computer
 Modelling Group
 
276,500
 
 
 
2,802,634


Envivio
 3
 
489,376
 
 
 
929,814


ePlus
 3
 
24,899
 
 
 
1,908,508


Gigamon
 3
 
3,600
 
 
 
118,764


Model
 N 3
 
65,000
 
 
 
774,150


PSI
 3
 
34,000
 
 
 
392,316


Rubicon
 Project 3
 
60,500
 
 
 
905,080


SeaChange
 International 3
 
204,000
 
 
 
1,430,040


 
 
 
 
 
 


 
 
 
 
 
 
11,096,467



 
 
 
 
 
 


TECHNOLOGY
 HARDWARE, STORAGE & PERIPHERALS - 1.2%
 
 
 
 
 
 


Avid
 Technology 3
 
49,500
 
 
 
660,330


Intevac
 3
 
251,700
 
 
 
1,472,445


Kortek
 
135,007
 
 
 
1,863,918


TransAct
 Technologies
 
78,600
 
 
 
525,048


 
 
 
 
 
 


 
 
 
 
 
 
4,521,741



 


Total (Cost $80,654,554)

 
 
 
 
 
84,866,264



 


 
 
 
 
 
 
 


MATERIALS
 – 6.4%
 
 
 
 
 
 


CHEMICALS
 - 2.1%
 
 
 
 
 
 


Balchem
 Corporation 1,2
 
11,775
 
 
 
656,103




Chase Corporation
 
13,503
 
 
536,744


FutureFuel
 Corporation
 
109,700
 
 
1,411,839


Hawkins
 1
 
29,314
 
 
1,183,993


KMG
 Chemicals
 
49,900
 
 
1,269,456


Quaker
 Chemical 1,2
 
30,400
 
 
2,700,736


 
 
 
 
 


 
 
 
 
 
7,758,871



 
 
 
 
 


CONSTRUCTION
 MATERIALS - 0.5%
 
 
 
 
 


Ash
 Grove Cement 4
 
8,000
 
 
1,608,000


Monarch
 Cement 4
 
16,303
 
 
497,241


 
 
 
 
 


 
 
 
 
 
2,105,241



 
 
 
 
 


CONTAINERS
 & PACKAGING - 0.4%
 
 
 
 
 


UFP
 Technologies 3
 
68,036
 
 
1,423,313



 
 
 
 
 


METALS &
 MINING - 3.4%
 
 
 
 
 


AuRico
 Gold
 
91,250
 
 
259,150


Central
 Steel & Wire 4
 
788
 
 
488,560


Comstock
 Mining 3
 
615,000
 
 
359,775


Exeter
 Resource 3
 
246,500
 
 
118,936


Haynes
 International 1
 
51,401
 
 
2,535,097


Hecla
 Mining
 
44,518
 
 
117,082


Horsehead
 Holding Corporation 1,2,3
 
11,900
 
 
139,468


Imdex
 3
 
633,900
 
 
146,726


MAG
 Silver 3
 
96,050
 
 
752,072


Major
 Drilling Group International
 
460,857
 
 
2,306,130


Materion
 Corporation
 
50,000
 
 
1,762,500


Midway
 Gold 3,5
 
275,000
 
 
2,750


Olympic
 Steel
 
100,000
 
 
1,744,000


Pretium
 Resources 3
 
90,000
 
 
487,110


Universal
 Stainless & Alloy Products 3
 
73,800
 
 
1,450,170


 
 
 
 
 


 
 
 
 
 
12,669,526



 


Total (Cost $23,496,105)

 
 
 
 
23,956,951



 


 
 
 
 
 
 


TELECOMMUNICATION
 SERVICES – 0.1%
 
 
 
 
 


DIVERSIFIED
 TELECOMMUNICATION SERVICES - 0.1%
 
 
 
 
 


ORBCOMM
 3
 
38,000
 
 
256,500



 


Total (Cost $237,587)

 
 
 
 
256,500



 


 
 
 
 
 
 


UTILITIES
 – 0.3%
 
 
 
 
 


GAS UTILITIES
 - 0.1%
 
 
 
 
 


Shizuoka
 Gas
 
40,000
 
 
279,446



 
 
 
 
 


INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0%
 
 
 
 
 


Alterra
 Power 3
 
450,000
 
 
151,321


 
 
 
 
 


WATER UTILITIES
 - 0.2%
 
 
 
 
 


GWR
 Global Water Resources
 
106,000
 
 
606,806



 


Total (Cost $936,784)

 
 
 
 
1,037,573



 


 
 
 
 
 
 


MISCELLANEOUS6 – 4.2%
 
 
 
 
 


 


Total (Cost $15,669,416)

 
 
 
 
15,627,997



 


 
 
 
 
 
 


TOTAL COMMON
 STOCKS
 
 
 
 
 


 


(Cost $352,803,391)

 
 
 
 
397,742,823



 


 
 
 
 
 
 


PREFERRED
 STOCK - 0.3%
 
 
 
 
 



Seneca Foods Conv. 3,4
 
45,409
 
 
1,208,787



 



(Cost $578,719)
 
 
 
 
1,208,787



 





THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual
 Report to Stockholders  |  33







Royce Micro-Cap
 Trust
 
 
June 30,
 2015 (unaudited)


 
 
 
 


 
 
 


 


Schedule
 of Investments (continued)
 
 





 
 
VALUE



 


 
 
 
 


REPURCHASE AGREEMENT– 9.5%
 
 
 


Fixed Income
 Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value
$35,460,000
 (collateralized by obligations of various U.S. Government Agencies, 2.125%
due
 1/31/21, valued at $36,170,243)
 
 
 


 


(Cost $35,460,000)
 
$
35,460,000



 


 
 
 
 


TOTAL INVESTMENTS
 – 115.7%
 
 
 


 


(Cost $388,842,110)

 
 
434,411,610



 


 
 
 
 


 
 
 
 


LIABILITIES
 LESS CASH AND OTHER ASSETS – (15.7)%
 
 
(58,846,984)


 
 
 


 
 
 
 


 


NET ASSETS
 – 100.0%
 
$
375,564,626



 


 
 
 
 





 


†
New additions
 in 2015.


1
All or
 a portion of these securities were pledged as collateral in connection with the
 revolving credit agreement at June 30, 2015. Total market value of pledged securities
 at June 30, 2015, was $91,521,219.


2
At June
 30, 2015, a portion of these securities were rehypothecated in connection with the
 Fund’s revolving credit agreement in the aggregate amount of $57,832,231.


3
Non-income
 producing.


4
These securities
 are defined as Level 2 securities due to fair value being based on quoted prices
 for similar securities. See Notes to Financial Statements.


5
Securities
 for which market quotations are not readily available represent 0.1% of net assets.
 These securities have been valued at their fair value under procedures approved
 by the Fund’s Board of Directors. These securities are defined as Level 3 securities
 due to the use of significant unobservable inputs in the determination of fair value.
 See Notes to Financial Statements.


6
Includes
 securities first acquired in 2015 and less than 1% of net assets.


 
 


 
Bold
 indicates the Fund’s 20 largest equity holdings in terms of June 30, 2015,
 market value.


 
 


 
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $389,802,264.
 At June 30, 2015, net unrealized appreciation for all securities was $44,609,346,
 consisting of aggregate gross unrealized appreciation of $91,413,136 and aggregate
 gross unrealized depreciation of $46,803,790. The primary difference between book
 and tax basis cost is the timing of the recognition of losses on securities sold.


 





34  |  2015
 Semiannual Report to Stockholders
 
THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







Royce Micro-Cap
 Trust
 
June 30, 2015
 (unaudited)


 
 
 


 
 
 


 


Statement
 of Assets and Liabilities
 
 





ASSETS:
 
 
 
 


Total investments
 at value
 
$
398,951,610
 


 


Repurchase
 agreements (at cost and value)
 
 
35,460,000
 


 


Cash and foreign
 currency
 
 
3,466
 


 


Receivable
 for investments sold
 
 
4,431,491
 


 


Receivable
 for dividends and interest
 
 
328,651
 


 


Prepaid expenses
 and other assets
 
 
37,662
 


 


Total Assets

 
 
439,212,880

 


 


LIABILITIES:
 
 
 
 


Revolving
 credit agreement
 
 
60,000,000
 


 


Payable for
 investments purchased
 
 
3,215,986
 


 


Payable for
 investment advisory fee
 
 
321,697
 


 


Payable for
 directors’ fees
 
 
24,227
 


 


Payable for
 interest expense
 
 
4,116
 


 


Accrued expenses
 
 
82,228
 


 


Total Liabilities
 
 
63,648,254

 


 


Net Assets
 
$
375,564,626
 


 


ANALYSIS OF
 NET ASSETS:
 
 
 
 


Paid-in capital
 - $0.001 par value per share; 34,872,042 shares outstanding (150,000,000 shares authorized)
 
$
296,277,254
 


 


Undistributed
 net investment income (loss)
 
 
(1,858,384
)


 


Accumulated
 net realized gain (loss) on investments and foreign currency
 
 
51,037,376
 


 


Net unrealized
 appreciation (depreciation) on investments and foreign currency
 
 
45,569,041
 


 


Quarterly
 distributions
 
 
(15,460,661
)


 


Net Assets
 (net asset value per share - $10.77)
 
$
375,564,626

 


 


Investments
 at identified cost
 
$
353,382,110
 


 





THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015
 Semiannual Report to Stockholders  |  35







Royce Micro-Cap
 Trust
Six Months
 Ended June 30, 2015 (unaudited)


 
 


 
 


 


Statement
 of Operations
 





INVESTMENT
 INCOME:
 
 
 
 


INCOME:
 
 
 
 


Dividends
 
$
2,367,224
 


 


Foreign withholding
 tax
 
 
(39,792
)


 


Rehypothecation
 income
 
 
115,684
 


 


Total income

 
 
2,443,116

 


 


EXPENSES:
 
 
 
 


 


Investment
 advisory fees
 
 
1,922,807
 


 


Interest expense
 
 
368,126
 


 


Stockholder
 reports
 
 
72,049
 


 


Custody and
 transfer agent fees
 
 
47,750
 


 


Directors’ fees
 
 
41,194
 


 


Administrative
 and office facilities
 
 
27,113
 


 


Professional
 fees
 
 
26,537
 


 


Other expenses
 
 
32,538
 


 


Total expenses
 
 
2,538,114

 


 


Net investment income (loss)
 
 
(94,998
)


 


REALIZED
 AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
 
 
 
 


NET REALIZED
 GAIN (LOSS):
 
 
 
 


 


Investments
 
 
23,665,285
 


 


Foreign currency
 transactions
 
 
(13,397
)


 


NET CHANGE
 IN UNREALIZED APPRECIATION (DEPRECIATION):
 
 
 
 


 


Investments
 and foreign currency translations
 
 
(26,614,570
)


 


Other assets
 and liabilities denominated in foreign currency
 
 
5,651
 


 


Net realized
 and unrealized gain (loss) on investments and foreign currency
 
 
(2,957,031

)


 


NET INCREASE
 (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS
 
$
(3,052,029
)


 





36  |  2015 Semiannual
 Report to Stockholders
 
THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







Royce Micro-Cap
 Trust
 
 


 
 
 


 
 
 


 


Statement
 of Changes in Net Assets
 
 




 
 

SIX MONTHS ENDED
6/30/15
(UNAUDITED)
 

YEAR ENDED 12/31/14


 


 
 
 
 
 
 
 
 
 


INVESTMENT
 OPERATIONS:
 
 
 
 
 
 
 
 


Net investment
 income (loss)
 
$
(94,998
)
 
$
(382,932
)


 


Net realized
 gain (loss) on investments and foreign currency
 
 
23,651,888
 
 
 
94,504,058
 


 


Net change
 in unrealized appreciation (depreciation) on investments and foreign currency
 
 
(26,608,919
)
 
 
(85,903,074
)


 


Net increase
 (decrease) in net assets from investment operations
 
 
(3,052,029
)
 
 
8,218,052
 


 


DISTRIBUTIONS:
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
(1,343,094
)


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
(89,530,419
)


 


Quarterly
 distributions1
 
 
(15,460,661
)
 
 
–
 


 


Total distributions
 
 
(15,460,661

)
 
 
(90,873,513
)


 


CAPITAL STOCK
 TRANSACTIONS:
 
 
 
 
 
 
 
 


 


Reinvestment
 of distributions
 
 
6,589,341
 
 
 
37,022,256
 


 


Total capital
 stock transactions
 
 
6,589,341
 
 
 
37,022,256
 


 


Net Increase
 (Decrease) In Net Assets
 
 
(11,923,349
)
 
 
(45,633,205
)


 


NET ASSETS:
 
 
 
 
 
 
 
 


 


Beginning
 of period
 
 
387,487,975
 
 
 
433,121,180
 


 


End of period
 (including undistributed net investment income (loss) of $(1,858,384) at 6/30/15
 and $(1,763,387) at 12/31/14)
 
$
375,564,626
 
 
$
387,487,975
 


 





1
To be allocated
 to net investment income, net realized gains and/or return of capital at year end.





THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual
 Report to Stockholders  |  37







Royce Micro-Cap
 Trust
Six Months
 Ended June 30, 2015 (unaudited)


 
 


 
 


 


Statement
 of Cash Flows
 





CASH FLOWS
 FROM OPERATING ACTIVITIES:
 
 
 
 


Net increase
 (decrease) in net assets from investment operations
 
$
(3,052,029
)


 


Adjustments
 to reconcile net increase (decrease) in net assets from investment operations to
 net cash provided by operating activities:
 
 
 
 


 


Purchases
 of long-term investments
 
 
(65,222,690
)


 


Proceeds
 from sales and maturities of long-term investments
 
 
107,042,282
 


 


Net
 purchases, sales and maturities of short-term investments
 
 
(32,804,000
)


 


Net
 (increase) decrease in dividends and interest receivable and other assets
 
 
(542
)


 


Net
 increase (decrease) in interest expense payable, accrued expenses and other liabilities
 
 
(51,103
)


 


Net
 change in unrealized appreciation (depreciation) on investments
 
 
26,614,570
 


 


Net
 realized gain on investments and foreign currency
 
 
(23,651,888
)


 


Net cash
 provided by operating activities
 
 
8,874,600

 


 



CASH FLOWS
 FROM FINANCING ACTIVITIES:
 
 
 
 


Distributions
 
 
(15,460,661
)


 


Reinvestment
 of distributions
 
 
6,589,341
 


 


Net cash
 used for financing activities
 
 
(8,871,320
)


 


INCREASE (DECREASE)
 IN CASH:
 
 
3,280
 


 


Cash and foreign
 currency at beginning of period
 
 
186
 


 


Cash and foreign
 currency at end of period
 
$
3,466
 


 





38  |  2015
 Semiannual Report to Stockholders
 
THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







Royce Micro-Cap
 Trust
 
 





 


Financial Highlights


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






 
 

SIX MONTHS

 

YEARS ENDED


 
 
 
 
 
 
 


 
 

ENDED
6/30/15
(UNAUDITED)
 

12/31/14
 

12/31/13
 

12/31/12
 

12/31/11
 

12/31/10


 


Net Asset
 Value, Beginning of Period
 
$
 11.33
 
 
$
 14.12
 
 
$
 10.93
 
 
$
9.86
 
 
$
 11.34
 
 
$
8.90
 


 


INVESTMENT
 OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net investment
 income (loss)
 
 
(0.00
)
 
 
(0.01
)
 
 
0.01
 
 
 
0.15
 
 
 
0.04
 
 
 
0.08
 


 


Net realized
 and unrealized gain (loss) on investments and foreign currency
 
 
(0.08
)
 
 
0.25
 
 
 
4.64
 
 
 
1.58
 
 
 
(0.82
)
 
 
2.58
 


 


Total investment
 operations
 
 
(0.08
)
 
 
0.24
 
 
 
4.65
 
 
 
1.73
 
 
 
(0.78
)
 
 
2.66
 


 


DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(0.02
)
 
 
(0.02
)
 
 
(0.10
)


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(0.09
)
 
 
(0.11
)
 
 
(0.03
)


 


Total distributions
 to Preferred Stockholders
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(0.11
)
 
 
(0.13
)
 
 
(0.13
)


 


Net Increase
 (Decrease) in Net Assets Applicable to Common Stockholders from
Investment
 Operations
 
 
(0.08
)
 
 
0.24
 
 
 
4.65
 
 
 
1.62
 
 
 
(0.91
)
 
 
2.53
 


 


DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
(0.04
)
 
 
(0.03
)
 
 
(0.08
)
 
 
(0.05
)
 
 
(0.06
)


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
(2.86
)
 
 
(1.35
)
 
 
(0.43
)
 
 
(0.24
)
 
 
(0.02
)


 


Return of
 capital
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(0.24
)
 
 
–
 


 


Quarterly distributions1
 
 
(0.45
)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 


 


Total distributions
 to Common Stockholders
 
 
(0.45
)
 
 
(2.90
)
 
 
(1.38
)
 
 
(0.51
)
 
 
(0.53
)
 
 
(0.08
)


 


CAPITAL STOCK
 TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Effect of
 reinvestment of distributions by Common Stockholders
 
 
(0.03
)
 
 
(0.13
)
 
 
(0.08
)
 
 
(0.04
)
 
 
(0.04
)
 
 
(0.01
)


 


Total capital
 stock transactions
 
 
(0.03
)
 
 
(0.13
)
 
 
(0.08
)
 
 
(0.04
)
 
 
(0.04
)
 
 
(0.01
)


 


Net Asset
 Value, End of Period
 
$
10.77
 
 
$
 11.33

 
 
$
 14.12

 
 
$
10.93
 
 
$
 9.86
 
 
$
 11.34

 


 


Market Value,
 End of Period
 
$
9.22
 
 
$
 10.08

 
 
$
 12.61

 
 
$
 9.45
 
 
$
 8.77
 
 
$
 9.80
 


 


TOTAL RETURN:2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net Asset Value
 
 
(0.43
)%3
 
 
3.46
%
 
 
44.66
%
 
 
17.23
%
 
 
(7.69
)%
 
 
28.50
%


Market Value
 
 
(4.19
)%3
 
 
3.06
%
 
 
49.42
%
 
 
13.95
%
 
 
(4.99
)%
 
 
34.10
%


 


RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Investment
 advisory fee expense4
 
 
1.02
%5
 
 
0.93
%
 
 
0.82
%
 
 
1.12
%
 
 
0.97
%
 
 
0.97
%


 


Other operating
 expenses
 
 
0.33
%5
 
 
0.25
%
 
 
0.29
%
 
 
0.18
%
 
 
0.15
%
 
 
0.15
%


 


Total expenses
 (net)6
 
 
1.35
%5
 
 
1.18
%
 
 
1.11
%
 
 
1.30
%
 
 
1.12
%
 
 
1.12
%


 


Expenses net
 of fee waivers and excluding interest expense
 
 
1.16
%5
 
 
1.05
%
 
 
0.96
%
 
 
1.27
%
 
 
1.12
%
 
 
1.12
%


 


Expenses prior
 to fee waivers and balance credits
 
 
1.35
%5
 
 
1.18
%
 
 
1.11
%
 
 
1.32
%
 
 
1.15
%
 
 
1.17
%


 


Expenses prior
 to fee waivers
 
 
1.35
%5
 
 
1.18
%
 
 
1.11
%
 
 
1.32
%
 
 
1.15
%
 
 
1.17
%


 


Net investment
 income (loss)
 
 
(0.05
)%5
 
 
(0.09
)%
 
 
0.08
%
 
 
1.46
%
 
 
0.40
%
 
 
0.84
%


 


SUPPLEMENTAL
 DATA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Net Assets
 Applicable to Common Stockholders, End of Period (in thousands)
 
$
375,565

 
 
$
387,488

 
 
$
433,121

 
 
$
318,545

 
 
$
279,292

 
 
$
311,279

 


 


Liquidation
 Value of Preferred Stock, End of Period (in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
60,000
 
 
$
60,000
 


 


Portfolio
 Turnover Rate
 
 
17
%
 
 
41
%
 
 
29
%
 
 
28
%
 
 
30
%
 
 
27
%


 


PREFERRED
 STOCK:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Total shares
 outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,400,000

 
 
 
2,400,000

 


 


Asset coverage
 per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 141.37

 
 
$
 154.70

 


 


Liquidation
 preference per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 25.00

 
 
$
 25.00

 


 


Average
 month-end market value per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 25.41

 
 
$
 25.11

 


 


REVOLVING
 CREDIT AGREEMENT:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Asset coverage

 
 
726
%
 
 
746
%
 
 
1062
%
 
 
808
%
 
 
 
 
 
 
 
 


 


Asset coverage
 per $1,000
 
$
7,259
 
 
$
7,458
 
 
$
10,625

 
 
$
8,079
 
 
 
 
 
 
 
 
 


 





1
To be allocated
 to net investment income, net realized gains and/or return of capital at year end.


2
The Market
 Value Total Return is calculated assuming a purchase of Common Stock on the opening
 of the first business day and a sale on the closing of the last business day of
 each period. Dividends and distributions are assumed for the purposes of this calculation
 to be reinvested at prices obtained under the Fund’s Distribution Reinvestment
 and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis,
 except that the Fund’s net asset value is used on the purchase and sale dates
 instead of market value.


3
Not annualized


4
The investment
 advisory fee is calculated based on average net assets over a rolling 36-month basis,
 while the above ratios of investment advisory fee expenses are based on the average
 net assets applicable to Common Stockholders over a 12-month basis.


5
Annualized


6
Expense
 ratios based on total average net assets including liquidation value of Preferred
 Stock were 1.10%, 0.93% and 0.91% for the years ended December 31, 2012, 2011 and
 2010, respectively.





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





Royce Micro-Cap Trust
Notes to Financial Statements (unaudited)
Summary of Significant Accounting Policies

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


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


 
Level 1 – 
quoted prices
 in active markets for identical securities.


 
Level 2 – 
other significant
 observable inputs (including quoted prices for similar securities, foreign securities
 that may be fair valued and repurchase agreements). The table below includes all
 Level 2 securities. Level 2 securities with values based on quoted prices for similar
 securities are noted in the Schedule of Investments.


 
Level 3 – 
significant
 unobservable inputs (including last trade price before trading was suspended, or
 at a discount thereto for lack of marketability or otherwise, market price information
 regarding other securities, information received from the company and/or published
 documents, including SEC filings and financial statements, or other publicly available
 information).


The inputs
 or methodology used for valuing securities are not necessarily an indication of
 the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2015. For a detailed breakout of common
stocks by sector classification, please refer to the Schedule of Investments.




 
 
 
      LEVEL
 1
 
 
      LEVEL
 2
 
 
       LEVEL
 3
 
       TOTAL      


 


Common Stocks
 
 
$389,288,643
 
 
$  8,145,071
 
 
$309,109
 
 
$397,742,823
 


 


Preferred
 Stocks
 
 
–
 
 
1,208,787
 
 
–
 
 
1,208,787

 


 


Cash Equivalents
 
 
–
 
 
35,460,000
 
 
–
 
 
35,460,000

 


 


 


For the six
 months ended June 30, 2015, certain securities have transferred in and out of Level
 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels
 as of the end of the reporting period. At June 30, 2015, securities valued at $22,618,659
 were transferred from Level 2 to Level 1 and securities valued at $2,750 were transferred
 from Level 1 to Level 3 within the fair value hierarchy.


40  | 2015 Semiannual Report to Stockholders



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


 
 
 
BALANCE AS OF 12/31/14
 
 
TRANSFERS IN
 
 
SALES
 
 
REALIZED AND UNREALIZED
GAIN (LOSS)1
 
 
BALANCE AS OF 6/30/15


 


Common Stocks
 
 
$325,702
 
 
$2,750
 
 
$1
 
 
$(19,342)
 
 
$309,109


 




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




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


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


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


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


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


EXPENSES:
The Fund incurs
 direct and indirect expenses. Expenses directly attributable to the Fund are charged
 to the Fund’s operations, while expenses applicable to more than one of the Royce Funds
 are allocated equitably. Certain personnel, occupancy costs and other administrative
 expenses related to the Funds are allocated by Royce & Associates, LLC (“Royce”) under an administration agreement and are included in administrative and
 office facilities and professional fees. The Fund has adopted a deferred fee agreement
 that allows the Directors to defer the receipt of all or a portion of directors’ fees  otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement. 
2015 Semiannual Report to Stockholders |  41



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


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


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


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


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


Purchases and Sales of Investment Securities:

For the six
 months ended June 30, 2015, the costs of purchases and proceeds from sales of investment
 securities, other than short-term securities, amounted to $67,772,993 and $90,086,737,
 respectively.
42  | 2015 Semiannual Report to Stockholders





Royce Global
 Value Trust
 
June 30, 2015 (unaudited)






 



Schedule
 of Investments
 
 
 
 
 
 
 
 


Common Stocks
 – 105.8%
 
 
 
 
 
 
 
 


 
 
 
SHARES
 
 
 
VALUE
 


 


 
 
 
 
 
 
 
 
 


AUSTRALIA
– 1.1%
 
 
 
 
 
 
 
 


ALS
 
 
45,300
 
 
$
204,465
 


Collection
 House
 
 
140,658
 
 
 
242,010
 


Imdex 1
 
 
473,700
 
 
 
109,645
 


Medusa Mining 1
 
 
82,600
 
 
 
53,215
 


†Platinum Asset Management
 
 
37,000
 
 
 
213,534
 


Programmed
 Maintenance Services
 
 
27,400
 
 
 
60,884
 


TFS
 Corporation
 
 
85,000
 
 
 
105,259
 


Webjet
 
 
31,300
 
 
 
72,207
 


 


Total (Cost $1,299,400)
 
 
 
 
 
 
1,061,219
 


 


 


AUSTRIA
– 1.7%
 
 
 
 
 
 
 
 



Mayr-Melnhof Karton
 
 
10,800
 
 
 
1,220,292
 


Semperit
 AG Holding
 
 
11,000
 
 
 
453,744
 


 


Total (Cost $1,731,546)
 
 
 
 
 
 
1,674,036

 


 


 


BELGIUM
– 0.5%
 
 
 
 
 
 
 
 


BHF
 Kleinwort Benson Group 1
 
 
55,000
 
 
 
269,180
 


Ion
 Beam Applications
 
 
600
 
 
 
16,335
 


Picanol
 Group
 
 
900
 
 
 
51,573
 


Van
 de Velde
 
 
3,436
 
 
 
197,392
 


 


Total (Cost $477,806)
 
 
 
 
 
 
534,480

 


 


 


BERMUDA
– 1.0%
 
 
 
 
 
 
 
 


Lazard
 Cl. A 2
 
 
12,500
 
 
 
703,000
 


†Signet Jewelers
 
 
2,300
 
 
 
294,952
 


 


Total (Cost $824,194)
 
 
 
 
 
 
997,952
 


 


 


BRAZIL
– 3.6%
 
 
 
 
 
 
 
 


Brasil
 Brokers Participacoes
 
 
225,400
 
 
 
155,868
 



CETIP - Mercados Organizados
 
 
140,000
 
 
 
1,534,592
 


MAHLE
 Metal Leve
 
 
50,000
 
 
 
344,151
 


Mills
 Estruturas e Servicos de Engenharia 1
 
 
26,500
 
 
 
57,533
 


T4F
 Entretenimento 1
 
 
112,200
 
 
 
131,720
 


Totvs
 
 
73,000
 
 
 
915,699
 


Valid
 Solucoes
 
 
30,000
 
 
 
462,192
 


 


Total (Cost $4,273,296)
 
 
 
 
 
 
3,601,755
 


 


 


CANADA
– 10.1%
 
 
 
 
 
 
 
 


†Absolute Software
 
 
10,500
 
 
 
75,576
 


Agnico
 Eagle Mines 2
 
 
20,000
 
 
 
567,400
 


AirBoss
 of America
 
 
10,300
 
 
 
183,899
 


Alamos
 Gold
 
 
38,000
 
 
 
215,100
 


†Altus Group
 
 
11,000
 
 
 
156,765
 


†Cameco Corporation
 
 
24,500
 
 
 
349,860
 


Canyon
 Services Group
 
 
10,900
 
 
 
50,704
 


COM
 DEV International
 
 
27,000
 
 
 
124,732
 


Computer
 Modelling Group
 
 
57,300
 
 
 
580,799
 


†Dundee Corporation Cl. A 1
 
 
55,900
 
 
 
561,238
 


†easyhome
 
 
8,300
 
 
 
129,584
 


E-L
 Financial
 
 
200
 
 
 
104,989
 


FLYHT
 Aerospace Solutions 1
 
 
140,000
 
 
 
26,341
 



Franco-Nevada Corporation 2, 3
 
 
22,700
 
 
 
1,081,655
 


†Genworth MI Canada
 
 
75,000
 
 
 
1,969,576
 


†HNZ Group Cl. B
 
 
5,700
 
 
 
85,386
 


Horizon
 North Logistics
 
 
41,100
 
 
 
126,689
 


Magellan
 Aerospace
 
 
41,900
 
 
 
572,309
 


Major
 Drilling Group International
 
 
110,500
 
 
 
552,942
 


MTY
 Food Group
 
 
8,800
 
 
 
233,351
 


Pan
 American Silver 2
 
 
63,700
 
 
 
547,183
 


Ritchie Bros.
 Auctioneers 2
 
 
24,300
 
 
 
678,456
 


Sprott
 
 
280,600
 
 
 
554,910
 


†TMX Group
 
 
14,000
 
 
 
595,757
 


Total Energy
 Services
 
 
5,200
 
 
 
63,491
 


 


Total (Cost $11,776,509)
 
 
 
 
 
 
10,188,692

 


 


 


CHILE – 0.5%
 
 
 
 
 
 
 
 


†Inversiones
 La Construccion
 
 
40,000
 
 
 
448,007

 


 


Total (Cost $465,957)
 
 
 
 
 
 
448,007
 


 


 


CHINA
– 1.5%
 
 
 
 
 
 
 
 


Daphne International
 Holdings
 
 
1,696,500
 
 
 
424,587
 


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


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


Hopefluent
 Group Holdings
 
 
280,000
 
 
 
95,001
 


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


Pacific Online
 
 
402,700
 
 
 
177,672
 


Xtep International
 Holdings
 
 
213,000
 
 
 
77,489
 


 


Total (Cost $2,280,677)
 
 
 
 
 
 
1,547,772
 


 


 


CYPRUS
– 0.5%
 
 
 
 
 
 
 
 


Globaltrans
 Investment GDR 1
 
 
112,000
 
 
 
532,000

 


 


Total (Cost $834,068)

 
 
 
 
 
 
532,000

 


 


 


DENMARK
– 1.6%
 
 
 
 
 
 
 
 


Chr Hansen
 
 
10,000
 
 
 
487,903
 


†Coloplast
 Cl. B
 
 
4,500
 
 
 
295,275
 


SimCorp
 
 
8,000
 
 
 
318,594
 


Zealand Pharma 1
 
 
30,200
 
 
 
498,678
 


 


Total (Cost $1,496,431)

 
 
 
 
 
 
1,600,450

 


 


 


FINLAND
– 1.7%
 
 
 
 
 
 
 
 


BasWare
 
 
3,900
 
 
 
173,916
 


Nokian Renkaat
 
 
27,000
 
 
 
846,137
 


Vaisala Cl.
 A
 
 
27,500
 
 
 
720,472
 


 


Total (Cost $1,981,889)

 
 
 
 
 
 
1,740,525

 


 


 


FRANCE
– 8.7%
 
 
 
 
 
 
 
 


aufeminin 1
 
 
2,100
 
 
 
57,172
 


Gaztransport
 Et Technigaz
 
 
16,000
 
 
 
1,012,105
 


Lectra
 
 
8,700
 
 
 
124,150
 


Manutan International
 
 
21,700
 
 
 
1,031,315
 


Neurones
 
 
28,450
 
 
 
473,225
 


Nexity
 
 
18,500
 
 
 
725,990
 


Paris Orleans

 
 
37,000
 
 
 
1,182,002
 


Prodware 1
 
 
10,800
 
 
 
73,928
 


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


Stallergenes

 
 
17,300
 
 
 
1,055,958
 


†Tarkett
 
 
22,500
 
 
 
485,377
 


†Thermador
 Groupe
 
 
4,900
 
 
 
409,762
 


Vetoquinol
 
 
24,139
 
 
 
1,001,102
 


Virbac
 
 
4,820
 
 
 
1,031,726
 


 


Total (Cost $8,897,151)

 
 
 
 
 
 
8,721,913

 


 


 


GERMANY
– 4.1%
 
 
 
 
 
 
 
 


†Adler Modemaerkte
 
 
5,700
 
 
 
65,135
 


†ADLER Real
 Estate 1
 
 
10,900
 
 
 
156,273
 


Amadeus Fire
 
 
600
 
 
 
53,513
 


†Bertrandt
 
 
5,000
 
 
 
656,368
 


†Carl Zeiss
 Meditec
 
 
17,500
 
 
 
446,191
 






THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual Report to Stockholders |  43





Royce Global Value Trust


 


Schedule
 of Investments (continued)
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 


 
 
 
SHARES
 
 
 
VALUE
 


 



 
 
 
 
 
 
 
 
 


GERMANY
 (continued)
 
 
 
 
 
 
 
 


†CompuGroup Medical
 
 
10,000
 
 
$
349,896
 


†Deutz
 
 
11,100
 
 
 
63,607
 


†Fielmann
 
 
3,500
 
 
 
237,903
 


GFT
 Technologies
 
 
5,800
 
 
 
119,688
 


KUKA
 
 
9,000
 
 
 
749,714
 


†KWS Saat
 
 
1,000
 
 
 
332,783
 


LPKF
 Laser & Electronics
 
 
15,500
 
 
 
133,057
 


mutares
 
 
800
 
 
 
91,864
 


†SQS Software Quality Systems
 
 
15,200
 
 
 
147,477
 


†STRATEC Biomedical
 
 
5,500
 
 
 
302,935
 


Tomorrow
 Focus 1
 
 
39,600
 
 
 
191,823
 


XING
 
 
406
 
 
 
66,604
 


 



Total (Cost $3,817,992)

 
 
 
 
 
 
4,164,831
 


 



 


GREECE
– 0.3%
 
 
 
 
 
 
 
 


Hellenic
 Exchanges - Athens Stock Exchange
 
 
28,000
 
 
 
144,841
 


StealthGas 1, 2
 
 
17,000
 
 
 
114,750
 


 



Total (Cost $286,362)

 
 
 
 
 
 
259,591

 


 



 


HONG KONG
– 7.4%
 
 
 
 
 
 
 
 


Anxin-China
 Holdings 1, 4
 
 
2,500,000
 
 
 
80,629
 


China
 Metal International Holdings
 
 
430,000
 
 
 
139,237
 


First
 Pacific
 
 
180,000
 
 
 
151,634
 


Great
 Eagle Holdings
 
 
203,125
 
 
 
759,929
 


I.T
 
 
500,000
 
 
 
188,349
 


Le
 Saunda Holdings
 
 
268,600
 
 
 
129,595
 


Luen
 Thai Holdings
 
 
475,000
 
 
 
103,560
 


Luk
 Fook Holdings (International)
 
 
120,100
 
 
 
354,030
 


Midland
 Holdings 1
 
 
1,400,000
 
 
 
633,938
 



New World Department Store China
 
 
4,659,700
 
 
 
1,250,353
 


Oriental
 Watch Holdings
 
 
2,223,000
 
 
 
378,551
 


Pico
 Far East Holdings
 
 
1,053,300
 
 
 
336,989
 


†Stella International Holdings
 
 
100,000
 
 
 
238,662
 


Television
 Broadcasts
 
 
81,000
 
 
 
480,156
 


Texwinca
 Holdings
 
 
302,000
 
 
 
320,640
 


Tse
 Sui Luen Jewellery (International)
 
 
215,000
 
 
 
83,209
 



Value Partners Group
 
 
1,015,000
 
 
 
1,602,725
 


YGM
 Trading
 
 
169,400
 
 
 
218,974
 


 



Total (Cost $8,667,949)

 
 
 
 
 
 
7,451,160

 


 



 


INDIA
– 1.0%
 
 
 
 
 
 
 
 


†Bajaj Finance
 
 
6,000
 
 
 
513,317
 


†Kewal Kiran Clothing
 
 
6,300
 
 
 
209,835
 


†Motherson Sumi Systems
 
 
35,500
 
 
 
288,660
 


 



Total (Cost $947,168)

 
 
 
 
 
 
1,011,812

 


 



 


INDONESIA
– 0.3%
 
 
 
 
 
 
 
 


Selamat
 Sempurna
 
 
593,300
 
 
 
205,369
 


Supra
 Boga Lestari 1
 
 
3,945,000
 
 
 
106,521
 


 



Total (Cost $366,447)

 
 
 
 
 
 
311,890

 


 



 


IRELAND
– 0.2%
 
 
 
 
 
 
 
 


†Keywords Studios
 
 
75,000
 
 
 
197,977

 


 



Total (Cost $176,944)

 
 
 
 
 
 
197,977

 


 



 


ISRAEL
– 0.3%
 
 
 
 
 
 
 
 


Fox
 Wizel
 
 
2,900
 
 
 
58,477
 


†Nova Measuring Instruments 1
 
 
7,200
 
 
 
90,000
 


Sarine
 Technologies
 
 
80,300
 
 
 
135,935
 


 



Total (Cost $267,954)

 
 
 
 
 
 
284,412

 


 



 


ITALY
– 2.1%
 
 
 
 
 
 
 
 


†Azimut Holding
 
 
13,000
 
 
 
380,298
 



De’Longhi
 
 
49,500
 
 
 
1,134,605
 


†DiaSorin
 
 
8,500
 
 
 
388,051
 


†Recordati
 
 
10,000
 
 
 
209,703
 


 



Total (Cost $1,768,082)

 
 
 
 
 
 
2,112,657

 


 



 


JAPAN
– 11.9%
 
 
 
 
 
 
 
 


C.
 Uyemura & Co.
 
 
7,300
 
 
 
392,483
 


EPS
 Holdings
 
 
74,000
 
 
 
897,904
 


FamilyMart
 
 
8,200
 
 
 
377,219
 


Freund
 Corporation
 
 
42,200
 
 
 
509,979
 


Fujimori
 Kogyo
 
 
2,000
 
 
 
60,465
 


GCA
 Savvian
 
 
8,300
 
 
 
103,084
 


†Horiba
 
 
8,500
 
 
 
345,876
 


Itoki
 Corporation
 
 
34,300
 
 
 
195,904
 


†Leopalace21 Corporation 1
 
 
20,600
 
 
 
126,409
 


†Meitec Corporation
 
 
9,500
 
 
 
353,965
 


Milbon
 
 
3,100
 
 
 
98,660
 


MISUMI
 Group
 
 
64,800
 
 
 
920,230
 


Namura
 Shipbuilding
 
 
9,600
 
 
 
82,363
 


Nishikawa
 Rubber
 
 
8,200
 
 
 
132,663
 


Nitto
 Kohki
 
 
9,100
 
 
 
206,113
 


Obara
 Group
 
 
3,900
 
 
 
209,683
 


†Pressance Corporation
 
 
4,400
 
 
 
147,583
 



Relo Holdings
 
 
14,000
 
 
 
1,384,157
 


Santen
 Pharmaceutical
 
 
50,000
 
 
 
708,012
 



Shimano
 
 
9,100
 
 
 
1,241,737
 


SPARX
 Group
 
 
66,400
 
 
 
139,435
 


†Square Enix Holdings
 
 
16,500
 
 
 
365,229
 


Sun
 Frontier Fudousan
 
 
10,200
 
 
 
82,677
 


T
 Hasegawa
 
 
7,000
 
 
 
101,524
 


Tokai
 Corporation
 
 
4,400
 
 
 
159,448
 


†TOTO
 
 
19,000
 
 
 
342,477
 



Trancom
 
 
22,000
 
 
 
1,202,598
 


†Trend Micro
 
 
11,500
 
 
 
393,717
 


†USS
 
 
 18,500
 
 
 
334,069
 


YAMADA
 Consulting Group
 
 
6,400
 
 
 
213,621
 


Zuiko
 Corporation
 
 
4,400
 
 
 
151,718
 


 



Total (Cost $9,974,254)

 
 
 
 
 
 
11,981,002

 


 



 


MALAYSIA
– 0.7%
 
 
 
 
 
 
 
 


Asia
 Brands
 
 
71,600
 
 
 
33,969
 


CB
 Industrial Product Holding
 
 
1,000,000
 
 
 
530,082
 


Media
 Prima
 
 
199,500
 
 
 
77,199
 


NTPM
 Holdings
 
 
242,300
 
 
 
43,348
 


 



Total (Cost $698,050)

 
 
 
 
 
 
684,598

 


 



 


MEXICO
– 1.0%
 
 
 
 
 
 
 
 


Bolsa
 Mexicana de Valores
 
 
250,000
 
 
 
432,639
 


Fresnillo
 
 
55,000
 
 
 
599,746
 


 



Total (Cost $1,245,701)

 
 
 
 
 
 
1,032,385

 


 



 


NEW ZEALAND
– 0.2%
 
 
 
 
 
 
 
 


Trade
 Me Group
 
 
83,000
 
 
 
193,397

 


 



Total (Cost $280,441)

 
 
 
 
 
 
193,397

 


 



 


NORWAY
– 2.1%
 
 
 
 
 
 
 
 


Borregaard
 
 
16,300
 
 
 
115,383
 


Ekornes
 
 
45,000
 
 
 
545,249
 






44  | 2015 Semiannual Report to Stockholders
 
THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







June 30, 2015 (unaudited)






 



Schedule
 of Investments (continued)
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 


 
 
 
SHARES
 
 
 
VALUE
 


 



 
 
 
 
 
 
 
 
 


NORWAY
 (continued)
 
 
 
 
 
 
 
 


†Kongsberg Automotive 1
 
 
143,000
 
 
$
99,401
 


Oslo Bors VPS Holding
 
 
8,500
 
 
 
98,655
 


TGS-NOPEC
 Geophysical
 
 
55,000
 
 
 
1,284,429
 


 



Total (Cost $2,619,835)

 
 
 
 
 
 
2,143,117
 


 



 


PHILIPPINES – 0.9%
 
 
 
 
 
 
 
 


Asian Terminals
 
 
375,000
 
 
 
106,454
 


Universal
 Robina
 
 
195,000
 
 
 
838,988
 


 



Total (Cost $659,732)
 
 
 
 
 
 
945,442
 


 



 


POLAND – 0.4%
 
 
 
 
 
 
 
 


†Warsaw Stock
 Exchange
 
 
33,000
 
 
 
415,484
 


 



Total (Cost $459,764)
 
 
 
 
 
 
415,484
 


 



 


SINGAPORE – 1.2%
 
 
 
 
 
 
 
 


†Asian Pay
 Television Trust
 
 
150,000
 
 
 
94,666
 


Hour Glass
 (The)
 
 
858,000
 
 
 
535,115
 


Parkson Retail
 Asia
 
 
274,300
 
 
 
96,739
 


†Riverstone
 Holdings
 
 
76,400
 
 
 
95,865
 


Silverlake
 Axis
 
 
552,000
 
 
 
401,648
 


 



Total (Cost $1,046,101)
 
 
 
 
 
 
1,224,033
 


 



 


SOUTH AFRICA – 2.5%
 
 
 
 
 
 
 
 


Blue Label
 Telecoms
 
 
390,000
 
 
 
259,337
 


Cashbuild
 
 
17,500
 
 
 
432,969
 


Coronation
 Fund Managers
 
 
59,000
 
 
 
399,654
 


JSE
 
 
15,000
 
 
 
158,421
 


Lewis Group
 
 
60,000
 
 
 
486,224
 


Metrofile
 Holdings
 
 
314,100
 
 
 
117,213
 


PSG Group
 
 
36,500
 
 
 
614,884
 


 



Total (Cost $1,981,754)
 
 
 
 
 
 
2,468,702
 


 



 


SOUTH KOREA – 0.3%
 
 
 
 
 
 
 
 


Eugene Technology
 
 
12,036
 
 
 
172,644
 


Handsome
 
 
2,200
 
 
 
70,411
 


Hankuk Carbon
 
 
10,000
 
 
 
62,307
 


Huvis Corporation
 
 
3,900
 
 
 
37,935
 


 



Total (Cost $373,452)
 
 
 
 
 
 
343,297
 


 



 


SPAIN – 0.3%
 
 
 
 
 
 
 
 


Atento 1, 2
 
 
18,000
 
 
 
258,840
 


 



Total (Cost $261,557)
 
 
 
 
 
 
258,840
 


 



 


SRI LANKA – 0.1%
 
 
 
 
 
 
 
 


Distilleries
 Company of Sri Lanka
 
 
46,100
 
 
 
93,027
 


 



Total (Cost $76,313)
 
 
 
 
 
 
93,027
 


 



 


SWEDEN – 0.5%
 
 
 
 
 
 
 
 


Bufab Holding
 
 
55,000
 
 
 
326,423
 


Nolato Cl.
 B
 
 
4,400
 
 
 
100,581
 


Recipharm
 Cl. B
 
 
3,300
 
 
 
61,702
 


 



Total (Cost $496,573)
 
 
 
 
 
 
488,706
 


 



 


SWITZERLAND – 5.3%
 
 
 
 
 
 
 
 


†Belimo Holding
 
 
175
 
 
 
417,402
 


†Burckhardt
 Compression Holding
 
 
600
 
 
 
227,338
 


†Burkhalter
 Holding
 
 
2,650
 
 
 
308,947
 


Forbo Holding
 
 
975
 
 
 
1,159,634
 


†Geberit
 
 
800
 
 
 
266,710
 


†Inficon
 Holding
 
 
1,250
 
 
 
427,162
 


†Kaba Holding
 
 
550
 
 
 
327,370
 


†LEM Holding
 
 
500
 
 
 
384,245
 


†Partners
 Group Holding
 
 
1,200
 
 
 
358,736
 


†Straumann
 Holding
 
 
1,000
 
 
 
274,346
 


†VZ Holding
 
 
4,700
 
 
 
1,131,077
 


 



Total (Cost $4,979,066)
 
 
 
 
 
 
5,282,967
 


 



 


TAIWAN – 0.8%
 
 
 
 
 
 
 
 


†Flytech
 Technology
 
 
35,900
 
 
 
143,114
 


Kinik Company
 
 
48,500
 
 
 
92,427
 


Lumax International
 
 
74,200
 
 
 
132,025
 


Makalot Industrial
 
 
17,959
 
 
 
154,535
 


Shih Her Technologies
 
 
67,800
 
 
 
90,094
 


Taiwan Paiho
 
 
55,800
 
 
 
157,339
 


 



Total (Cost $692,309)
 
 
 
 
 
 
769,534
 


 



 


TURKEY – 0.5%
 
 
 
 
 
 
 
 


Mardin Cimento
 Sanayii
 
 
300,000
 
 
 
473,490
 


 



Total (Cost $752,323)
 
 
 
 
 
 
473,490
 


 



 


UNITED
 ARAB EMIRATES – 0.7%
 
 
 
 
 
 
 
 


Aramex
 
 
750,000
 
 
 
710,610
 


 



Total (Cost $652,528)
 
 
 
 
 
 
710,610
 


 



 


UNITED
 KINGDOM – 13.4%
 
 
 
 
 
 
 
 


†Abcam
 
 
45,000
 
 
 
366,258
 


Ashmore
 Group
 
 
269,000
 
 
 
1,222,351
 


†AVEVA Group
 
 
16,200
 
 
 
460,213
 


Brammer
 
 
14,000
 
 
 
67,917
 


†Character
 Group
 
 
11,400
 
 
 
85,173
 


Clarkson
 
 
47,800
 
 
 
2,055,644
 


Consort
 Medical
 
 
92,500
 
 
 
1,322,600
 


e2v technologies
 
 
125,000
 
 
 
492,980
 


Elementis
 
 
110,000
 
 
 
443,501
 


Fenner
 
 
75,000
 
 
 
244,231
 


†Fidessa
 Group
 
 
12,500
 
 
 
446,824
 


Hargreaves
 Services
 
 
11,000
 
 
 
59,024
 


HellermannTyton
 Group
 
 
55,000
 
 
 
297,108
 


†ITE Group
 
 
200,000
 
 
 
537,367
 


Jupiter Fund
 Management
 
 
108,000
 
 
 
756,330
 


Kennedy Wilson
 Europe Real Estate
 
 
25,000
 
 
 
446,235
 


Latchways
 
 
29,000
 
 
 
357,695
 


Luxfer Holdings
 ADR 2
 
 
4,500
 
 
 
58,500
 


Mattioli Woods
 
 
10,600
 
 
 
85,774
 


Norcros
 
 
543,600
 
 
 
164,420
 


Pendragon
 
 
144,600
 
 
 
86,337
 


†Polypipe
 Group
 
 
95,700
 
 
 
408,251
 


Rotork
 
 
214,000
 
 
 
782,112
 


Senior
 
 
80,000
 
 
 
360,759
 


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


†Synthomer
 
 
40,000
 
 
 
195,841
 


Trifast
 
 
82,700
 
 
 
159,829
 


†Victrex
 
 
12,500
 
 
 
379,064
 


 



Total (Cost $13,150,143)
 
 
 
 
 
 
13,514,627
 


 



 


UNITED STATES – 14.8%
 
 
 
 
 
 
 
 


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


Brooks Automation 2
 
 
18,100
 
 
 
207,245
 


†Century
 Casinos 1
 
 
6,200
 
 
 
39,060
 


Commercial
 Metals 2
 
 
42,000
 
 
 
675,360
 






THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual Report to Stockholders |  45







Royce Global
 Value Trust
 
June 30,
 2015 (unaudited)






 



Schedule
 of Investments (continued)
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 


 
 
 
SHARES
 
 
 
VALUE
 


 



 
 
 
 
 
 
 
 
 


UNITED
 STATES (continued)
 
 
 
 
 
 
 
 


Diebold 2, 3
 
 
28,800
 
 
$
1,008,000
 


Diodes 1, 2, 3
 
 
20,500
 
 
 
494,255
 


EnerSys 2
 
 
11,000
 
 
 
773,190
 


Expeditors
 International of Washington 2, 3
 
 
19,300
 
 
 
889,827
 


Fairchild
 Semiconductor International 1, 2, 3
 
 
24,600
 
 
 
427,548
 


Greif
 Cl. A 2
 
 
13,400
 
 
 
480,390
 


Hallador
 Energy 2, 3
 
 
18,600
 
 
 
155,124
 


Innospec 2
 
 
12,457
 
 
 
561,063
 


†INTL FCStone 1
 
 
21,800
 
 
 
724,632
 



KBR 2, 3
 
 
59,200
 
 
 
1,153,216
 


†MSC Industrial Direct Cl. A
 
 
7,200
 
 
 
502,344
 


Nanometrics 1, 2, 3
 
 
44,500
 
 
 
717,340
 


†National Instruments
 
 
17,900
 
 
 
527,334
 


Quaker
 Chemical 2, 3
 
 
8,400
 
 
 
746,256
 


Rogers
 Corporation 1, 2
 
 
6,000
 
 
 
396,840
 


Schnitzer
 Steel Industries Cl. A 2
 
 
19,100
 
 
 
333,677
 


SEACOR
 Holdings 1, 2, 3
 
 
6,000
 
 
 
425,640
 


Sensient
 Technologies 2, 3
 
 
12,100
 
 
 
826,914
 


Sun
 Hydraulics 2
 
 
15,139
 
 
 
576,947
 


Tecumseh
 Products 1, 2
 
 
84,900
 
 
 
209,703
 


Tennant
 Company 2
 
 
6,200
 
 
 
405,108
 


Valmont
 Industries
 
 
6,200
 
 
 
736,994
 


†Wiley (John) & Sons Cl. A
 
 
7,000
 
 
 
380,590
 


 



Total (Cost $15,961,671)

 
 
 
 
 
 
14,925,641
 


 



 


TOTAL COMMON
 STOCKS
 
 
 
 
 
 
 
 


 



(Cost $108,999,389)

 
 
 
 
 
 
106,392,030

 


 



 


REPURCHASE
 AGREEMENT– 3.2%
 
 
 
 
 
 
 
 


Fixed Income Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value
$3,261,000 (collateralized by obligations of various U.S. Government Agencies, 1.875%
due 6/30/20, valued at $3,327,950)


 



(Cost $3,261,000)

 
 
 
 
 
 
3,261,000

 


 



 


TOTAL INVESTMENTS
– 109.0%
 
 
 
 
 
 
 
 


 



(Cost $112,260,389)

 
 
 
 
 
 
109,653,030

 


 



 
 
 
 
 
 
 
 
 


LIABILITIES
 LESS CASH AND OTHER ASSETS – (9.0)%
 
 
 
 
 
 
(9,067,913
)


 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 


 



NET ASSETS
– 100.0%
 
 
 
 
 
$
100,585,117

 


 







 


† 
New additions in 2015.


1
Non-income producing.


2
All or a portion of these securities were pledged as collateral in connection with the revolving
 credit agreement at June 30, 2015. Total market value of pledged securities at June
 30, 2015, was $15,622,944.


3
At June 30,
 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $6,502,726.


4
A security
 for which market quotations are not readily available represents 0.1% of net assets.
 This security has been valued at its fair value under procedures approved by the
 Fund’s Board of Directors. This security is defined as a Level 3 security due
 to the use of significant unobservable inputs in the determination of fair value.
 See Notes to Financial Statements.


 
 


 
Securities
 of Global/International Funds are categorized by the country of their headquarters,
 with the exception of exchange-traded funds.


 
 



 
Bold indicates
 the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.



 
 



 
TAX INFORMATION:
 The cost of total investments for Federal income tax purposes was $113,433,246.
 At June 30, 2015, net unrealized depreciation for all securities was $3,780,216,
 consisting of aggregate gross unrealized appreciation of $8,709,780 and aggregate
 gross unrealized depreciation of $12,489,996. The primary difference between book
 and tax basis cost is the timing of the recognition of losses on securities sold.


 






46  | 2015 Semiannual Report to Stockholders
 
THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS







Royce Global
 Value Trust
 
June 30,
 2015 (unaudited)






 


Statement
 of Assets and Liabilities
 
 
 
 


 
 
 
 
 


ASSETS:
 
 
 
 


Total investments at value
 
$
106,392,030
 


 


Repurchase
 agreements (at cost and value)
 
 
3,261,000
 


 


Receivable
 for investments sold
 
 
812,885
 


 


Receivable
 for dividends and interest
 
 
179,011
 


 


Prepaid expenses
 and other assets
 
 
37,663
 


 


Total Assets

 
 
110,682,589

 


 


LIABILITIES:
 
 
 
 


Revolving
 credit agreement
 
 
8,000,000
 


 


Payable to
 custodian for cash and foreign currency overdrawn
 
 
286,748
 


 


Payable for
 investments purchased
 
 
1,653,109
 


 


Payable for
 investment advisory fee
 
 
105,219
 


 


Payable for
 directors’ fees
 
 
7,870
 


 


Payable for
 interest expense
 
 
548
 


 


Accrued expenses
 
 
40,810
 


 


Deferred capital
 gains tax
 
 
3,168
 


 


Total Liabilities
 
 
10,097,472
 


 


Net Assets

 
$
100,585,117

 


 


ANALYSIS OF
 NET ASSETS:
 
 
 
 


Paid-in capital
 - $0.001 par value per share; 10,295,973 shares outstanding (150,000,000 shares authorized)
 
$
116,575,937
 


 


Undistributed
 net investment income (loss)
 
 
595,867
 


 


Accumulated
 net realized gain (loss) on investments and foreign currency
 
 
(13,978,721
)


 


Net unrealized
 appreciation (depreciation) on investments and foreign currency
 
 
(2,607,966
)


 


Net Assets
 (net asset value per share - $9.77)
 
$
100,585,117

 


 


Investments
 at identified cost
 
$
108,999,389
 


 






THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual
 Report to Stockholders |  47







Royce Global
 Value Trust
 
Six Months
 Ended June 30, 2015 (unaudited)






 


Statement
 of Operations
 
 
 
 


 
 
 
 
 


INVESTMENT
 INCOME:
 
 
 
 


INCOME:
 
 
 
 


Dividends
 
$
1,761,171
 


 


Foreign withholding
 tax
 
 
(160,705
)


 


Rehypothecation
 income
 
 
1,050
 


 


Securities
 lending
 
 
247
 


 


Total income

 
 
1,601,763

 


 


EXPENSES:
 
 
 
 


 


Investment
 advisory fees
 
 
609,914
 


 


Custody and
 transfer agent fees
 
 
55,214
 


 


Interest expense
 
 
45,330
 


 


Stockholder
 reports
 
 
42,756
 


 


Professional
 fees
 
 
15,091
 


 


Directors’ fees
 
 
13,050
 


 


Administrative
 and office facilities
 
 
6,752
 


 


Other expenses
 
 
18,487
 


 


Total expenses

 
 
806,594
 


 


Net investment
 income (loss)
 
 
795,169

 


 


REALIZED
 AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
 
 
 
 


NET REALIZED
 GAIN (LOSS):
 
 
 
 


 


Investments
 
 
(7,445,330
)


 


Foreign currency
 transactions
 
 
(13,297
)


 


NET CHANGE
 IN UNREALIZED APPRECIATION (DEPRECIATION):
 
 
 
 


 


Investments
 and foreign currency translations
 
 
11,962,130
 


 


Other assets
 and liabilities denominated in foreign currency
 
 
1,707
 


 


Net realized
 and unrealized gain (loss) on investments and foreign currency
 
 
4,505,210
 


 


NET INCREASE
 (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS
 
$
5,300,379

 


 






48  | 2015 Semiannual Report to Stockholders
 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS





Royce Global Value Trust


 


Statement
 of Changes in Net Assets
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 


 
 
 
SIX MONTHS
 ENDED
 
 
 
 


 
 
 
6/30/15

 
 
 
 


 
 
 
(UNAUDITED)

 
 
YEAR ENDED 12/31/14
 


 


INVESTMENT
 OPERATIONS:
 
 
 
 
 
 
 
 


Net investment income (loss)
 
$
795,169
 
 
$
1,335,060
 


 


Net realized
 gain (loss) on investments and foreign currency
 
 
(7,458,627
)
 
 
(6,230,541
)


 


Net change
 in unrealized appreciation (depreciation) on investments and foreign currency
 
 
11,963,837
 
 
 
(1,573,933
)


Net increase
 (decrease) in net assets from investment operations
 
 
5,300,379

 
 
 
(6,469,414
)


 


DISTRIBUTIONS:
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
(1,533,038
)


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
–
 


 


Total distributions

 
 
–

 
 
 
(1,533,038

)


 


CAPITAL STOCK
 TRANSACTIONS:
 
 
 
 
 
 
 
 


Reinvestment
 of distributions
 
 
–
 
 
 
603,492
 


Total capital
 stock transactions
 
 
–

 
 
 
603,492
 


 


Net Increase
 (Decrease) In Net Assets
 
 
5,300,379

 
 
 
(7,398,960
)


 


NET ASSETS:
 
 
 
 
 
 
 
 


 


Beginning
 of period
 
 
95,284,738

 
 
 
102,683,698
 


 


End of
 period (including undistributed net investment income (loss) of $595,867 at 6/30/15
 and $(199,302) at 12/31/14)
 
$
100,585,117

 
 
$
95,284,738

 


 






THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual
 Report to Stockholders |  49







Royce Global
 Value Trust
 
Six Months
 Ended June 30, 2015 (unaudited)






 


Statement
 of Cash Flows
 
 
 
 


 
 
 
 
 


CASH FLOWS
 FROM OPERATING ACTIVITIES:
 
 
 
 


Net increase (decrease) in net assets from investment operations
 
$
5,300,379
 


 


Adjustments
 to reconcile net increase (decrease) in net assets from investment operations to
 net cash used for operating activities:
 
 
 
 


 


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


 


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


 


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


 


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


 


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


 


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


 


Net realized
 gain on investments and foreign currency
 
 
7,458,627
 


 


Net cash used for operating activities
 
 
(7,971,243
)


 


CASH FLOWS
 FROM FINANCING ACTIVITIES:
 
 
 
 


Net increase
 (decrease) in revolving credit agreement
 
 
8,000,000
 


 


Net cash
 provided by financing activities
 
 
8,000,000

 


 


INCREASE
 (DECREASE) IN CASH:
 
 
28,757

 


 


Cash and
 foreign currency at beginning of period
 
 
(315,505
)


 


Cash and
 foreign currency at end of period
 
$
(286,748
)


 






50  | 2015 Semiannual Report to Stockholders
 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS





Royce Global Value Trust

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


 
 
 
SIX MONTHS
 ENDED
 
 
 
 
 
 
 
 


 
 
 
6/30/2015

 
 
YEAR
 ENDED
 
 
PERIOD
 ENDED


 
 
 
(UNAUDITED)

 
 
12/31/2014

 
 
12/31/20131


 


Net Asset Value, Beginning of Period
 
$
9.25
 
 
$
10.05
 
 
$
9.78
 


 


INVESTMENT
 OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 


Net investment
 income (loss)
 
 
0.08
 
 
 
0.13
 
 
 
(0.00
)


 


Net realized
 and unrealized gain (loss) on investments and foreign currency
 
 
0.44
 
 
 
(0.77
)
 
 
0.27
 


 


Net increase
 (decrease) in net assets from investment operations
 
 
0.52
 
 
 
(0.64
)
 
 
0.27
 


 


DISTRIBUTIONS:
 
 
 
 
 
 
 
 
 
 
 
 


Net investment
 income
 
 
–
 
 
 
(0.15
)
 
 
–
 


 


Net realized
 gain on investments and foreign currency
 
 
–
 
 
 
–
 
 
 
–
 


 


Total distributions

 
 
–

 
 
 
(0.15
)
 
 
–

 


 


CAPITAL STOCK
 TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
 
 


Effect of
 reinvestment of distributions by Common Stockholders
 
 
–
 
 
 
(0.01
)
 
 
–
 


 


Total capital
 stock transactions
 
 
–

 
 
 
(0.01
)
 
 
–

 


 


Net Asset
 Value, End of Period
 
$
9.77
 
 
$
9.25
 
 
$
10.05
 


 


Market
 Value, End of Period
 
$
8.31
 
 
$
8.04
 
 
$
8.89
 


 


TOTAL RETURN: 2
 
 
 
 
 
 
 
 
 
 
 
 


Net Asset
 Value
 
 
5.62
%3
 
 
(6.23
)%
 
 
2.76
%3


Market Value
 
 
3.36
%3
 
 
(7.86
)%
 
 
(0.95
)%3


 


RATIOS BASED
 ON AVERAGE NET ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 


Investment
 advisory fee expense
 
 
1.25
%4
 
 
1.25
%
 
 
1.25
%4


 


Other operating
 expenses
 
 
0.40
%4
 
 
0.24
%
 
 
0.37
%4


 


Total expenses
 (net)
 
 
1.65
%4
 
 
1.49
%
 
 
1.62
%4


 


Expenses excluding
 interest expense
 
 
1.56
%4
 
 
1.49
%
 
 
1.62
%4


 


Expenses prior
 to balance credits
 
 
1.65
%4
 
 
1.49
%
 
 
1.62
%4


 


Net investment
 income (loss)
 
 
1.63
%4
 
 
1.30
%
 
 
(0.13
)%4


 


SUPPLEMENTAL
 DATA:
 
 
 
 
 
 
 
 
 
 
 
 


Net Assets
 End of Period (in thousands)
 
$
100,585
 
$
95,285
 
$
102,684


 


Portfolio
 Turnover Rate
 
 
34
%
 
 
43
%
 
 
7
%


 


REVOLVING
 CREDIT AGREEMENT:
 
 
 
 
 
 
 
 
 
 
 
 


Asset coverage
 
 
1357
%
 
 
 
 
 
 
 
 


 


Asset coverage
 per $1,000
 
 
13,573
 
 
 
 
 
 
 
 
 


 






1
The Fund commenced
 operations on October 18, 2013.


2
The Market
 Value Total Return is calculated assuming a purchase of Common Stock on the opening
 of the first business day and a sale on the closing of the last business day of
 each period. Dividends and distributions are assumed for the purposes of this calculation
 to be reinvested at prices obtained under the Fund’s Distribution Reinvestment
 and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis,
 except that the Fund’s net asset value is used on the purchase and sale dates
 instead of market value.


3 
Not annualized


4 
Annualized






THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
 
2015 Semiannual
 Report to Stockholders |  51





Royce Global Value Trust
Notes to Financial Statements (unaudited)

Summary of Significant Accounting Policies

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


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


 
Level 1 – 
quoted prices
 in active markets for identical securities.


 
Level 2 – 
other significant
 observable inputs (including quoted prices for similar securities, foreign securities
 that may be fair valued and repurchase agreements). The table below includes all
 Level 2 securities. Any Level 2 securities with values based on quoted prices for
 similar securities would be noted in the Schedule of Investments.


 
Level 3 – 
significant
 unobservable inputs (including last trade price before trading was suspended, or
 at a discount thereto for lack of marketability or otherwise, market price information
 regarding other securities, information received from the company and/or published
 documents, including SEC filings and financial statements, or other publicly available
 information).


The inputs
 or methodology used for valuing securities are not necessarily an indication of
 the risk associated with investing in those securities.
The following
 is a summary of the inputs used to value the Fund’s investments as of June 30, 2015. For a detailed breakout of common stocks
 by country, please refer to the Schedule of Investments.




 
 
 
LEVEL
 1
 
 
LEVEL
 2
 
 
LEVEL
 3
 
TOTAL



 


Common Stocks
 
 
$106,311,401
 
 
$                  –
 
 
$80,629
 
$106,392,030


 


Cash Equivalents
 
 
                 –
 
 
       3,261,000
 
 
         –
 
     3,261,000



 




For the six
 months ended June 30, 2015, certain securities have transferred in and out of Level
 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels
 as of the end of the reporting period. At June 30, 2015, securities valued at $58,121,457
 were transferred from Level 2 to Level 1 and securities valued at $80,629 were transferred
 from Level 2 to Level 3 within the fair value hierarchy.
52  | 2015 Semiannual Report to Stockholders



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


 
 
 
 
 
 
 
 
 
UNREALIZED

 
 
 


 
 
 
BALANCE
 AS OF 12/31/14
 
 
TRANSFERS
 IN
 
 
GAIN
 (LOSS)1
 
 
BALANCE
 AS OF 6/30/15


 


Common Stocks
 
 
$ –
 
 
$ 80,629
 
 
$ –
 
 
$ 80,629


 




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




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


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


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


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


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


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


2015 Semiannual Report to Stockholders | 53



Royce Global Value Trust
Notes to Financial Statements (unaudited)
 (continued)


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


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


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


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


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


Purchases and Sales of Investment Securities:
For the six
 months ended June 30, 2015, the costs of purchases and proceeds from sales of investment
 securities, other than short-term securities, amounted to $41,210,604 and $34,808,867,
 respectively.
54 | 2015 Semiannual Report
 to Stockholders



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


Charles M. Royce, Director1


Age: 75 | Number of Funds Overseen: 27 | Tenure: Since 1982


Non-Royce Directorships:
 Director of TICC Capital Corp.


Principal Occupation(s) During Past Five Years: Chief Executive Officer and a Member of the Board of Managers of Royce & Associates, LLC (“Royce”), the Trust’s investment adviser.


 


Christopher D. Clark, Trustee1, President


Age: 50 | Number of Funds Overseen:
 27 | Tenure: Since 2014


Principal Occupation(s) During Past Five Years: President (since July 2014), Co-Chief Investment Officer (since January 2014), Managing Director and, since June 2015, a Member of the Board of Managers of Royce having been employed by Royce since May 2007.


 


 


 


Patricia W. Chadwick, Director



Age: 66 | Number of Funds Overseen: 27 | Tenure: Since 2009


Non-Royce Directorships:
 Trustee of ING Mutual Funds and Director of Wisconsin Energy Corp.


Principal Occupation(s) During Past 5 Years: Consultant and President of Ravengate Partners
 LLC (since 2000).


 


Richard M. Galkin, Director


Age: 77 | Number of Funds Overseen:
 27 | Tenure: Since 1982


Non-Royce Directorships: None


Principal Occupation(s) During Past Five Years: Private investor. Mr. Galkin’s prior business experience
 includes having served as President of Richard M. Galkin Associates, Inc., telecommunications consultants, President of Manhattan Cable Television (a subsidiary of Time, Inc.), President of Haverhills Inc. (another Time, Inc. subsidiary), President of Rhode Island Cable Television, and Senior Vice President of Satellite Television
 Corp. (a subsidiary of Comsat).


 


Stephen L. Isaacs, Director


Age: 75 | Number
 of Funds Overseen: 27 | Tenure: Since 1989


Non-Royce Directorships: None


Principal Occupation(s) During Past Five Years: Attorney and President of Health
 Policy Associates, Inc., consultants. Mr. Isaacs’s prior business experience
 includes having served as President of the Center for Health and Social Policy
 (from 1996 to 2012); Director of Columbia University Development Law and Policy
 Program and Professor at Columbia University (until August 1996).


 


Arthur S. Mehlman, Director


Age: 73 | Number of Funds Overseen: 45 | Tenure: Since 2004



Non-Royce Directorships: Director/Trustee of registered investment companies
 constituting the 18 Legg Mason Funds.


Principal Occupation(s) During Past Five
 Years: Director of The League for People with Disabilities, Inc.; Director of
 University of Maryland Foundation (non-profits). Formerly: Director of Municipal Mortgage & Equity, LLC (from October 2004 to April 1, 2011);
Director of University of Maryland College Park Foundation (non-profit) (from 1998 to 2005);
 Partner, KPMG LLP (international accounting firm) (from 1972 to 2002); Director
 of Maryland Business Roundtable for Education (from July 1984 to June 2002).


 


David L. Meister, Director


Age: 75 | Number of Funds Overseen: 27 | Tenure: Since
 1982


Non-Royce Directorships: None


Principal Occupation(s) During Past Five Years: Consultant. Chairman and Chief Executive Officer of The Tennis Channel
 (from June 2000 to March 2005). Mr. Meister’s prior business experience
 includes having served as Chief Executive Officer of Seniorlife.com, a consultant
 to the communications industry, President of Financial News Network, Senior
 Vice President of HBO, President of Time-Life Films, and Head of Broadcasting for Major League Baseball.


 


G. Peter O’Brien, Director


Age: 69 | Number
 of Funds Overseen: 45 | Tenure: Since 2001


Non-Royce Directorships: Director/Trustee
 of registered investment companies constituting the 18 Legg Mason Funds; Director
 of TICC Capital Corp.


Principal Occupation(s) During Past Five Years: Trustee Emeritus of Colgate University (since 2005); Board Member of Hill House, Inc. (since 1999); Formerly: Trustee of Colgate University (from 1996 to 2005), President of Hill House, Inc. (from 2001 to 2005) and Managing Director/Equity
 Capital Markets Group of Merrill Lynch & Co. (from 1971 to 1999).


 


Michael K. Shields, Director


Age: 57 | Number of Funds Overseen: 27 | Tenure: Since 2015



Principal Occupation(s) During Past Five Years: President and Chief Executive
 Officer of Piedmont Trust Company, a private North Carolina trust company (since
 May 2012). Mr. Shields’s prior business experience includes owning Shields
 Advisors, an investment consulting firm (from April 2010 to June 2012).


 


 


 


Francis D. Gannon, Vice President


Age: 47 | Tenure: Since 2014


Principal Occupation(s) During Past Five Years: Co-Chief Investment Officer (since January 2014) and
 Managing Director of Royce, having been employed by Royce since September 2006.


 


Daniel A. O’Byrne, Vice President


Age: 53 | Tenure: Since 1994


Principal Occupation(s) During Past Five Years: Principal and Vice President of Royce,
 having been employed by Royce since October 1986.


 


Peter K. Hoglund, Treasurer


Age: 49 | Tenure: Since 2015


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


 


John E. Denneen, Secretary and Chief Legal Officer


Age: 48 | Tenure: 1996-2001
 and Since 2002


Principal Occupation(s) During Past Five Years: General Counsel and, since June 2015, a Member of the Board of Managers of Royce; Chief Legal
 and Compliance Officer and Secretary of Royce; Secretary and Chief Legal Officer
 of The Royce Funds.


 


Lisa Curcio, Chief Compliance Officer


Age: 55 | Tenure:
 Since 2004


Principal Occupation(s) During Past Five Years: Chief Compliance
Officer of The Royce Funds (since October 2004) and Compliance Officer of Royce
 (since June 2004).
 



1 Interested Director.
   Director will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal.
2015 Semiannual Report to Stockholders |  55



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

    The nature, extent and quality of services provided by R&A: Each
 Board considered the following factors to be of fundamental importance to its consideration
 of whether to approve the continuance of the relevant Fund’s Investment Advisory
 Agreement: (i) R&A’s more than 40 years of value investing experience
 and track record; (ii) the history of long-tenured R&A portfolio managers managing
 the Funds; (iii) R&A’s focus on mid-cap, small-cap and micro-cap value
 investing; (iv) the consistency of R&A’s approach to managing the Funds
 and open-end mutual funds over more than 40 years; (v) the integrity and high ethical
 standards adhered to at R&A; (vi) R&A’s specialized experience in
 the area of trading small- and micro-cap securities; (vii) R&A’s historical
 ability to attract and retain portfolio management talent and (viii) R&A’s
 focus on stockholder interests as exemplified by expansive stockholder reporting
 and communications. Each Board reviewed the services that R&A provides to each
 Fund, including, but not limited to, managing each Fund’s investments in accordance
 with the stated policies of each Fund. Each Board considered the fact that R&A
 provided certain administrative services to the Funds at cost pursuant to the Administration
 Agreement between the Funds and R&A. Each Board determined that the services
 to be provided to each Fund by R&A would be the same as those that it previously
 provided to the relevant Fund. The Boards also took into consideration the histories,
 reputations and backgrounds of R&A’s portfolio managers for the Funds,
 finding that these would likely have an impact on the continued success of the Funds. Lastly,
 each Board noted R&A’s ability to attract and retain qualified and experienced
 personnel. The directors concluded that the investment advisory services provided
 by R&A to each Fund compared favorably to services provided by R&A to
 other R&A client accounts, including other funds, in both nature and quality,
 and that the scope of services provided by R&A would continue to be suitable
 for the Funds.
    Investment performance of the Funds and
 R&A: In light of R&A’s risk-averse approach to investing, each Board
 believes that risk-adjusted performance continues to be the most appropriate measure
 of each Fund’s investment performance. One measure of risk-adjusted performance
 the Boards use in their review of the Funds’ performance is the Sharpe Ratio.
 The Sharpe Ratio is a risk-adjusted measure of performance developed by Nobel Laureate
 William Sharpe. It is calculated by dividing a fund’s annualized excess returns
 by its annualized standard deviation to determine reward per unit of risk. The higher
 the Sharpe Ratio, the better a fund’s historical risk-adjusted performance.
 The Boards attach primary importance to risk-adjusted performance over relatively
 long periods of time, typically 3 to 10 years. It was noted, however, that Royce
 Global Value Trust, Inc. (“RGT”) only commenced operations in October
 2013. Using Morningstar data, the Sharpe Ratio for Royce Value Trust, Inc. (“RVT”) placed in the 4th quartile within the Small Blend category assigned by Morningstar
 for the 3-year, 5-year, and 10-year periods ended December 31, 2014 while the Sharpe
 Ratio for Royce Micro-Cap Trust, Inc. (“RMT”) placed in the 3rd quartile
 within the same Morningstar category for those same periods. It was noted that each
 of RVT and RMT focuses on high quality companies (e.g., those with solid balance
 sheets, low leverage, the ability to generate and effectively allocate free cash
 flow, and strong returns on invested capital), which hurt their relative performance
 during the recent market period that has been marked by historically low interest
 rates and U.S. Federal Reserve market intervention. In addition, the past use of
 leverage by each of RVT and RMT through preferred stock created higher volatility
 and worse down market performance. The Sharpe Ratio for RGT placed in the third
 quartile within the Foreign Small/Mid Value category assigned by Morningstar for
 the 1-year period ended December 31, 2014. The Board noted the inherent limitations
 of a one-year Sharpe Ratio in evaluating RGT’s investment performance.
    In addition to each Fund’s risk–adjusted
 performance, each Board also reviewed and considered each Fund’s absolute total
 returns, down market performance, and long-term performance records for periods
 of 10 years and longer for RVT and RMT. Each Board also considered it important
 to look beyond the current snapshot of performance as of December 31, 2014 and therefore
 examined extended performance histories for each Fund using monthly rolling average
 return periods through March 31, 2015.
    Each Board noted that R&A manages a
 number of funds that invest in micro-cap, small-cap, and mid-cap issuers, many of
 which had outperformed their benchmark indexes and their competitors during preceding
 periods. Although each Board recognized that past performance is not necessarily
 an indicator of future results, it found that R&A had the necessary qualifications,
 experience and track record in managing micro-cap, small-cap, and mid-cap securities
 to manage the relevant Fund. The directors determined that R&A continued to
 be an appropriate investment adviser for the Funds and concluded that each Fund’s performance supported the renewal of its Investment Advisory Agreement.
    Cost of the services provided and profits
 realized by R&A from its relationship with the Funds: Each Board considered
 the cost of the services provided by R&A and profits realized by R&A from
 its relationship with each Fund. As part of the analysis, each Board
56  |  2015 Semiannual Report to Stockholders




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

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

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

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

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

    It was noted that no single factor was cited as determinative to the decision
 of the directors. Rather, after weighing all of the considerations and conclusions
 discussed above, each entire Board, including all of the non-interested directors,
 approved the continuation of the existing Investment Advisory Agreement, concluding
 that a contract continuation on the existing terms was in the best interest of the
 stockholders of each Fund and that each investment advisory fee rate was reasonable
 in relation to the services provided.
2015 Semiannual Report to Stockholders  |  57




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

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

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

    The Price-Earnings, or P/E, Ratio is calculated by
 dividing a company’s share price by its trailing 12-month earnings-per share
 (EPS). The Price-to-Book, or P/B, Ratio is calculated by dividing a company’s
 share price by its book value per share. The Morningstar Style Map uses proprietary
 scores of a stock’s value and growth characteristics to determine its placement
 in one of the five categories listed on the horizontal axis. These characteristics
 are then compared to those of other stocks within the same market capitalization
 band. Each is scored from zero to 100 for both value and growth attributes. The
 value score is subtracted from the growth score to determine the overall style score.
 For the vertical, market cap axis, Morningstar subdivides into size groups. Giant-cap
 stocks are defined as those that account for the top 40% of the capitalization of
 each style zone; large-cap stocks represent the next 30%; mid-cap stocks the next
 20%; small-cap stocks the next 7%; micro-cap stocks the smallest 3%. The Royce Funds
 is a service mark of The Royce Funds. Distributor: Royce Fund Services, Inc.
Forward-Looking Statements
 This material
 contains forward-looking statements within the meaning of the Securities Exchange
 Act of 1934, as amended (the “Exchange Act”), that involve risks and uncertainties,
 including, among others, statements as to:


• 
the Funds’ future operating results


•
 the prospects
 of the Funds’ portfolio companies


•
the impact
 of investments that the Funds have made or may make


•
the dependence
 of the Funds’ future success on the general economy and
 its impact on the companies and industries in which the Funds
 invest, and


•
the ability
 of the Funds’ portfolio companies to achieve their objectives.


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

    The Royce Funds have based the forward-looking statements
 included in this Review and Report on information available to us on the date of
 the report, and we assume no obligation to update any such forward-looking statements.
 Although The Royce Funds undertake no obligation to revise or update any forward-looking
 statements, whether as a result of new information, future events or otherwise,
 you are advised to consult any additional disclosures that we may make through future
 stockholder communications or reports.
Authorized Share Transactions
Royce Value
 Trust, Royce Micro-Cap Trust, and Royce Global Value Trust may each repurchase up
 to 5% of the issued and outstanding shares of its respective common stock during
 the year ending December 31, 2015. Any such repurchases would take place at then
 prevailing prices in the open market or in other transactions. Common stock repurchases
 would be effected at a price per share that is less than the share’s then current
 net asset value. 

    Royce Value Trust, Royce Micro-Cap Trust, and Royce Global Value
 Trust are also authorized to offer their common stockholders an opportunity to subscribe
 for additional shares of their common stock through rights offerings at a price
 per share that may be less than the share’s then current net asset value. The
 timing and terms of any such offerings are within each Board’s discretion.
 
Annual Certifications
 As required, the Funds have submitted to the New York Stock
 Exchange (“NYSE”) for Royce Value Trust, Royce Micro-Cap Trust, and Royce
 Global Value Trust the annual certification of the Funds’ Chief Executive Officer
 that he is not aware of any violation of the NYSE’s listing standards. The
 Funds also have included the certification of the Funds’ Chief Executive Officer
 and Chief Financial Officer required by section 302 of the Sarbanes-Oxley Act of
 2002 as exhibits to the Funds’ form N-CSR for the period ended December 31,
 2014, filed with the Securities and Exchange Commission.
58  |  2015 Semiannual Report to Stockholders




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

Form N-Q
 Filing 
The Funds file their complete schedules of investments with the SEC for the
 first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms
 N-Q are available on the SEC’s website at www.sec.gov. The Royce Funds’
 holdings are also on the Funds’ website approximately 15 to 20 days after each
 calendar quarter end and remain available until the next quarter’s holdings
 are posted. The Funds’ Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public
 service, call the SEC at (800) 732-0330. The Funds’ complete schedules of investments
 are updated quarterly, and are available at www.roycefunds.com.
2015 Semiannual Report to Stockholders  |  59



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About The Royce Funds
 
 
Contact Us
 


 
 
 
 
 
 


 
 
 
 
 
 


 
Wealth of Experience
With approximately $27 billion in total assets under management, Royce & Associates is
committed to the same investment principles that have served us well for more than 40
years. Chuck Royce, our Chief Executive Officer, enjoys one of the longest tenures of any
active mutual fund manager. Royce’s investment staff also includes 23 portfolio managers
and analysts and eight traders.
 
 
GENERAL INFORMATION
General Royce Funds information including
 an overview of our firm and Funds
(800) 221-4268
 


 


 
 
 
 
 
 


 
Multiple
 Funds, Common Focus
Our goal is to offer both individual and institutional investors the best available micro-cap,
small-cap, and/or mid-cap portfolios. We have chosen to concentrate on smaller-company
investing by providing investors with a range of funds that take full advantage of this large
and diverse sector.
 
 
COMPUTERSHARE
Transfer Agent and Registrar
Speak with a representative about:
• Your account, transactions, and forms
(800) 426-5523
 


 


 
 
 
 
 
 


 
Consistent
 Discipline
Our approach emphasizes paying close attention to risk and maintaining the same
discipline, regardless of market movements and trends. The price we pay for a security
must be below our appraisal of its current worth. This requires a thorough analysis of
the financial and business dynamics of an enterprise, as though we were purchasing the
entire company.
 
 
FINANCIAL ADVISORS AND BROKER-DEALERS
Speak with your regional Royce contact regarding:
• Information about our firm, strategies, and Funds
• Fund Materials
(800) 337-6923
 


 


 


 
Co-Ownership
 of Funds
It is important that our employees and Stockholders share a common financial goal. Our
officers, employees, and their families currently have more than $127 million invested in
The Royce Funds and are often among the largest individual Stockholders.
 
 
 
 


 
 
 
 
roycefunds.com
 


 
 
 
 
 
 


 
 
 
 
 
 


 

 
 




 
 
 
 
 
 


 
 
 
 
 
 






Item 2.  Code(s) of Ethics.   Not applicable
 to this semi-annual report.
Item 3.  Audit
 Committee Financial Expert.   Not applicable to this semi-annual report.
Item 4.  Principal Accountant Fees and
 Services.   Not applicable to this semi-annual report.
Item 5.  Audit Committee of Listed Registrants.
   Not applicable to this semi-annual report.
Item 6.  Investments.
(a) See Item
 1.
(b) Not applicable.
Item 7.  Disclosure of Proxy Voting Policies
 and Procedures for Closed-End Management Investment Companies.   Not applicable
 to this semi-annual report.
Item 8.  Portfolio Managers of Closed-End
 Management Investment Companies.   Not applicable to this semi-annual report.
Item 9.  Purchases of Equity Securities
 by Closed-End Management Investment Company and Affiliated Purchasers.   Not Applicable
Item 10.  Submission of Matters to a Vote
 of Security Holders.   Not Applicable.
Item 11.  Controls and Procedures.
(a) Disclosure Controls and Procedures.
 The Principal Executive and Financial Officers concluded that the Registrant’s
 Disclosure Controls and Procedures are effective based on their evaluation of the
 Disclosure Controls and Procedures as of a date within 90 days of the filing date
 of this report.
(b) Internal Control over Financial Reporting.
 There were no significant changes in Registrant’s internal control over financial
 reporting or in other factors that could significantly affect this control subsequent
 to the date of the evaluation, including any corrective actions with regard to significant
 deficiencies and material weaknesses during the second fiscal quarter of the period
 covered by this report.
Item 12.  Exhibits.   Attached hereto.

(a)(1) Not applicable to this semi-annual report.
(a)(2) Separate certifications by the Registrant’s Principal Executive Officer and Principal Financial Officer as required by
 Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not Applicable
(b) Separate certifications by the Registrant’s Principal Executive Officer and Principal Financial Officer, pursuant to
 Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under
 the Investment Company Act of 1940.



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



ROYCE VALUE TRUST, INC.


 
 


BY: 
/s/ Christopher
 D. Clark


 
 


 
Christopher
 D. Clark


 
President



 
 



Date: August 28, 2015


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



ROYCE VALUE TRUST, INC.
 

ROYCE VALUE TRUST, INC.


 
 
 
 
 


BY: 
/s/ Christopher
 D. Clark
 
BY: 
 /s/ Peter
 K. Hoglund


 
 
 
 
 


 
 Christopher
 D. Clark
 
 
 Peter
 K. Hoglund


 
 President

 
 
 Chief
 Financial Officer


 
 
 
 
 



Date: August 28, 2015
 

Date: August 28, 2015