# EDGAR Filing Document

**Accession Number:** 0000912147
**File Stem:** 0000949377-23-000009
**Filing Date:** 2023-2
**Character Count:** 362898
**Document Hash:** f9cae0dff09bf4efc2f3888f29994ed8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000949377-23-000009.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000949377-23-000009

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYCE MICRO-CAP TRUST, INC.
- **CENTRAL INDEX KEY:** 0000912147
- **IRS NUMBER:** 133739778
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08030
- **FILM NUMBER:** 23685278

**BUSINESS ADDRESS:**
- **STREET 1:** 745 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151
- **BUSINESS PHONE:** 2124084587

**MAIL ADDRESS:**
- **STREET 1:** 745 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE MICRO-CAP TRUST, INC /MD/
- **DATE OF NAME CHANGE:** 20090324

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE MICRO CAP TRUST INC /MD/
- **DATE OF NAME CHANGE:** 20010430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE OTC MICRO CAP FUND INC
- **DATE OF NAME CHANGE:** 19930917

**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: 811-08030

Name of Registrant: Royce Micro-Cap Trust, Inc.

Address of Registrant: 745 Fifth Avenue

New York, NY 10151

Name of agent for service: John E. Denneen, Esquire

Address of agent for service: 745 Fifth Avenue

New York, NY 10151

Registrant's telephone number, including area code: (212) 508-4500

Date of fiscal year end: December 31

Date of reporting period: January 1, 2022 – December 31, 2022

**Item 1.** **Reports to Shareholders.**![](cef001.jpg)

**royceinvest.com**

**Royce Closed-End Funds 2022 Annual**

Review and Report to Stockholders

December 31, 2022

Royce Global Value Trust

Royce Micro-Cap Trust

Royce Value Trust

A Few Words on Closed-End Funds

**Royce Investment Partners manages three closed-end funds: Royce Global Value Trust, which invests in both U.S. and non-U.S. companies with market capitalization below $10 billion; Royce Micro-Cap Trust, which invests primarily in micro-cap securities; and Royce Value Trust, which invests primarily in small-cap securities.** A closed-end fund is an investment company whose shares are listed and traded on a stock exchange. Like all investment companies, including open-end mutual funds, the assets of a closed-end fund are professionally managed in accordance with the investment objectives and policies approved by the fund's Board of Directors. A closed-end fund raises cash for investment by issuing a fixed number of shares through initial and other public offerings that may include shelf offerings and periodic rights offerings. Proceeds from the offerings are invested in an actively managed portfolio of securities. Investors wanting to buy or sell shares of a publicly traded closed-end fund after the offerings must do so on a stock exchange, as with any publicly traded stock. Shares of closed-end funds frequently trade at a discount to their net asset value. This is in contrast to open-end mutual funds, which sell and redeem their shares at net asset value on a continuous basis.

**A Closed-End Fund Can Offer Several Distinct Advantages**

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

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

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

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

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

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

**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 59 and page 60. For additional information on the Funds' Distribution Reinvestment and Cash Purchase Options and the benefits for stockholders, please see page 61 or visit our website at www.royceinvest.com.

**Managed Distribution Policy**

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

This page is not part of the 2022 Annual Report to Stockholders

**Table of Contents**

---

| | |
|:---|:---|
| **Annual Review** |  |
| **[Letter to Our Stockholders](#cefa001)** | 2 |
| **[Performance](#cefa002)** | 7 |
| **Annual Report to Stockholders** |  |
| **Royce Global Value Trust** |  |
| &nbsp;&nbsp;&nbsp;[Manager's Discussion of Fund Performance](#cefa003) | 8 |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#cefa004) | 10 |
| &nbsp;&nbsp;&nbsp;[Other Financial Statements](#cefa005) | 12 |
| **Royce Micro-Cap Trust** |  |
| &nbsp;&nbsp;&nbsp;[Managers' Discussion of Fund Performance](#cefa006) | 22 |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#cefa007) | 24 |
| &nbsp;&nbsp;&nbsp;[Other Financial Statements](#cefa008) | 28 |
| **Royce Value Trust** |  |
| &nbsp;&nbsp;&nbsp;[Managers' Discussion of Fund Performance](#cefa009) | 40 |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#cefa010) | 42 |
| &nbsp;&nbsp;&nbsp;[Other Financial Statements](#cefa011) | 48 |
| **[History Since Inception](#cefa012)** | 59 |
| **[Distribution Reinvestment and Cash Purchase Options](#cefa013)** | 61 |
| **[Directors and Officers](#cefa014)** | 62 |
| **[Notes to Performance and Other Important Information](#cefa015)** | 63 |
| **[Results of Stockholder Meetings](#cefa016)** | 66 |

---

![](cef002.jpg)

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Letter to Our Stockholders

![](cef003.jpg)

**2022: THE MARKET'S *ANNUS HORRIBILIS***

Most investors were happy to see a miserable 2022 end. In a down year for U.S. equities, both small-and large-cap stocks suffered, with the Russell 2000 Index falling -20.4% while its large-cap sibling, the Russell 1000 Index, declined -19.1%. It was the third-worst calendar year performance for both indexes since their shared inception date of 12/31/78; each posted their lowest respective returns since 2008. The only two years that had lower returns were the same pair for both indexes: 2008 during the Financial Crisis and 2002 through the worst year of the Internet Bubble—which certainly puts the difficulties investors faced last year in context. The tech-heavy Nasdaq Composite fared even worse in 2022, losing -32.5%. Beyond the U.S., results were not much better: the MSCI ACWI ex USA Small Cap Index lost -20.0% for the calendar year, and the MSCI ACWI ex USA Large Cap Index fell -15.3%. Moreover, the double-digit losses were not limited to equities, as the Bloomberg Barclays U.S. Aggregate Bond Index was down -13.0% while its global counterpart, the Bloomberg Barclays Global Aggregate Bond Index, was off -16.2%.

Negative return years for both stocks and bonds are rare occurrences—it's happened roughly a dozen times since

the Great Depression. The combined double-digit losses for large-caps and bonds made 2022 even more exceptional for another, related reason: it was one of the worst years on record for that longstanding staple of diversified portfolios, the 60/40 mix of stocks and bonds. Since the 1930s, the 60/40 split has had double-digit calendar year losses only six times. So, while 2022's final quarter saw positive results for many equity indexes, the entire year gave most investors "nowhere to run to, nowhere to hide," beyond certain commodities and the U.S. dollar.

The steep declines for so many different investment vehicles made sense not simply due to the many challenges facing the world, but also because of the now familiar but still dizzying array of contradictory macro developments. On the negative side, we endured ongoing inflation, a decidedly hawkish Fed, the war in Ukraine, and a widely anticipated—though yet to occur—recession. On the positive end, we had strong labor markets and a surprisingly resilient U.S. economy, with real U.S. GDP (Gross Domestic Product) for the third quarter adjusted upward in December from 2.8% to 3.2%— and initial fourth quarter estimates being pegged at 2.8%. Although these figures do not equate to vibrant economic

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LETTER TO OUR STOCKHOLDERS

growth, they are far from indicating recession. The question is what comes next for stocks? If the bear market's days are numbered, when will its number be up? While we make no claim to having a definitive answer, we have done our usual rounds of digging into history and current valuations to help us make sense of the present and to see what factors might be signaling a brighter course for small caps as well as for our own investment strategies. In our estimation, it makes sense for the bear to be feeling some high anxiety.

**SMALL CAP'S BRIGHT(ER) FUTURE**

The -38% decline for the average stock in the Russell 2000 is notable compared to the -27% slide for the average stock in the Russell 1000 from each index's respective 52-week highs. Moreover, the Russell 2000 fell -31.9% from its peak on 11/8/21 through its most recent low on 6/16/22, while the Russell 1000 lost less from its peak on 1/3/22 through its most recent low on 9/30/22, down -25.0%. In addition, several years of small-cap underperformance have led to the Russell 2000 hitting an extreme point versus the Russell 1000 at year-end: apart from the Covid-related market trough in March of 2020, small caps fell to their lowest weighting in the Russell 3000 Index in more than 20 years on 12/31/22. Finally, and arguably most importantly, the Russell 2000's valuation remained near its lowest rate in 20 years compared to the Russell 1000's, based on our preferred valuation metric of the median last 12 months' enterprise

value to earnings before taxes (LTM EV/EBIT)—even in the immediate aftermath of 2022's correction.

Both the "Nifty Fifty" market of the early 1970s and the current period were marked by uncertainty and prominent worries of high inflation and recession. The Nifty Fifty was a group of mostly multinational large-cap companies that many believed offered a steady, sure, and safe road to growth—until they were badly bruised in the bear market of 1973-74. In the current period, a perception of safety was reserved until recently for an even smaller number of mega-cap stocks: the "FAAMG" group of Facebook, Apple, Amazon, Microsoft, and Google. Prior to each period's bear market, the large-cap peak was crowded with these mega-cap stocks—which most recently reached their high in August of 2020. At 2020's large-cap peak, these five stocks accounted for nearly 25% of the U.S. market's total capitalization, much as AT&T, Eastman Kodak, Exxon, GM, and IBM did before the sharp correction of the 1970s. The earlier decline was followed by a long run of success for small-cap stocks on both an absolute and relative basis. Combined with small cap's more favorable valuation and long, historically uncharacteristic period of underperformance, we think the stage is set for the asset class to retake market leadership from large cap.

Another important reversal suggests the likelihood of improved relative results for small caps in coming years: the pivot in Fed policy from the era of zero (or near zero) interest

**Russell 2000 vs. Russell 1000 Median LTM EV/EBIT¹ (ex. Negative EBIT Companies)**<br> From 12/31/02 through 12/31/22

![](cef004.jpg)

<sup>1</sup>Earnings before interest and taxes.

Past performance is no guarantee of future results. Source: FactSet

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LETTER TO OUR STOCKHOLDERS

rates and easy money to a period of rate hikes and quantitative tightening, along with the knock-on effect of persistent inflation. For equity investors, this shift means a radically altered investment landscape. We believe those stocks that were the biggest winners under the past decade's zero interest rate, low inflation, and low nominal growth regime will no longer lead, and that the unfolding macro environment points to small caps being able to sustainably, and not just tactically, outpace large caps.

Further supporting our relative case for small caps is the asset class's superior record in two varying inflationary climates. A comparison of the average annual U.S. consumer price index (CPI) to returns for the Center for Research in Security Prices (CRSP) 6-10 Index (the small-cap proxy we use when reaching farther back in history than the Russell 2000's 1979 inception) shows that the CRSP 6-10 beat the CPI in every decade since the 1930s—a claim that cannot be made for large caps. In addition to their long-term historical edge during inflationary periods, small caps tend to be nimbler than large caps, which allows them to potentially act more quickly in a climate of contracting liquidity and Fed tightening. Of course, much of the data is indicating that inflation has peaked, outside of wage inflation which is proving much stickier (and will remain so for as long as the job market stays strong). 2022 saw sharp deflation in several areas. The Baltic Dry Index, which measures the cost of shipping goods worldwide, fell more than 70% from its high in May through the end of December, while lumber, steel, and copper prices also slipped precipitously. We expect this dynamic of persistent wage inflation accompanied by decreased goods inflation to continue. And historically, periods of falling inflations have also given small caps a relative advantage.

**IS IT TIME FOR SMALL-CAP SUCCESS?**

The performance advantage for large caps over small caps from 2011-2022 was somewhat paralleled by an edge for the Russell 2000 Growth Index over the Russell 2000 Value Index through most of that period. Over the last few years, the market has seen a deep and far-reaching re-rating of growth stocks, an unsurprising development following the Fed's reversal. To be sure, we saw this most clearly at two ends of the equity market in 2022: in the deeper correction for small-cap growth stocks

**Small-Cap (CRSP 6-10) Performance when Inflation is ≥6% and Decreasing vs All Periods**

Monthly Average One-Year Returns from 12/31/45 through 12/31/22

![](cef005.jpg)

Past performance is no guarantee of future results.

**Small-Cap (CRSP 6-10) vs Large-Cap (CRSP 1-5) Performance when Inflation is ≥6% and Decreasing vs All Periods**

Monthly Average One-Year Return Spread from 12/31/45 through 12/31/22

![](cef006.jpg)

Past performance is no guarantee of future results. Inflation is being measured using The Consumer Price Index (CPI). The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

and in the steep declines for many mega-cap companies we discussed above. To be sure, rising rates and inflation have led to a period of multiple compression that we expect will reorient investors' attention, to some degree, at least, away from the crowded and uncertain macro environment and onto corporate fundamentals, which we view as an advantage for the kind of conservatively capitalized, free cash flow generating companies that most of our major strategies hold. We saw this in 2022, when quality small caps—defined as those with higher returns on invested capital (ROIC) and earnings—held up better than

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LETTER TO OUR STOCKHOLDERS

**Russell 2000 Value and Growth Shifted Median Relative LTM EV/EBIT<sup>1</sup>**<br> Russell 2000 Value/Growth from 3/31/00 through 12/31/22

![](cef007.jpg)

<sup>1</sup> Last twelve months Enterprise Value/Earnings Before Interest and Taxes.

Past performance is no guarantee of future results. Source: FactSet

their lower-quality, non-earning siblings in three of 2022's four quarters, including the fourth quarter's upswing.

Unsurprisingly, then, the Russell 2000 Value lost significantly less than the Russell 2000 Growth in 2022, -14.5% versus -26.4%. We have been asserting for the last few years that small-cap value would recapture its long-term historical advantage over small-cap growth. One especially revealing support for this idea comes from looking at the five-year annualized return for the Russell 2000 Value as of 12/31/21, which was 9.1% versus a gain of 14.5% for the Russell 2000 Growth—a 540 basis point advantage for the latter. The relative resilience of small-cap value vis-à-vis small-cap growth in 2022 caused this spread to reverse by a considerable amount for the five-year period ended 12/31/22, when the Russell 2000 Value outpaced the growth index, up 4.1% versus 3.5%. Our confidence that value can maintain its performance edge over growth is further rooted in the fact that over all five-year monthly rolling average periods since their shared inception (12/31/78), the advantage was squarely in value's favor, 11.8% versus 8.8%. Yet at the end of 2022, the Russell 2000 Value was at a lower valuation than its growth counterpart, based on the LTM EV/EBIT metric.

**IS TIME ON SMALL-CAP'S SIDE?**

Throughout 2022, we saw many small-cap stock prices hit hard regardless of their financial fundamentals and/or operating efficiency. While we were often struck by the contrast between the more confident—albeit cautious—outlooks from the many management teams our investment teams met with and the fatalistic headlines we were seeing almost every day, we are also accustomed to seeing valuations decouple from company attributes—often by what we deem to be highly disproportionate amounts. Our more than five decades of experience have taught us the value of patience—which is often hardest for investors to practice when it's needed most.

Related to this is the fact that small-cap's historical performance patterns show that below-average longer-term return periods have typically been followed by positive returns—most often by periods of above-average longer-term returns. For example, subsequent annualized three-year returns from three-year entry points of less than 5% have been positive 99% of the time—that is, in 75 out of 76 three-year annualized periods—averaging 16.0% since the Russell 2000's 12/31/78 inception. The small-cap index also enjoyed positive annualized five-year returns 100% of the time—that

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LETTER TO OUR STOCKHOLDERS

is, in all 81 five-year periods—and averaged an impressive 14.9% following five-year periods with annualized returns of 5% or less. This appears especially relevant now because the respective three- and five-year annualized returns for the Russell 2000 as of 12/31/22 were 3.1% and 4.1%.

**Above-Average Returns Have Tended to Follow Low Return Periods**

Subsequent Average Annualized 5-Year Performance for the Russell 2000 Following 5-Year Annualized Return Ranges of Less Than 5% from 12/31/83 through 12/31/22

![](cef008.jpg)

Past performance is no guarantee of future results. Source: FactSet

**THE WAITING IS THE HARDEST PART** 

It is of course possible that stock prices will get worse before they get better. As of this writing, inflation and earnings multiples are higher while interest rates, credit spreads, the VIX (Volatility Index), and the unemployment rate are lower. Many market observers are convinced that sales and earnings growth are much more likely to decline—or at least flatline—in 2023 than they are to climb, at least not

until late in the year. At the same time, however, margins for many companies are expected to expand in 2023, thus helping earnings. In other words, the signals continue to flash conflicting messages—which goes some distance to explain why the outlooks for our portfolio managers range from fear that stocks have yet to touch bottom to full-throated bullishness. The ongoing presence of these mixed signals did nothing to keep stocks from enjoying a highly robust January of 2023. Notably, the Russell 2000 was well ahead of the Russell 1000 for the one-year period ended 1/31/23, down -3.4% versus -8.6%.

So, while recession is still a possibility, none of us knows how long it will last or how deep it will go. What we do firmly believe is that any recession—like any bear market—is ultimately finite. We believe any recession will be followed by a recovery. It's worth keeping in mind that history also shows that small caps will likely begin an upward move before many of us know for sure that the economy is rebounding in earnest. As difficult as bear markets are, they also present investors with the opportunity to build their small-cap allocation at attractively low prices. The aftermath of the three worst bear markets of the past 25 years—the Internet Bubble, the Great Financial Crisis, and the Covid period—were highly rewarding for investors who showed the fortitude to stay in the market. Regardless of what the near term brings, then, we see the currently uncertain period as a highly opportune time to actively invest in select small caps for the long run.

---

| | | |
|:---|:---|:---|
| Sincerely, |  |  |
| ![](cef009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](cef010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](cef011.jpg) |
| Charles M. Royce <br> *Chairman,* <br> *Royce Investment Partners*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher D. Clark <br> *Chief Executive Officer, and* <br> *Co-Chief Investment Officer,* <br> *Royce Investment Partners*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Francis D. Gannon <br> *Co-Chief Investment Officer,* <br> *Royce Investment Partners*  |
| January 31, 2023 |  |  |

---

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Performance

**NAV Average Annual Total Returns**

As of December 31, 2022 (%)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **1-YR** | **3-YR** | **5-YR** | **10-YR** | **15-YR** | **20-YR** | **25-YR** | **30-YR** | **SINCE**<br> **INCEPTION** | **INCEPTION**<br> **DATE** |
| Royce Global Value Trust | -27.04 | 0.52 | 2.26 | N/A | N/A | N/A | N/A | N/A | 4.62 | 10/17/13 |
| Royce Micro-Cap Trust | -16.89 | 9.79 | 7.45 | 10.51 | 7.65 | 10.48 | 9.36 | N/A | 10.45 | 12/14/93 |
| Royce Value Trust | -21.24 | 4.81 | 5.14 | 9.23 | 6.49 | 9.35 | 8.57 | 9.78 | 10.02 | 11/26/86 |
| **INDEX** |  |  |  |  |  |  |  |  |  |  |
| MSCI ACWI Small Cap Index | -18.67 | 3.18 | 3.23 | 7.69 | 5.88 | 9.86 | 7.73 | N/A | N/A | N/A |
| Russell Microcap Index | -21.96 | 4.05 | 3.69 | 8.86 | 6.34 | 8.64 | N/A | N/A | N/A | N/A |
| Russell 2000 Index | -20.44 | 3.10 | 4.13 | 9.01 | 7.16 | 9.36 | 7.13 | 8.62 | N/A | N/A |

---

**Important Performance and Risk Information**

All performance information in this *Review and Report* reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 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.royceinvest.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. Each Fund is subject to market risk**-**the possibility that common stock prices will decline, sometimes sharply and unpredictably, over short or extended periods of time. Such declines may be caused by various factors, including market, financial, and economic conditions, governmental or central bank actions, and other factors, such as the recent Covid pandemic, that may not be directly related to the issuer of a security held by a Fund. This pandemic could adversely affect global market, financial, and economic conditions in ways that cannot necessarily be foreseen. Investments in securities of micro-cap or small-cap companies may involve considerably more risk than investments in securities of larger-cap companies. Investments in securities of foreign issuers may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country or region. Therefore, the prices of securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of securities of U.S. companies. Because such investments are usually denominated in foreign currencies and such Funds do not intend to hedge their foreign currency exposures, the U.S. dollar value of such investments may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar. Royce Global Value Trust invests a significant portion of its assets in foreign companies. A broadly diversified portfolio does not ensure a profit or guarantee against loss. All indexes referenced are unmanaged and capitalization-weighted. Each index's returns include net reinvested dividends and/or interest income. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> 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 MSCI ACWI Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Index returns include net reinvested dividends and/or interest income. Royce Global Value, Micro-Cap, and Value Trust shares of common stock trade on the NYSE. Royce Fund Services, LLC ("RFS") is a member of FINRA and files certain material with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of any of the Funds.

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MANAGER'S DISCUSSION (UNAUDITED)

Royce Global Value Trust (RGT)

![](cef012.jpg)

**Chuck Royce**

**FUND PERFORMANCE**

**Royce Global Value Trust ("RGT") fell -27.0% on a net asset value ("NAV") basis and -33.1% on a market price basis in 2022 versus a decline of -18.7% for its unleveraged benchmark, the MSCI ACWI Small Cap Index, for the same period.**

**WHAT WORKED… AND WHAT DIDN'T**

Nine of the Fund's 10 equity sectors detracted from performance in 2022, with the largest negative impacts coming from Industrials, Information Technology, and Financials. Energy made a positive contribution (as did our cash holdings) while the smallest detractions came from Materials and Consumer Staples. Electronic equipment, instruments & components (Information Technology), capital markets (Financials), and professional services (Industrials) detracted most at the industry level while energy equipment & services (Energy), diversified consumer services (Consumer Discretionary), and metals & mining (Materials) were the three biggest positive contributors in 2022.

RGT's top detractor at the position level was U.K.-based Marlowe, which provides a wide range of services and related software products such as testing and certification of fire safety systems, HR compliance and e-learning software, and audits to ensure compliance with environmental regulations. In November, Marlowe published first half results that showed revenue growth and margin improvement that nonetheless led to a sell-off, as the market found fault with Marlowe's cash generation: The company booked working capital outflows, mostly caused by timing issues that will unwind in 2023, and higher one-off restructuring costs. We see these elevated costs as temporary and expect cash generation to normalize, particularly as management has suggested the pace of M&A may moderate moving forward in the uncertain macro environment. More important, we do not believe these issues impair Marlowe's long-term value creation pathway. Countryside Partnerships is a U.K. housebuilding and urban regeneration company that operates mostly in London and Southeast England. Its stock was falling amid a dismal U.K. housing market, which was a factor in the company's agreement to be acquired in September 2022 at a price that was lower than prior bids, creating a loss for RGT's position in 2022.

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| | | | |
|:---|:---|:---|:---|
| **Top Contributors to Performance** | **Top Contributors to Performance** | **Top Detractors from Performance** | **Top Detractors from Performance** |
| For 2022 (%)<sup>1</sup> | For 2022 (%)<sup>1</sup> | For 2022 (%)<sup>2</sup> | For 2022 (%)<sup>2</sup> |
| EVI Industries | 0.73 | Marlowe | -1.20 |
| LifeWorks | 0.34 | Countryside Partnerships | -0.99 |
| Alamos Gold Cl. A | 0.34 | XP Power | -0.92 |
| Griffon Corporation | 0.30 | MarketWise Cl. A | -0.82 |
| Stadio Holdings | 0.29 | Mesa Laboratories | -0.78 |
| <sup>1</sup> Includes dividends |  | <sup>2</sup> Net of dividends |  |

---

The portfolio's top contributor at the position level was EVI Industries, a U.S. company that distributes commercial laundry and dry-cleaning equipment, industrial boilers, and related parts. While revenues had been relatively steady through the first half of 2022, the company's earnings had declined for four consecutive quarters, leading investors away from its stock. Its shares then began to rebound vigorously in September, however, when EVI reported significant improvement in operating income and revenue for the fiscal fourth quarter and fiscal year of 2022. Canada's LifeWorks provides employee well-being solutions through an integrated platform that includes confidential counselling, employee engagement tools, perks, and health programs. LifeWorks' services are proven to boost productivity and reduce absenteeism, producing a strong customer benefit. We also liked that, despite this strong customer benefit, its services cost just $2-4 per employee per month, resulting in a loyal customer base. In June 2022, LifeWorks received an acquisition offer from Telus, a large communication services company, at a significant premium.

The Fund's disadvantage versus the MSCI ACWI Small Cap came from stock selection in 2022—our sector allocation decisions were additive. At the sector level, stock picking hurt most in RGT's three largest sectors: Industrials, Financials, and Information Technology. Conversely, our substantially lower weightings in both Consumer Discretionary and Real Estate gave us a relative advantage, as did the Fund's cash holdings in 2022.

**CURRENT POSITIONING AND OUTLOOK**

While the near-term forecast for equities is as unclear as any we can recall, we also see better weather over the long-term horizon, especially for global small-cap stocks. Indeed, throughout 2022 we have often been struck by the contrast between the more confident—albeit cautious—outlooks from the many management teams we've met with and the fatalistic headlines we see almost every day. Of course, we believe our companies boast generally strong long-term growth prospects, low debt, positive free cash flows, high returns on invested capital, and/or proven management expertise and what we think are attractive valuations. Overall, they appear well positioned for a market that is more focused on fundamentals and/or from a reaccelerating global economy. And while recession remains a reality or possibility (depending on geography), none of us knows how long it will last or how deep it will go. History does show us that any recession—like any bear market—is ultimately finite and that any recession will be followed by a recovery. It's worth keeping in mind that history also shows that small caps will likely begin an upward move before many of us know for sure that the global economy is rebounding in earnest. For this and other reasons, we would welcome any degree of increased scrutiny of company fundamentals.

8 \| 2022 Annual Report to Stockholders

---

| | |
|:---|:---|
| PERFORMANCE AND PORTFOLIO REVIEW (UNAUDITED) | &nbsp;&nbsp;**SYMBOLS** **MARKET PRICE** RGT **NAV** XRGTX |

---

**Performance**

Average Annual Total Return (%) Through 12/31/22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **JUL-DEC 2022<sup>1</sup>** | **1-YR** | **3-YR** | **5-YR** | **SINCE INCEPTION (10/17/13)** |
| RGT (NAV) | 2.51 | -27.04 | 0.52 | 2.26 | 4.62 |
| <sup>1</sup> Not Annualized |  |  |  |  |  |

---

**Market Price Performance History Since Inception (10/17/13)**

Cumulative Performance of Investment<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1-YR** | **5-YR** | **10-YR** | **15-YR** | **20-YR** | **SINCE INCEPTION (10/17/13)** |
| RGT | -33.1% | 8.9% | N/A | N/A | N/A | 39.3% |

---

![](cef013.jpg)

---

| | |
|:---|:---|
| ¹ | Reflects the cumulative performance experience of a continuous common stockholder who purchased one share at inception ($8.975 IPO) and reinvested all distributions. |

---

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

**Morningstar Style Map™** As of 12/31/22

![](cef014.jpg)

The **Morningstar Style Map** is the **Morningstar Style Box™** with the center 75% of fund holdings plotted as the **Morningstar Ownership Zone™**. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund's ownership zone may vary. See page 63 for additional information.

**Value of $10,000**

Invested on 10/17/13 as of 12/31/22 ($)

![](cef015.jpg)

**Top 10 Positions**

% of Net Assets

---

| | |
|:---|:---|
| Vistry Group | 3.1 |
| EVI Industries | 3.0 |
| IPH | 2.3 |
| SEI Investments | 2.2 |
| KBR | 2.1 |
| Tel Aviv Stock Exchange | 2.1 |
| Ziff Davis | 2.0 |
| APi Group | 1.9 |
| Transcat | 1.8 |
| Morningstar | 1.8 |

---

**Portfolio Sector Breakdown**

% of Net Assets

---

| | |
|:---|:---|
| Industrials | 35.3 |
| Financials | 21.2 |
| Information Technology | 15.0 |
| Materials | 8.3 |
| Health Care | 7.8 |
| Consumer Discretionary | 6.2 |
| Communication Services | 6.0 |
| Real Estate | 2.1 |
| Energy | 1.9 |
| Consumer Staples | 1.3 |
| Outstanding Line of Credit, Net of Cash and Cash Equivalents | -5.1 |

---

**Calendar Year Total Returns (%)**

---

| | |
|:---|:---|
| **YEAR** | **RGT** |
| 2022 | -27.0 |
| 2021 | 16.3 |
| 2020 | 19.7 |
| 2019 | 31.2 |
| 2018 | -16.1 |
| 2017 | 31.1 |
| 2016 | 11.1 |
| 2015 | -3.4 |
| 2014 | -6.2 |

---

**Portfolio Country Breakdown <sup>1,2</sup>**

---

| | |
|:---|:---|
| % of Net Assets |  |
| United States | 43.6 |
| Canada | 12.7 |
| United Kingdom | 12.0 |
| Sweden | 4.9 |
| India | 4.3 |
| Australia | 4.1 |
| Israel | 3.7 |
| South Africa | 3.7 |
| Japan | 3.2 |

---

---

| | |
|:---|:---|
| 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 | $65 million |
| Number of Holdings | 121 |
| Turnover Rate | 24% |
| Net Asset Value | $10.25 |
| Market Price | $8.65 |
| Net Leverage<sup>1</sup> | 5.1% |
| Average Market Capitalization<sup>2</sup> | $1,667 million |
| Weighted Average P/E Ratio<sup>3,4</sup> | 18.9x |
| Weighted Average P/B Ratio<sup>3</sup> | 2.4x |
| Active Share<sup>5</sup> | 98% |

---

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

<sup>2</sup> **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.

<sup>3</sup> **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.

<sup>4</sup> The Fund's P/E ratio calculation excludes companies with zero or negative earnings (13% of portfolio holdings as of 12/31/22).

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

**Important Performance and Risk Information**

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 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.royceinvest.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and mid-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund generally invests a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the "Top Contributors" and "Top Detractors" tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund's year-to-date performance for 2022.

2022 Annual Report to Stockholders \| 9

Royce Global Value Trust

---

| |
|:---|
| **Schedule of Investments** |
| Common Stocks – 105.1% |

---

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **AUSTRALIA – 4.1%** | | |
| &nbsp;&nbsp;&nbsp;Cochlear | 4000 | $555901 |
| &nbsp;&nbsp;&nbsp;**IPH** | 253881 | 1509023 |
| &nbsp;&nbsp;&nbsp;Steadfast Group | 53300 | 198503 |
| &nbsp;&nbsp;&nbsp;Technology One | 40400 | 361433 |
| **Total (Cost $1,471,791)** |  | **2624860** |
| **BERMUDA – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son | 21000 | 626010 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings | 11300 | 236283 |
| **Total (Cost $1,057,384)** |  | **862293** |
| **BRAZIL – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Odontoprev | 171600 | 293489 |
| &nbsp;&nbsp;&nbsp;TOTVS | 97885 | 512066 |
| **Total (Cost $750,794)** |  | **805555** |
| **CANADA – 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alamos Gold Cl. A** | 104600 | 1057588 |
| &nbsp;&nbsp;&nbsp;Altus Group | 16400 | 654546 |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoCanada <sup>[1](#cefb002)</sup> | 26300 | 452772 |
| &nbsp;&nbsp;&nbsp;Canaccord Genuity Group | 70000 | 433752 |
| &nbsp;&nbsp;&nbsp;Centerra Gold | 39000 | 201913 |
| &nbsp;&nbsp;&nbsp;Computer Modelling Group | 91500 | 393977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group (The) <sup>[1](#cefb002),[2](#cefb003),[3](#cefb004)</sup> | 9360 | 651924 |
| &nbsp;&nbsp;&nbsp;FirstService Corporation | 1400 | 171570 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#cefb002)</sup> | 21100 | 309326 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Major Drilling Group International [<sup>1</sup>](#cefb002)** | 136100 | 1057439 |
| &nbsp;&nbsp;&nbsp;Onex Corporation | 8300 | 400227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver <sup>[2](#cefb003)</sup> | 12700 | 207518 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 71300 | 839381 |
| &nbsp;&nbsp;&nbsp;**Sprott** | 32642 | 1085816 |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>TELUS Corporation | 16311 | 314776 |
| **Total (Cost $6,059,177)** |  | **8232525** |
| **DENMARK – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chr. Hansen Holding | 1800 | 129478 |
| **Total (Cost $155,783)** |  | **129478** |
| **FRANCE – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Esker | 1800 | 303087 |
| &nbsp;&nbsp;&nbsp;Interparfums | 3412 | 203072 |
| **Total (Cost $210,145)** |  | **506159** |
| **GERMANY – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Carl Zeiss Meditec | 3400 | 429100 |
| &nbsp;&nbsp;&nbsp;CompuGroup Medical | 3300 | 127099 |
| &nbsp;&nbsp;&nbsp;STRATEC | 3300 | 286485 |
| **Total (Cost $626,695)** |  | **842684** |
| **GREECE – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Sarantis | 64500 | 448096 |
| **Total (Cost $554,222)** |  | **448096** |
| **ICELAND – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ossur <sup>[1](#cefb002)</sup> | 51000 | 246308 |
| **Total (Cost $321,244)** |  | **246308** |
| **INDIA – 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**AIA Engineering** | 31600 | 983561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dish TV India <sup>[1](#cefb002)</sup> | 2577000 | 576266 |
| &nbsp;&nbsp;[<sup>†</sup>](#cefb001)Tarsons Products <sup>[1](#cefb002)</sup> | 49000 | 411048 |
| &nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings ADR <sup>[1](#cefb002),[2](#cefb003)</sup> | 10500 | 839895 |
| **Total (Cost $2,401,706)** |  | **2810770** |
| **INDONESIA – 0.2%** |  |  |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>Ace Hardware Indonesia | 4000000 | 127445 |
| **Total (Cost $169,716)** |  | **127445** |
| **ISRAEL – 3.7%** |  |  |
| &nbsp;&nbsp;[<sup>†</sup>](#cefb001)Global-e Online <sup>[1](#cefb002)</sup> | 5200 | 107328 |
| &nbsp;&nbsp;&nbsp;Nova <sup>[1](#cefb002),[2](#cefb003),[3](#cefb004)</sup> | 5700 | 465576 |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>Phoenix Holdings | 48500 | 517411 |
| &nbsp;&nbsp;&nbsp;**Tel Aviv Stock Exchange** | 222300 | 1328070 |
| **Total (Cost $1,694,482)** |  | **2418385** |
| **ITALY – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Carel Industries | 35800 | 900569 |
| &nbsp;&nbsp;&nbsp;Gruppo MutuiOnline | 2900 | 81705 |
| **Total (Cost $489,921)** |  | **982274** |
| **JAPAN – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;As One | 5600 | 245779 |
| &nbsp;&nbsp;&nbsp;Benefit One | 13700 | 201784 |
| &nbsp;&nbsp;&nbsp;Fukui Computer Holdings | 10800 | 217415 |
| &nbsp;&nbsp;&nbsp;NSD | 12200 | 212319 |
| &nbsp;&nbsp;&nbsp;Square Enix Holdings | 6800 | 317617 |
| &nbsp;&nbsp;&nbsp;TechnoPro Holdings | 7200 | 193386 |
| &nbsp;&nbsp;&nbsp;TKC Corporation | 25500 | 700453 |
| **Total (Cost $1,611,241)** |  | **2088753** |
| **MEXICO – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Becle | 63000 | 137564 |
| **Total (Cost $100,233)** |  | **137564** |
| **NETHERLANDS – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;IMCD | 5500 | 783917 |
| **Total (Cost $387,492)** |  | **783917** |
| **NEW ZEALAND – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare | 17000 | 243929 |
| **Total (Cost $101,973)** |  | **243929** |
| **NORWAY – 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Protector Forsikring | 70000 | 898865 |
| &nbsp;&nbsp;&nbsp;Tomra Systems | 12000 | 202842 |
| **Total (Cost $778,544)** |  | **1101707** |
| **SINGAPORE – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midas Holdings <sup>[1](#cefb002),[4](#cefb005)</sup> | 400000 | 0 |
| &nbsp;&nbsp;&nbsp;XP Power | 8522 | 209659 |
| **Total (Cost $237,375)** |  | **209659** |
| **SOUTH AFRICA – 3.7%** |  |  |
| &nbsp;&nbsp;[<sup>†</sup>](#cefb001)CA Sales Holdings <sup>[1](#cefb002)</sup> | 147597 | 55595 |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>Curro Holdings | 258594 | 136973 |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>Kaap Agri | 17606 | 42452 |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>PSG Konsult | 550976 | 392691 |
| &nbsp;&nbsp;&nbsp;**Stadio Holdings** | 3686928 | 1065420 |
| &nbsp;&nbsp;&nbsp;Transaction Capital | 344100 | 670328 |
| **Total (Cost $1,680,804)** |  | **2363459** |
| **SWEDEN – 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotage | 37900 | 673747 |

---

---

| | |
|:---|:---|
| 10 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Schedule of Investments (continued)** |<br>**SHARES** |<br>**VALUE** |
| **SWEDEN (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bravida Holding | 68900 | $735560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dometic Group | 15500 | 99938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karnov Group <sup>[1](#cefb002)</sup> | 145381 | 813644 |
| &nbsp;&nbsp;&nbsp;&nbsp;OEM International Cl. B | 118850 | 823477 |
| **Total (Cost $2,419,987)** |  | **3146366** |
| **SWITZERLAND – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kardex Holding | 2400 | 394528 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEM Holding | 150 | 291029 |
| &nbsp;&nbsp;&nbsp;&nbsp;VZ Holding | 2900 | 225188 |
| **Total (Cost $482,877)** |  | **910745** |
| **UNITED KINGDOM – 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CentralNic Group <sup>[1](#cefb002)</sup> | 137427 | 259182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diploma | 8200 | 275196 |
| &nbsp;&nbsp;&nbsp;&nbsp;DiscoverIE Group | 60800 | 537316 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDM Group Holdings | 46800 | 423776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuit Group | 54600 | 185484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma | 18700 | 446269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keystone Law Group | 95940 | 510341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learning Technologies Group | 342800 | 478250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marlowe <sup>[1](#cefb002)</sup> | 112600 | 639801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Advice Bureau Holdings | 36100 | 231308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restore | 166254 | 663276 |
| &nbsp;&nbsp;&nbsp;&nbsp;RWS Holdings | 45100 | 204791 |
| &nbsp;&nbsp;&nbsp;&nbsp;SThree | 146600 | 714245 |
| &nbsp;&nbsp;**<sup>[†](#cefb001)</sup>Vistry Group** | 262780 | 1987138 |
| &nbsp;&nbsp;&nbsp;&nbsp;YouGov | 18600 | 229362 |
| **Total (Cost $7,361,873)** |  | **7785735** |
| **UNITED STATES – 43.6%** |  |  |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>ACV Auctions Cl. A <sup>[1](#cefb002)</sup> | 39200 | 321832 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Air Lease Cl. A <sup>[2](#cefb003)</sup>** | 24861 | 955160 |
| &nbsp;&nbsp;&nbsp;&nbsp;**APi Group <sup>[1](#cefb002),[2](#cefb003),[3](#cefb004)</sup>** | 63900 | 1201959 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Arcosa** | 21100 | 1146574 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Artisan Partners Asset Management Cl. A** | 33200 | 986040 |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>Blue Owl Capital Cl. A | 69100 | 732460 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial <sup>[2](#cefb003)</sup> | 6350 | 659066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diodes <sup>[1](#cefb002),[2](#cefb003)</sup> | 7000 | 532980 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Element Solutions** | 51100 | 929509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enovis Corporation <sup>[1](#cefb002)</sup> | 10966 | 586900 |
| &nbsp;&nbsp;<sup>[†](#cefb001)</sup>ESAB Corporation <sup>[2](#cefb003)</sup> | 18666 | 875809 |
| &nbsp;&nbsp;&nbsp;**[<sup>†</sup>](#cefb001)EVI Industries <sup>[1](#cefb002),[2](#cefb003)</sup>** | 80373 | 1918504 |
| &nbsp;&nbsp;&nbsp;&nbsp;FARO Technologies <sup>[1](#cefb002),[2](#cefb003)</sup> | 6150 | 180871 |
| &nbsp;&nbsp;&nbsp;&nbsp;FormFactor <sup>[1](#cefb002),[2](#cefb003),[3](#cefb004)</sup> | 20000 | 444600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forrester Research <sup>[1](#cefb002),[2](#cefb003),[3](#cefb004)</sup> | 15000 | 536400 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 119626 | 910354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Griffon Corporation <sup>[2](#cefb003)</sup> | 22500 | 805275 |
| &nbsp;&nbsp;&nbsp;<sup>[†](#cefb001)</sup>Hagerty Cl. A <sup>[1](#cefb002)</sup> | 39300 | 330513 |
| &nbsp;&nbsp;&nbsp;<sup>[†](#cefb001)</sup>Hayward Holdings <sup>[1](#cefb002)</sup> | 58500 | 549900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innospec <sup>[2](#cefb003)</sup> | 6228 | 640612 |
| &nbsp;&nbsp;&nbsp;<sup>[†](#cefb001)</sup>John Bean Technologies | 2500 | 228325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kadant <sup>[2](#cefb003)</sup> | 2960 | 525785 |
| &nbsp;&nbsp;&nbsp;&nbsp;**KBR [<sup>2</sup>](#cefb003)** | 25370 | 1339536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 35700 | 561561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindsay Corporation <sup>[2](#cefb003)</sup> | 3519 | 573069 |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketWise Cl. A <sup>[1](#cefb002)</sup> | 123100 | 206808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mesa Laboratories | 5512 | 916150 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Morningstar [<sup>2</sup>](#cefb003)** | 5358 | 1160489 |
| &nbsp;&nbsp;&nbsp;<sup>[†](#cefb001)</sup>nLIGHT <sup>[1](#cefb002)</sup> | 73100 | 741234 |
| &nbsp;&nbsp;&nbsp;&nbsp;PAR Technology <sup>[1](#cefb002),[2](#cefb003),[3](#cefb004)</sup> | 22241 | 579823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quaker Houghton <sup>[2](#cefb003)</sup> | 2710 | 452299 |
| &nbsp;&nbsp;&nbsp;<sup>[†](#cefb001)</sup>Royal Gold | 6300 | 710136 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEI Investments [<sup>2</sup>](#cefb003)** | 24050 | 1402115 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transcat [<sup>1</sup>](#cefb002)** | 16377 | 1160638 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Vontier Corporation [<sup>2</sup>](#cefb003)** | 55300 | 1068949 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ziff Davis [<sup>1</sup>](#cefb002)** | 16700 | 1320970 |
| **Total (Cost $27,188,984)** |  | **28193205** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $58,314,443)** |  | **68001871** |
| **REPURCHASE AGREEMENT– 1.1%** |  |  |
| Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value<br> $725,600 (collateralized by obligations of U.S. Government Agencies, 0.25%<br> due 7/31/25, valued at $740,080) |  |  |
| **(Cost $725,497)** |  | **725497** |
| **TOTAL INVESTMENTS – 106.2%** |  |  |
| **(Cost $59,039,940)** |  | **68727368** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (6.2)%** |  | (4035102) |
| **NET ASSETS – 100.0%** |  | $**64692266** |

---

ADR – American Depository Receipt

<sup><sup>†</sup></sup> New additions in 2022.

<sup>1</sup> Non-income producing.

<sup>2</sup> All or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement as of December 31, 2022. Total market value of pledged securities as of December 31, 2022, was $8,209,024.

<sup>3</sup> As of December 31, 2022, a portion of these securities, in the aggregate amount of $1,928,078, were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection with the Fund's revolving credit agreement. See Notes to Financial Statements.

<sup>4</sup> A security for which market quotations are not readily available represents 0.0% 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.

**Bold indicates the Fund's 20 largest equity holdings in terms of December 31, 2022, market value.** 

**TAX INFORMATION:** The cost of total investments for Federal income tax purposes was $59,315,029. As of December 31, 2022, net unrealized appreciation for all securities was $9,412,339 consisting of aggregate gross unrealized appreciation of $16,042,759 and aggregate gross unrealized depreciation of $6,630,420. The primary causes of the difference between book and tax basis cost are the timing of the recognition of losses on securities sold and mark-to-market of Passive Foreign Investment Companies.

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 11 |

---

Royce Global Value Trust December 31, 2022

**Statement of Assets and Liabilities**

---

| | |
|:---|:---|
| ASSETS: |  |
| Investments at value | $68001871 |
| Repurchase agreements (at cost and value) | 725497 |
| Foreign currency (cost $5,383) | 5374 |
| Receivable for dividends and interest | 159710 |
| Prepaid expenses and other assets | 20504 |
| **Total Assets** | **68912956** |
| LIABILITIES: |  |
| Revolving credit agreement | 4000000 |
| Payable for investment advisory fee | 55654 |
| Payable for directors' fees | 6346 |
| Payable for interest expense | 18180 |
| Accrued expenses | 123238 |
| Deferred capital gains tax | 17272 |
| **Total Liabilities** | **4220690** |
| **Net Assets** | $**64692266** |
| ANALYSIS OF NET ASSETS: |  |
| Paid-in capital - $0.001 par value per share; 6,310,318 shares outstanding (150,000,000 shares authorized) | $55671269 |
| Total distributable earnings (loss) | 9020997 |
| **Net Assets (net asset value per share - $10.25)** | $**64692266** |
| Investments at identified cost | $58314443 |

---

---

| | |
|:---|:---|
| 12 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Global Value Trust Year Ended December 31, 2022

**Statement of Operations**

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| INCOME: |  |
| Dividends | $1699541 |
| Foreign withholding tax | (77880) |
| Interest | 3648 |
| Rehypothecation income | 113 |
| **Total income** | **1625422** |
| EXPENSES: |  |
| Investment advisory fees | 696018 |
| Interest expense | 116398 |
| Custody and transfer agent fees | 62296 |
| Stockholder reports | 62277 |
| Administrative and office facilities | 43801 |
| Professional fees | 40267 |
| Directors' fees | 26877 |
| Other expenses | 26564 |
| **Total expenses** | **1074498** |
| **Net investment income (loss)** | **550924** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| NET REALIZED GAIN (LOSS): |  |
| Investments | 90737 |
| Foreign currency transactions | (42833) |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |
| Investments | (24845735) |
| Other assets and liabilities denominated in foreign currency | (14497) |
| **Net realized and unrealized gain (loss) on investments and foreign currency** | **(24812328)** |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS** | $**(24261404)** |

---

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 13 |

---

Royce Global Value Trust

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED 12/31/22** | **YEAR ENDED 12/31/21** |
| INVESTMENT OPERATIONS: |  |  |
| Net investment income (loss) | $550924 | $(113566) |
| Net realized gain (loss) on investments and foreign currency | 47904 | 7590759 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (24860232) | 5226826 |
| **Net increase (decrease) in net assets from investment operations** | **(24261404)** | **12704019** |
| DISTRIBUTIONS: |  |  |
| Total distributable earnings | (793689) | (15402178) |
| Return of capital | (21014) | – |
| **Total distributions** | **(814703)** | **(15402178)** |
| CAPITAL STOCK TRANSACTIONS: |  |  |
| Reinvestment of distributions | 374330 | 8340203 |
| **Total capital stock transactions** | **374330** | **8340203** |
| **Net Increase (Decrease) In Net Assets** | **(24701777)** | **5642044** |
| NET ASSETS: |  |  |
| **Beginning of year** | **89394043** | **83751999** |
| **End of year** | $**64692266** | $**89394043** |

---

---

| | |
|:---|:---|
| 14 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Global Value Trust Year Ended December 31, 2022

**Statement of Cash Flows**

---

| | |
|:---|:---|
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |
| Net increase (decrease) in net assets from investment operations | $(24261404) |
| Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;Purchases of long-term investments | (21958940) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of long-term investments | 19585538 |
| &nbsp;&nbsp;&nbsp;Net purchases, sales and maturities of short-term investments | 2224261 |
| &nbsp;&nbsp;&nbsp;Net (increase) decrease in dividends and interest receivable and other assets | 38610 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in interest expense payable, accrued expenses and other liabilities | 59464 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 24845735 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (90737) |
| **Net cash provided by operating activities** | **442527** |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |
| Distributions net of reinvestment (reinvestment $374,330) | (440373) |
| **Net cash used for financing activities** | **(440373)** |
| **INCREASE (DECREASE) IN CASH:** | **2154** |
| **Cash and foreign currency at beginning of year** | **3220** |
| **Cash and foreign currency at end of year** | $**5374** |

---

Supplemental disclosure of cash flow information:

For the year ended December 31, 2022, the Fund paid $102,199 in interest expense.

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 15 |

---

Royce Global 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** |
| <br>&nbsp;&nbsp;&nbsp; | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Net Asset Value, Beginning of Period** | $**14.26** | $**14.95** | $**13.60** | $**10.42** | $**12.48** |
| INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income (loss) | 0.09 | (0.01) | (0.05) | 0.06 | 0.04 |
| Net realized and unrealized gain (loss) on investments and foreign currency | (3.96) | 2.19 | 2.63 | 3.18 | (2.06) |
| **Net increase (decrease) in net assets from investment operations** | **(3.87)** | **2.18** | **2.58** | **3.24** | **(2.02)** |
| DISTRIBUTIONS: |  |  |  |  |  |
| Net investment income | (0.10) | (0.09) | – | (0.06) | (0.04) |
| Net realized gain on investments and foreign currency | (0.03) | (2.66) | (1.19) | – | – |
| Return of capital | (0.00) | – | – | – | – |
| **Total distributions** | **(0.13)** | **(2.75)** | **(1.19)** | **(0.06)** | **(0.04)** |
| CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |
| Effect of reinvestment of distributions by Common Stockholders | (0.01) | (0.12) | (0.04) | (0.00) | (0.00) |
| **Total capital stock transactions** | **(0.01)** | **(0.12)** | **(0.04)** | **(0.00)** | **(0.00)** |
| **Net Asset Value, End of Period** | $**10.25** | $**14.26** | $**14.95** | $**13.60** | $**10.42** |
| **Market Value, End of Period** | $**8.65** | $**13.12** | $**13.36** | $**11.69** | $**8.88** |
| TOTAL RETURN:<sup>[1](#cefc001)</sup> |  |  |  |  |  |
| Net Asset Value | (27.04)% | 16.34% | 19.67% | 31.20% | (16.11)% |
| Market Value | (33.08)% | 19.77% | 24.42% | 32.33% | (17.50)% |
| RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |
| Investment advisory fee expense | 1.00% | 1.00% | 1.00% | 1.00% | 1.25% |
| Other operating expenses | 0.54% | 0.39% | 0.34% | 0.50% | 0.49% |
| Total expenses (net) | 1.54% | 1.39% | 1.34% | 1.50% | 1.74% |
| Expenses excluding interest expense | 1.38% | 1.33% | 1.24% | 1.29% | 1.53% |
| Expenses prior to balance credits | 1.54% | 1.39% | 1.34% | 1.50% | 1.74% |
| Net investment income (loss) | 0.79% | (0.13)% | (0.15)% | 0.46% | 0.30% |
| SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets, End of Period (in thousands) | $64692 | $89394 | $83752 | $142810 | $109254 |
| Portfolio Turnover Rate | 24% | 52% | 54% | 48% | 57% |
| REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |
| Asset coverage | 1717% | 2335% | 1147% | 1885% | 1466% |
| Asset coverage per $1,000 | $17173 | $23349 | $11469 | $18851 | $14657 |

---

<sup>1</sup> 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, sale and dividend reinvestment dates instead of market value.

---

| | |
|:---|:---|
| 16 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Global Value Trust

**Notes to Financial Statements**

**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."

Royce & Associates, LP, the Fund's investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners ("Royce"). As of December 31, 2022, officers and employees of Royce, Fund directors, the Royce retirement plans and other affiliates owned more than 19% of the Fund.

VALUATION OF INVESTMENTS:

Portfolio securities held by the Fund 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. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as "Level 1" inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be "fair valued." The Fund's Board of Directors has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 ("Rule 2a-5"). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund's Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported as either "Level 2" or "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, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation date include:

● Over-the-counter equity securities other than those traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system (collectively referred to herein as "Other OTC Equity Securities") are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

● Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

● The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when 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 such non-U.S. securities.

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use

2022 Annual Report to Stockholders \| 17

Royce Global Value Trust

**Notes to Financial Statements (continued)**

VALUATION OF INVESTMENTS (continued):

various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer's ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

● an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

● Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

● the independent pricing services are unable to supply fair value prices; or

● the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time the Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of December 31, 2022. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| Common Stocks | $68001871 | $– | $0 | $**68001871** |
| Repurchase Agreement | – | 725497 | – | **725497** |

---

**Level 3 Reconciliation**:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **UNREALIZED GAIN (LOSS) <sup>1</sup>** | **UNREALIZED GAIN (LOSS) <sup>1</sup>** | |
| | <br>**BALANCE AS OF**<br> **12/31/21** | <br>**PURCHASES** | <br>**SALES** | <br>**REALIZED GAIN (LOSS) <sup>1</sup>** | **CURRENTLY HELD**<br> **SECURITIES** | **SECURITIES NO**<br> **LONGER HELD** | <br>**BALANCE AS OF**<br> **12/31/22** |
| Common Stocks | $0 | $– | $0 | $0 | $0 | $0 | $0 |

---

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

REPURCHASE AGREEMENTS:

The Fund may enter into repurchase agreements with institutions that the Fund's investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund as of December 31, 2022, is next business day and continuous.

FOREIGN CURRENCY:

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

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

The Fund invests a significant portion of its respective assets in foreign companies that may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country or region. Therefore, the prices of securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of securities of U.S. companies. Because such investments are usually denominated in foreign currencies and the Fund does not intend to hedge its foreign currency exposure, the U.S. dollar value of such investments may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar.

18 \| 2022 Annual Report to Stockholders

Royce Global Value Trust

**Notes to Financial Statements (continued)**

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

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:

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

EXPENSES:

The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to all of the Royce Funds are allocated by 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 43,376 and 666,151 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2022, and December 31, 2021, respectively.

**Borrowings:**

The Fund is party to a revolving credit agreement (the "credit agreement") with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of December 31, 2022, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.

If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund's entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days' prior written notice to the Fund in the event the Fund's net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund's net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated

2022 Annual Report to Stockholders \| 19

Royce Global Value Trust

**Notes to Financial Statements (continued)**

**Borrowings (continued):**

securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

The maximum amount the Fund may borrow under the credit agreement is $4,000,000. The Fund has the right to reduce the maximum amount it can borrow under the credit agreement upon one (1) business day's prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $15,000,000.

As of December 31, 2022, the Fund had outstanding borrowings of $4,000,000. During the year ended December 31, 2022, the Fund had an average daily loan balance of $4,000,000 at a weighted average borrowing cost of 2.87%. The maximum loan balance outstanding during the year ended December 31, 2022, was $4,000,000. As of December 31, 2022, the aggregate value of rehypothecated securities was $1,928,078. During the year ended December 31, 2022, the Fund earned $113 in fees from rehypothecated securities.

**Investment Advisory Agreement:**

The investment advisory agreement between Royce and the Fund provides for fees to be paid at an annual rate of 1.00% of the Fund's average daily net assets, computed daily and payable monthly. For the year ended December 31, 2022, the Fund expensed Royce investment advisory fees totaling $696,018.

**Purchases and Sales of Investment Securities:**

For the year ended December 31, 2022, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $19,722,423 and $17,736,121, respectively.

Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce or an affiliate of Franklin Resources, Inc. serves as investment adviser. The Fund's Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of that review to the Board of Directors. Cross trades for the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **COSTS OF PURCHASES** | **PROCEEDS FROM SALES** | **REALIZED GAIN (LOSS)** |
| $1714389 | $– | $– |

---

**Tax Information:**

Distributions during the years ended December 31, 2022 and 2021, were characterized as follows for tax purposes:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ORDINARY INCOME** | **ORDINARY INCOME** | **LONG-TERM CAPITAL GAINS** | **LONG-TERM CAPITAL GAINS** | **RETURN OF CAPITAL** | **RETURN OF CAPITAL** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $588297 | $2437990 | $205392 | $12964188 | $21014 | $– |

---

The tax basis components of distributable earnings as of December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UNDISTRIBUTED**<br> **ORDINARY INCOME** | **UNDISTRIBUTED LONG-TERM**<br> **CAPITAL GAINS** | **NET UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)<sup>1</sup>** | **QUALIFIED LATE YEAR**<br> **ORDINARY AND**<br> **POST-OCTOBER LOSS**<br> **DEFERRALS<sup>2</sup>** | **TOTAL**<br> **DISTRIBUTABLE**<br> **EARNINGS** |
| $– | $– | $9396503 | $(375506) | $9020997 |

---

<sup>1</sup> Includes timing differences on foreign currency, recognition of losses on securities sold and mark-to-market of Passive Foreign Investment Companies.

<sup>2</sup> Under the current tax law, capital losses and qualified late year ordinary losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year.

For financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of permanent book/tax differences. For the year ended December 31, 2022, the Fund recorded the following permanent reclassifications, which relate primarily to return of capital and foreign currency transactions:

---

| | |
|:---|:---|
| **TOTAL DISTRIBUTABLE EARNINGS (LOSS)** | **PAID-IN CAPITAL** |
| $75251 | $(75251) |

---

Management has analyzed the Fund's tax positions taken on federal income tax returns for all open tax years (2019-2022) and has concluded that as of December 31, 2022, no provision for income tax is required in the Fund's financial statements.

**Subsequent Events:**

Subsequent events have been evaluated through the date the financial statements were issued and it has been determined that no events have occurred that require disclosure.

20 \| 2022 Annual Report to Stockholders

Report of Independent Registered Public Accounting Firm

**To the Board of Directors and Stockholders of Royce Global Value Trust, Inc.:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Global Value Trust, Inc. (the "Fund") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br> New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

2022 Annual Report to Stockholders \| 21

MANAGERS' DISCUSSION (UNAUDITED)

Royce Micro-Cap Trust (RMT)

![](cef016.jpg)

**Chuck Royce, Jim Stoeffel, Brendan Hartmann**

**FUND PERFORMANCE**

**Royce Micro-Cap Trust ("RMT") was down -16.9% on a net asset value ("NAV") basis and -16.5% on a market price basis in 2022 versus respective losses of -20.4% for its unleveraged primary benchmark, the small-cap Russell 2000 Index, and -22.0% for the Russell Microcap Index, its unleveraged secondary benchmark.** RMT also outperformed the Russell 2000 on both an NAV and market price basis for the three-, five-, 10-, 15-, 20-, 25-year, and since inception (12/14/93) periods ended 12/31/22.

**WHAT WORKED… AND WHAT DIDN'T**

Nine of the portfolio's 11 equity sectors finished 2022 in the red, with Health Care, Consumer Discretionary, and Information Technology detracting most. Energy and Consumer Staples made positive contributions, while Utilities detracted least. At the industry level, health care equipment & supplies (Health Care), followed by two areas in Information Technology—semiconductors & semiconductor equipment and electronic equipment, instruments & components—were the top three detractors. Oil, gas & consumable fuels (Energy), road & rail (Industrials), and communications equipment (Information Technology) were the biggest contributors.

The biggest detractor was Mesa Laboratories, a company that develops and manufactures electronic measurement instruments for industrial and hemodialysis customers. Mesa's results were depressed by higher labor costs in its sterilization and disinfection segment and lost sales in its clinical genomics business in China due to Covid lockdowns. Management took actions to address its issues, and we held a sizable position at year-end in RMT, confident that its long-term prospects were brighter. We had a similar take on PAR Technology, which provides technology solutions, applied technology, and technical outsourcing services to the hospitality industry, primarily restaurants. Its shares were volatile throughout 2022 but fell sharply in August as robust revenue growth was not enough to vault the company into profitability—which other investors seemed to be anticipating in the second half of 2022. Industrial insulation company Aspen Aerogels saw its shares slide as it completed a dilutive financing deal to fund the capacity expansion necessary to meet growing demand from original equipment manufacturers of electric vehicles.

---

| | | | |
|:---|:---|:---|:---|
| **Top Contributors to Performance** | **Top Contributors to Performance** | **Top Detractors from Performance** | **Top Detractors from Performance** |
| For 2022 (%)<sup>1</sup> | For 2022 (%)<sup>1</sup> | For 2022 (%)<sup>2</sup> | For 2022 (%)<sup>2</sup> |
| Agilysys | 0.80 | Mesa Laboratories | -1.54 |
| Universal Logistics Holdings | 0.66 | PAR Technology | -1.21 |
| Sabine Royalty Trust | 0.59 | Aspen Aerogels | -1.05 |
| Richardson Electronics | 0.54 | AutoCanada | -1.04 |
| StoneX Group | 0.47 | nLIGHT | -0.85 |
| <sup>1</sup> Includes dividends |  | <sup>2</sup> Net of dividends |  |

---

We increased our stake in 2022. While the need for a large new plant admittedly adds timing uncertainty and execution risk, Aspen's proven solution has been winning ample new business.

RMT's top contributor was software developer Agilysys, which offers a comprehensive suite of solutions that, like PAR Technology, targets the hospitality industry. Management has spent the past several years developing add-on modules to its core property management software offering and thus increasing the firm's competitive advantage. We held our shares at year-end, as we view its recent win with Marriott as a potential game changer. Universal Logistics Holdings is an asset-light provider of customized transportation and logistics solutions throughout North America. During the first three quarters of 2022, Universal more than doubled its net income compared to the same periods in 2021. Its successes have been driven by its higher-margin intermodal and contract logistics segments. Sabine Royalty Trust is an oil and gas trust with royalty and mineral interests in producing oil and gas properties in several southern U.S. states, including Louisiana, Oklahoma, and Texas. Its stock benefited from continued strength for the energy industry.

The portfolio's advantage versus the Russell 2000 came from both stock picking and sector allocation in 2022. At the sector level, stock selection (and, to a lesser degree, our higher exposure) helped in Industrials while stock picking was also additive in Information Technology, overcoming the negative impact of our higher weighting. Our larger exposure to Energy also contributed positively, as did our cash holdings. Conversely, stock selection was a drag on relative results in Consumer Discretionary, as were our much lower weight in Utilities and stock picking in Health Care.

**CURRENT POSITIONING AND OUTLOOK**

We see micro-cap value stocks as increasingly well positioned for the next market upturn as they were disproportionately hurt by the zero interest rate environment that prevailed after the Great Financial Crisis and favored long duration assets. While 2022's pain was sharp for stocks, the Federal Reserve's pivot to a more normalized interest rate environment should lead to more thoughtful approaches to investing once we exit the current downturn. In addition, the Russell 2000 fell -31.9% from 11/8/21 through the current bottom on 6/16/22, which places it precisely at the average of Russell 2000 downturns of 15% or more since the index's inception. Over that 44-year span, only three bear markets went markedly deeper than this one by falling at least another 10%. Each of these downturns was exacerbated by a monumental negative event: the Great Financial Crisis led to small-cap losses of -58.9% from 7/13/07-3/9/09; the bursting Internet Bubble saw the Russell 2000 down -44.1% from 3/9/00-10/9/02; and the Covid pandemic deepened the small-cap index decline of -41.8% from 8/31/18-3/18/20. As difficult as these markets were, each presented investors with an important opportunity to build their micro- and/or small-cap allocation because in each case the subsequent recovery was robust—and especially rewarding for those who stayed invested.

22 \| 2022 Annual Report to Stockholders

---

| | |
|:---|:---|
| PERFORMANCE AND PORTFOLIO REVIEW (UNAUDITED) | **SYMBOLS** **MARKET PRICE** RMT **NAV** XOTCX |

---

**Performance**

Average Annual Total Return (%) Through 12/31/22

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**JUL-DEC 2022<sup>1</sup>** | <br>**1-YR** | <br>**3-YR** | <br>**5-YR** | <br>**10-YR** | <br>**15-YR** | <br>**20-YR** | <br>**25-YR** | **SINCE INCEPTION**<br>**(12/14/93)** |
| RMT (NAV) | 9.37 | -16.89 | 9.79 | 7.45 | 10.51 | 7.65 | 10.48 | 9.36 | 10.45 |

---

<sup>1</sup> Not Annualized

**Market Price Performance History Since Inception (12/14/93)**

Cumulative Performance of Investment<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1-YR** | **5-YR** | **10-YR** | **15-YR** | &nbsp;&nbsp;&nbsp;**20-YR** | &nbsp;&nbsp;&nbsp;&nbsp;**SINCE INCEPTION (12/14/93)** |
| RMT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-16.5% | 41.2% | 179.3% | 202.9% | 624.9% | &nbsp;&nbsp;&nbsp;1448.9% |

---

![](cef017.jpg)

<sup>1</sup> 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.

<sup>2</sup> 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.

**Morningstar Style Map™** As of 12/31/22

![](cef018.jpg)

The **Morningstar Style Map** is the **Morningstar Style Box™** with the center 75% of fund holdings plotted as the **Morningstar Ownership Zone™**. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund's ownership zone may vary. See page 63 for additional information.

**Value of $10,000**

Invested on 6/30/2000 (Russell Microcap<br> Inception) as of 12/31/22 ($)

![](cef019.jpg)

**Top 10 Positions**

% of Net Assets

---

| | |
|:---|:---|
| Transcat | &nbsp;&nbsp;2.4 |
| Mesa Laboratories | &nbsp;&nbsp;2.1 |
| Major Drilling Group International | &nbsp;&nbsp;1.9 |
| CIRCOR International | &nbsp;&nbsp;1.7 |
| PAR Technology | &nbsp;&nbsp;1.7 |
| EVI Industries | &nbsp;&nbsp;1.5 |
| Sprott | &nbsp;&nbsp;1.5 |
| Lindsay Corporation | &nbsp;&nbsp;1.5 |
| Agilysys | &nbsp;&nbsp;1.4 |
| Richardson Electronics | &nbsp;&nbsp;1.3 |

---

**Portfolio Sector Breakdown**

% of Net Assets

---

| | |
|:---|:---|
| Information Technology | &nbsp;&nbsp;23.1 |
| Industrials | &nbsp;&nbsp;21.2 |
| Financials | &nbsp;&nbsp;13.0 |
| Health Care | &nbsp;&nbsp;11.7 |
| Energy | &nbsp;&nbsp;8.9 |
| Consumer Discretionary | &nbsp;&nbsp;8.3 |
| Materials | &nbsp;&nbsp;7.4 |
| Real Estate | &nbsp;&nbsp;2.7 |
| Communication Services | &nbsp;&nbsp;2.5 |
| Consumer Staples | &nbsp;&nbsp;2.5 |
| Utilities | &nbsp;&nbsp;0.3 |
| Preferred Stock | &nbsp;&nbsp;0.0 |
| Outstanding Line of Credit, Net of Cash and Cash Equivalents | &nbsp;&nbsp;-1.6 |

---

---

| | |
|:---|:---|
| **Calendar Year Total Returns (%)**<br>**YEAR** | <br>**RMT** |
| 2022 | -16.9 |
| 2021 | 19.2 |
| 2020 | 33.6 |
| 2019 | 22.4 |
| 2018 | -11.6 |
| 2017 | 17.7 |
| 2016 | 22.0 |
| 2015 | -11.7 |
| 2014 | 3.5 |
| 2013 | 44.5 |
| 2012 | 17.3 |
| 2011 | -7.7 |
| 2010 | 28.5 |
| 2009 | 46.5 |
| 2008 | -45.5 |

---

**Portfolio Diagnostics**

---

| | |
|:---|:---|
| Fund Net Assets | $466 million |
| Number of Holdings | 256 |
| Turnover Rate | 26% |
| Net Asset Value | $9.77 |
| Market Price | $8.68 |
| Net Leverage<sup>1</sup> | 1.6% |
| Average Market Capitalization<sup>2</sup> | $651 million |
| Weighted Average P/E Ratio<sup>3,4</sup> | 12.7x |
| Weighted Average P/B Ratio<sup>3</sup> | 2.0x |
| Active Share<sup>5</sup> | 95% |
| U.S. Investments (% of Net Assets) | 79.8% |
| Non-U.S. Investments (% of Net Assets) | 21.8% |

---

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

<sup>2</sup> **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.

<sup>3</sup> **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.

<sup>4</sup> The Fund's P/E ratio calculation excludes companies with zero or negative earnings (24% of portfolio holdings as of 12/31/22).

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

**Important Performance and Risk Information**

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 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.royceinvest.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 normally invests in micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the "Top Contributors" and "Top Detractors" tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund's year-to-date performance for 2022.

2022 Annual Report to Stockholders \| 23

Royce Micro-Cap Trust

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | | |
| Common Stocks – 101.0% |  |  |
|  | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 2.5%** |  |  |
| &nbsp;&nbsp;DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%<br> [<sup>†</sup>](#cefd001)LICT [<sup>1</sup>](#cefd002)<sup>,</sup>[<sup>2</sup>](#cefd003) | 7 | $**135800** |
| ENTERTAINMENT - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicken Soup for the Soul Entertainment Cl. A <sup>[2](#cefd003)</sup> | 401130 | 2053786 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[2](#cefd003)</sup> | 271900 | 3986054 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>SciPlay Corporation Cl. A <sup>[2](#cefd003)</sup> | 39961 | 642573 |
|  |  | **6682413** |
| INTERACTIVE MEDIA & SERVICES - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;QuinStreet <sup>[2](#cefd003)</sup> | 200900 | **2882915** |
| MEDIA - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite <sup>[2](#cefd003)</sup> | 167200 | 1770648 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>WideOpenWest <sup>[2](#cefd003)</sup> | 42500 | 387175 |
|  |  | **2157823** |
| **Total (Cost $9,793,472)** |  | **11858951** |
| **CONSUMER DISCRETIONARY – 8.3%** |  |  |
| AUTO COMPONENTS - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorcar Parts of America <sup>[2](#cefd003)</sup> | 54800 | 649928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries <sup>[3](#cefd004),[4](#cefd005)</sup> | 17250 | 1045350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sebang Global Battery | 50500 | 1691321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Motor Products <sup>[3](#cefd004)</sup> | 75005 | 2610174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stoneridge <sup>[2](#cefd003),[3](#cefd004)</sup> | 57600 | 1241856 |
| &nbsp;&nbsp;&nbsp;&nbsp;XPEL <sup>[2](#cefd003)</sup> | 5100 | 306306 |
|  |  | **7544935** |
| DISTRIBUTORS - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uni-Select <sup>[2](#cefd003)</sup> | 40000 | **1265583** |
| DIVERSIFIED CONSUMER SERVICES - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Lawn | 50000 | 954579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute <sup>[2](#cefd003)</sup> | 445000 | 2990400 |
|  |  | **3944979** |
| HOTELS, RESTAURANTS & LEISURE - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Casinos <sup>[2](#cefd003)</sup> | 222500 | 1564175 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>First Watch Restaurant Group <sup>[2](#cefd003)</sup> | 37500 | 507375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Entertainment <sup>[2](#cefd003)</sup> | 50000 | 633500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings <sup>[2](#cefd003)</sup> | 482868 | 3718084 |
|  |  | **6423134** |
| HOUSEHOLD DURABLES - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries <sup>[2](#cefd003),[3](#cefd004)</sup> | 8600 | 1945750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy Housing <sup>[2](#cefd003)</sup> | 162038 | 3072241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifetime Brands <sup>[3](#cefd004)</sup> | 119294 | 905441 |
|  |  | **5923432** |
| LEISURE PRODUCTS - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarus Corporation | 254903 | **1998439** |
| MULTILINE RETAIL - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Franchise Group Cl. A** | 194300 | **4628226** |
| SPECIALTY RETAIL - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**AutoCanada [<sup>2</sup>](#cefd003)** | 297000 | 5113050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Destination XL Group <sup>[2](#cefd003)</sup> | 75000 | 506250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoe Carnival <sup>[3](#cefd004)</sup> | 36432 | 871089 |
|  |  | **6490389** |
| TEXTILES, APPAREL & LUXURY GOODS - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;YGM Trading | 1874600 | **273789** |
| **Total (Cost $37,067,181)** |  | **38492906** |
| **CONSUMER STAPLES – 2.5%** |  |  |
| BEVERAGES - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Water | 26791 | **416332** |
| FOOD & STAPLES RETAILING - 0.1% |  |  |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Rite Aid <sup>[2](#cefd003)</sup> | 200000 | **668000** |

---

---

| | | |
|:---|:---|:---|
| FOOD PRODUCTS - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CubicFarm Systems <sup>[2](#cefd003)</sup> | 400000 | 23634 |
| &nbsp;&nbsp;&nbsp;&nbsp;J G Boswell Company <sup>[1](#cefd002)</sup> | 2490 | 2141400 |
| &nbsp;&nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son <sup>[3](#cefd004)</sup> | 16000 | 1301120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifecore Biomedical <sup>[2](#cefd003),[3](#cefd004)</sup> | 75610 | 489953 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Seneca Foods Cl. A <sup>[2](#cefd003)</sup>** | 55687 | 3394122 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Seneca Foods Cl. B <sup>[2](#cefd003)</sup>** | 40400 | 2444200 |
|  |  | **9794429** |
| PERSONAL PRODUCTS - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;e.l.f. Beauty <sup>[2](#cefd003)</sup> | 13900 | **768670** |
| **Total (Cost $6,035,096)** |  | **11647431** |
| **ENERGY – 8.9%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Bristow Group <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup>** | 177900 | 4826427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer Modelling Group | 594875 | 2561389 |
| &nbsp;&nbsp;&nbsp;&nbsp;North American Construction Group | 50000 | 668500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pason Systems | 366500 | 4314631 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEACOR Marine Holdings <sup>[2](#cefd003),[3](#cefd004)</sup> | 216957 | 1987326 |
| &nbsp;&nbsp;&nbsp;&nbsp;TerraVest Industries | 214000 | 4360606 |
|  |  | **18718879** |
| OIL, GAS & CONSUMABLE FUELS - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardmore Shipping <sup>[2](#cefd003)</sup> | 90500 | 1304105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorchester Minerals L.P. | 153963 | 4608112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorian LPG | 208338 | 3948005 |
| &nbsp;&nbsp;&nbsp;&nbsp;GeoPark | 69218 | 1069418 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Kimbell Royalty Partners L.P. | 55700 | 930190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navigator Holdings <sup>[2](#cefd003)</sup> | 175000 | 2093000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Oil and Gas <sup>[3](#cefd004)</sup> | 34200 | 1054044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sabine Royalty Trust <sup>[3](#cefd004)</sup> | 52948 | 4524407 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Sitio Royalties Cl. A | 63674 | 1836995 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Spartan Delta | 79300 | 875580 |
| &nbsp;&nbsp;&nbsp;&nbsp;StealthGas <sup>[2](#cefd003)</sup> | 229664 | 615499 |
|  |  | **22859355** |
| **Total (Cost $32,433,205)** |  | **41578234** |
| **FINANCIALS – 12.4%** |  |  |
| BANKS - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp (The) <sup>[2](#cefd003)</sup> | 19500 | 553410 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>BankFirst Capital <sup>[1](#cefd002)</sup> | 1555 | 62200 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Bay Community Bancorp Cl. A <sup>[1](#cefd002)</sup> | 6600 | 59136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemung Financial <sup>[3](#cefd004)</sup> | 31000 | 1421970 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Citizens Bancshares <sup>[1](#cefd002)</sup> | 2200 | 60500 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>First Commonwealth Financial | 11800 | 164846 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Harbor Bankshares <sup>[1](#cefd002),[2](#cefd003)</sup> | 3400 | 50150 |
| &nbsp;&nbsp;&nbsp;&nbsp;HBT Financial | 54690 | 1070283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Oak Bancshares <sup>[3](#cefd004)</sup> | 49745 | 1502299 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>M&F Bancorp <sup>[1](#cefd002)</sup> | 3000 | 63150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midway Investments <sup>[2](#cefd003),[5](#cefd006)</sup> | 735647 | 0 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>PCB Bancorp | 3400 | 60146 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>United BanCorp of Alabama <sup>[1](#cefd002)</sup> | 1700 | 60010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virginia National Bankshares <sup>[3](#cefd004)</sup> | 89910 | 3296101 |
|  |  | **8424201** |
| CAPITAL MARKETS - 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Riley Financial | 93200 | 3187440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barings BDC | 215300 | 1754695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores | 1068000 | 2067875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 74000 | 2860100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiera Capital Cl. A | 78000 | 500030 |

---

---

| | |
|:---|:---|
| 24 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Schedule of Investments (continued)** |<br>**SHARES** |<br>**VALUE** |
| **FINANCIALS (continued)** |  |  |
| CAPITAL MARKETS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 329900 | $2510539 |
| &nbsp;&nbsp;&nbsp;Newtek Business Services | 179272 | 2913170 |
| &nbsp;&nbsp;&nbsp;**Silvercrest Asset Management Group Cl. A** | 261400 | 4906478 |
| &nbsp;&nbsp;&nbsp;**Sprott** | 212453 | 7067122 |
| &nbsp;&nbsp;&nbsp;&nbsp;**StoneX Group <sup>[2](#cefd003),[3](#cefd004)</sup>** | 60027 | 5720573 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange | 343000 | 2049159 |
| &nbsp;&nbsp;&nbsp;U.S. Global Investors Cl. A | 439454 | 1270022 |
| &nbsp;&nbsp;&nbsp;Urbana Corporation | 237600 | 747545 |
| &nbsp;&nbsp;&nbsp;Value Line | 29470 | 1499434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westaim Corporation (The) <sup>[2](#cefd003)</sup> | 500000 | 971196 |
|  |  | **40025378** |
| CONSUMER FINANCE - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP Cl. A <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 201000 | **1638150** |
| DIVERSIFIED FINANCIAL SERVICES - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acacia Research <sup>[2](#cefd003),[3](#cefd004)</sup> | 425700 | 1792197 |
| &nbsp;&nbsp;&nbsp;ECN Capital | 1006200 | 2065905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waterloo Investment Holdings <sup>[2](#cefd003),[5](#cefd006)</sup> | 806000 | 225680 |
|  |  | **4083782** |
| INSURANCE - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trean Insurance Group <sup>[2](#cefd003)</sup> | 394065 | **2364390** |
| THRIFTS & MORTGAGE FINANCE - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;OP Bancorp | 14500 | 161820 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>WSFS Financial | 22500 | 1020150 |
|  |  | **1181970** |
| **Total (Cost $52,073,681)** |  | **57717871** |
| **HEALTH CARE – 11.7%** |  |  |
| BIOTECHNOLOGY - 1.7% |  |  |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Agios Pharmaceuticals <sup>[2](#cefd003)</sup> | 2300 | 64584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings <sup>[2](#cefd003)</sup> | 79836 | 1354019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caribou Biosciences <sup>[2](#cefd003)</sup> | 10600 | 66568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[2](#cefd003)</sup> | 51800 | 963480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Therapeutics <sup>[2](#cefd003)</sup> | 11430 | 58636 |
| &nbsp;&nbsp;&nbsp;&nbsp;4D Molecular Therapeutics <sup>[2](#cefd003)</sup> | 5300 | 117713 |
| &nbsp;&nbsp;&nbsp;&nbsp;MeiraGTx Holdings <sup>[2](#cefd003)</sup> | 114400 | 745888 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Travere Therapeutics <sup>[2](#cefd003)</sup> | 3000 | 63090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zealand Pharma <sup>[2](#cefd003)</sup> | 153015 | 4436175 |
|  |  | **7870153** |
| HEALTH CARE EQUIPMENT & SUPPLIES - 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artivion <sup>[2](#cefd003)</sup> | 44200 | 535704 |
| &nbsp;&nbsp;&nbsp;&nbsp;AtriCure <sup>[2](#cefd003),[3](#cefd004)</sup> | 15000 | 665700 |
| &nbsp;&nbsp;&nbsp;Atrion Corporation | 5489 | 3070821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cutera <sup>[2](#cefd003)</sup> | 57500 | 2542650 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Mesa Laboratories <sup>[3](#cefd004)</sup>** | 59579 | 9902625 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Opsens <sup>[2](#cefd003)</sup> | 96100 | 133433 |
| &nbsp;&nbsp;&nbsp;&nbsp;OrthoPediatrics Corp. <sup>[2](#cefd003)</sup> | 6500 | 258245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profound Medical <sup>[2](#cefd003)</sup> | 179100 | 1915338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semler Scientific <sup>[2](#cefd003),[3](#cefd004)</sup> | 22400 | 739200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surmodics <sup>[2](#cefd003),[3](#cefd004)</sup> | 85300 | 2910436 |
| &nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 27445 | 3235491 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products | 29237 | 2939196 |
|  |  | **28848839** |
| HEALTH CARE PROVIDERS & SERVICES - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Country Healthcare <sup>[2](#cefd003),[3](#cefd004)</sup> | 58900 | 1564973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Elm Group <sup>[2](#cefd003)</sup> | 682245 | 1378135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health Cl. A <sup>[2](#cefd003)</sup> | 200000 | 1282000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint Corp. (The) <sup>[2](#cefd003)</sup> | 127484 | 1782226 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;National Research <sup>[3](#cefd004)</sup> | 46668 | 1740717 |
|  |  | **7748051** |
| HEALTH CARE TECHNOLOGY - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Simulations Plus <sup>[3](#cefd004)</sup> | 86670 | **3169522** |
| LIFE SCIENCES TOOLS & SERVICES - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azenta <sup>[2](#cefd003),[3](#cefd004)</sup> | 15700 | 914054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvard Bioscience <sup>[2](#cefd003)</sup> | 317400 | 879198 |
| &nbsp;&nbsp;&nbsp;&nbsp;MaxCyte <sup>[2](#cefd003)</sup> | 60125 | 328282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanterix Corporation <sup>[2](#cefd003)</sup> | 224500 | 3109325 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>SomaLogic <sup>[2](#cefd003)</sup> | 30600 | 76806 |
|  |  | **5307665** |
| PHARMACEUTICALS - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Knight Therapeutics <sup>[2](#cefd003)</sup> | 187000 | 715406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Theravance Biopharma <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 59009 | 662081 |
|  |  | **1377487** |
| **Total (Cost $42,785,896)** |  | **54321717** |
| **INDUSTRIALS – 21.2%** |  |  |
| AEROSPACE & DEFENSE - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Astronics Corporation <sup>[2](#cefd003)</sup> | 56929 | 586369 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPI Aerostructures <sup>[2](#cefd003)</sup> | 189700 | 607040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovative Solutions and Support <sup>[2](#cefd003)</sup> | 78828 | 647966 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 101300 | 1358433 |
|  |  | **3199808** |
| AIRLINES - 0.1% |  |  |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Harbor Diversified <sup>[1](#cefd002),[2](#cefd003)</sup> | 147500 | **314175** |
| BUILDING PRODUCTS - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Burnham Holdings Cl. A <sup>[1](#cefd002)</sup> | 117000 | 1462500 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials <sup>[3](#cefd004)</sup> | 6700 | 776731 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Gibraltar Industries <sup>[2](#cefd003)</sup> | 9359 | 429391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries <sup>[3](#cefd004)</sup> | 49700 | 1367744 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 9900 | 234432 |
|  |  | **4270798** |
| COMMERCIAL SERVICES & SUPPLIES - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Acme United | 25000 | 547500 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>ACV Auctions Cl. A <sup>[2](#cefd003)</sup> | 68600 | 563206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Civeo Corporation <sup>[2](#cefd003)</sup> | 37499 | 1166219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage-Crystal Clean <sup>[2](#cefd003),[3](#cefd004)</sup> | 131201 | 4261408 |
|  |  | **6538333** |
| CONSTRUCTION & ENGINEERING - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameresco Cl. A <sup>[2](#cefd003)</sup> | 8500 | 485690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Cl. A <sup>[2](#cefd003),[3](#cefd004)</sup> | 84900 | 2265981 |
| &nbsp;&nbsp;&nbsp;Granite Construction | 13500 | 473445 |
| &nbsp;&nbsp;&nbsp;&nbsp;IES Holdings <sup>[2](#cefd003),[3](#cefd004)</sup> | 62874 | 2236428 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>MasTec <sup>[2](#cefd003)</sup> | 13287 | 1133780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matrix Service <sup>[2](#cefd003),[3](#cefd004)</sup> | 40425 | 251443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Pipe <sup>[2](#cefd003),[3](#cefd004)</sup> | 65100 | 2193870 |
|  |  | **9040637** |
| ELECTRICAL EQUIPMENT - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Superconductor <sup>[2](#cefd003)</sup> | 104225 | 383548 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 315740 | 3864658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powell Industries <sup>[3](#cefd004)</sup> | 21400 | 752852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Solutions International <sup>[1](#cefd002),[2](#cefd003)</sup> | 21100 | 52750 |
|  |  | **5053808** |
| MACHINERY - 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**CIRCOR International <sup>[2](#cefd003),[3](#cefd004)</sup>** | 339321 | 8130131 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Desktop Metal Cl. A <sup>[2](#cefd003)</sup> | 65600 | 89216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Corporation <sup>[2](#cefd003)</sup> | 149850 | 1441557 |

---

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 25 |

---

Royce Micro-Cap Trust

---

| | | |
|:---|:---|:---|
| **Schedule of Investments (continued)** |<br>**SHARES** |<br>**VALUE** |
| **INDUSTRIALS (continued)** |  |  |
| MACHINERY (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;H2O Innovation <sup>[2](#cefd003)</sup> | 437300 | $830030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hurco Companies <sup>[3](#cefd004)</sup> | 63366 | 1655754 |
| &nbsp;&nbsp;&nbsp;&nbsp;L. B. Foster Company <sup>[2](#cefd003),[3](#cefd004)</sup> | 95300 | 922504 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Lindsay Corporation [<sup>3</sup>](#cefd004)** | 41600 | 6774560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luxfer Holdings <sup>[3](#cefd004)</sup> | 31700 | 434924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shyft Group (The) | 29700 | 738342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standex International | 7100 | 727111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennant Company | 19200 | 1182144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan International <sup>[2](#cefd003)</sup> | 212200 | 3250904 |
|  |  | **26177177** |
| MARINE - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Algoma Central | 40000 | 538257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarkson | 58600 | 2291819 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Eagle Bulk Shipping <sup>[3](#cefd004)</sup>** | 99928 | 4990404 |
|  |  | **7820480** |
| PROFESSIONAL SERVICES - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forrester Research <sup>[2](#cefd003)</sup> | 124300 | 4444968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Covey <sup>[2](#cefd003),[3](#cefd004)</sup> | 51200 | 2394624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastech Digital <sup>[2](#cefd003)</sup> | 44116 | 485717 |
| &nbsp;&nbsp;&nbsp;&nbsp;NV5 Global <sup>[2](#cefd003)</sup> | 11400 | 1508448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resources Connection | 59300 | 1089934 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Spire Global Cl. A <sup>[2](#cefd003)</sup> | 50000 | 48000 |
|  |  | **9971691** |
| ROAD & RAIL - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Logistics Holdings <sup>[3](#cefd004)</sup> | 125240 | **4188026** |
| TRADING COMPANIES & DISTRIBUTORS - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BlueLinx Holdings <sup>[2](#cefd003)</sup> | 12405 | 882120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[2](#cefd003)</sup> | 79000 | 2911940 |
| &nbsp;&nbsp;&nbsp;&nbsp;**EVI Industries <sup>[2](#cefd003),[3](#cefd004)</sup>** | 297409 | 7099153 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transcat <sup>[2](#cefd003),[3](#cefd004)</sup>** | 160384 | 11366414 |
|  |  | **22259627** |
| **Total (Cost $78,248,906)** |  | **98834560** |
| **INFORMATION TECHNOLOGY – 23.1%** |  |  |
| COMMUNICATIONS EQUIPMENT - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ADTRAN Holdings | 32400 | 608796 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Aviat Networks <sup>[2](#cefd003)</sup> | 30600 | 954414 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Clearfield <sup>[2](#cefd003),[3](#cefd004)</sup>** | 58207 | 5479607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digi International <sup>[2](#cefd003)</sup> | 70000 | 2558500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genasys <sup>[2](#cefd003)</sup> | 86392 | 319650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonic <sup>[2](#cefd003)</sup> | 126900 | 1662390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ituran Location and Control | 50000 | 1056500 |
|  |  | **12639857** |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bel Fuse Cl. A | 18805 | 626018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>[2](#cefd003)</sup> | 2200 | 282084 |
| &nbsp;&nbsp;&nbsp;&nbsp;FARO Technologies <sup>[2](#cefd003),[3](#cefd004)</sup> | 104800 | 3082168 |
| &nbsp;&nbsp;&nbsp;&nbsp;HollySys Automation Technologies | 51900 | 852717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luna Innovations <sup>[2](#cefd003)</sup> | 428678 | 3768080 |
| &nbsp;&nbsp;&nbsp;&nbsp;**nLIGHT <sup>[2](#cefd003),[3](#cefd004)</sup>** | 550914 | 5586268 |
| &nbsp;&nbsp;&nbsp;&nbsp;**PAR Technology <sup>[2](#cefd003)</sup>** | 296724 | 7735595 |
| &nbsp;&nbsp;&nbsp;&nbsp;PC Connection <sup>[3](#cefd004)</sup> | 14000 | 656600 |
| &nbsp;&nbsp;&nbsp;&nbsp;PowerFleet <sup>[2](#cefd003)</sup> | 230500 | 620045 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Richardson Electronics** | 280100 | 5974533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[2](#cefd003),[3](#cefd004)</sup> | 41800 | 1615570 |
|  |  | **30799678** |
| IT SERVICES - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer Task Group <sup>[2](#cefd003)</sup> | 84800 | 641088 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Hackett Group (The) <sup>[3](#cefd004)</sup> | 27700 | 564249 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Money Express <sup>[2](#cefd003)</sup> | 83300 | 2030021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberated Syndication <sup>[2](#cefd003),[5](#cefd006)</sup> | 56000 | 0 |
|  |  | **3235358** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6% |  |  |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Aehr Test Systems <sup>[2](#cefd003)</sup> | 32800 | 659280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alpha and Omega Semiconductor <sup>[2](#cefd003),[3](#cefd004)</sup> | 17900 | 511403 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Alphawave IP Group <sup>[2](#cefd003)</sup> | 470384 | 580044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amtech Systems <sup>[2](#cefd003),[3](#cefd004)</sup> | 92184 | 700598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies <sup>[2](#cefd003)</sup> | 5400 | 428544 |
| &nbsp;&nbsp;&nbsp;&nbsp;AXT <sup>[2](#cefd003)</sup> | 223500 | 978930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camtek <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 121037 | 2657973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohu <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 38990 | 1249629 |
| &nbsp;&nbsp;&nbsp;&nbsp;FormFactor <sup>[2](#cefd003)</sup> | 22869 | 508378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ichor Holdings <sup>[2](#cefd003)</sup> | 32000 | 858240 |
| &nbsp;&nbsp;&nbsp;&nbsp;inTEST Corporation <sup>[2](#cefd003)</sup> | 10500 | 108150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries <sup>[3](#cefd004)</sup> | 71100 | 3146886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 35000 | 2858800 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVE Corporation <sup>[3](#cefd004)</sup> | 14400 | 932400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 49750 | 3387478 |
| &nbsp;&nbsp;&nbsp;&nbsp;PDF Solutions <sup>[2](#cefd003)</sup> | 155500 | 4434860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Photronics <sup>[2](#cefd003)</sup>** | 280400 | 4719132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[2](#cefd003),[3](#cefd004)</sup> | 65000 | 2154750 |
|  |  | **30875475** |
| SOFTWARE - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Agilysys <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup>** | 84500 | 6687330 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Alkami Technology <sup>[2](#cefd003)</sup> | 62185 | 907279 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Software Cl. A <sup>[3](#cefd004)</sup> | 111152 | 1631712 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Cellebrite DI <sup>[2](#cefd003)</sup> | 560700 | 2444652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Turbine <sup>[2](#cefd003)</sup> | 241500 | 3680460 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Duck Creek Technologies <sup>[2](#cefd003)</sup> | 27400 | 330170 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Enfusion Cl. A <sup>[2](#cefd003)</sup> | 41700 | 403239 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Enghouse Systems | 22900 | 608355 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Everbridge <sup>[2](#cefd003)</sup> | 14000 | 414120 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>MeridianLink <sup>[2](#cefd003)</sup> | 29000 | 398170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Model N <sup>[2](#cefd003)</sup> | 25000 | 1014000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Optiva <sup>[2](#cefd003)</sup> | 28000 | 341211 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>PROS Holdings <sup>[2](#cefd003)</sup> | 45500 | 1103830 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>RADCOM <sup>[2](#cefd003)</sup> | 27000 | 295380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upland Software <sup>[2](#cefd003)</sup> | 94100 | 670933 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Viant Technology Cl. A <sup>[2](#cefd003)</sup> | 19300 | 77586 |
|  |  | **21008427** |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AstroNova <sup>[2](#cefd003)</sup> | 115860 | 1485325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avid Technology <sup>[2](#cefd003),[3](#cefd004),[4](#cefd005)</sup> | 151600 | 4031044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intevac <sup>[2](#cefd003)</sup> | 539400 | 3489918 |
|  |  | **9006287** |
| **Total (Cost $79,298,353)** |  | **107565082** |
| **MATERIALS – 7.4%** |  |  |
| CHEMICALS - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Aerogels <sup>[2](#cefd003)</sup> | 170585 | 2011197 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSB Industries <sup>[2](#cefd003)</sup> | 214540 | 2853382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rayonier Advanced Materials <sup>[2](#cefd003)</sup> | 50000 | 480000 |
|  |  | **5344579** |
| CONSTRUCTION MATERIALS - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Cement <sup>[1](#cefd002)</sup> | 8150 | **855750** |

---

---

| | |
|:---|:---|
| 26 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Schedule of Investments (continued)** |<br>**SHARES** |<br>**VALUE** |
| **MATERIALS (continued)** |  |  |
| METALS & MINING - 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold Cl. A | 261044 | $2639359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Altius Minerals | 171100 | 2806596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haynes International <sup>[3](#cefd004)</sup> | 84400 | 3856236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imdex | 569466 | 856864 |
| &nbsp;&nbsp;&nbsp;&nbsp;MAG Silver <sup>[2](#cefd003)</sup> | 154050 | 2407802 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Major Drilling Group International <sup>[2](#cefd003)</sup>** | 1131184 | 8788815 |
| &nbsp;&nbsp;<sup>[†](#cefd001)</sup>Newcrest Mining | 26859 | 375709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olympic Steel | 62100 | 2085318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandstorm Gold | 810000 | 4260600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Stainless & Alloy Products <sup>[2](#cefd003),[3](#cefd004)</sup> | 33620 | 241055 |
|  |  | **28318354** |
| **Total (Cost $25,509,281)** |  | **34518683** |
| **REAL ESTATE – 2.7%** |  |  |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4% <br> Postal Realty Trust Cl. A | 114000 | **1656420** |
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Altus Group | 106700 | 4258543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Matters <sup>[2](#cefd003)</sup> | 229500 | 708501 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMR Group (The) Cl. A <sup>[3](#cefd004)</sup> | 108200 | 3056650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tejon Ranch <sup>[2](#cefd003),[3](#cefd004)</sup> | 154994 | 2920087 |
|  |  | **10943781** |
| **Total (Cost $13,177,033)** |  | **12600201** |
| **UTILITIES – 0.3%** |  |  |
| WATER UTILITIES - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Water Resources | 106000 | **1407680** |
| **Total (Cost $678,400)** |  | **1407680** |
| <br>**TOTAL COMMON STOCKS** |  |  |
| **(Cost $377,100,504)** |  | **470543316** |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK – 0.0%** |  |  |
| **ENERGY – 0.0%** |  |  |
| OIL, GAS & CONSUMABLE FUELS - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Imperial Petroleum 8.75% Series A | 4784 | **92857** |
| **(Cost $71,808)** |  | **92857** |
| **DIVERSIFIED INVESTMENT COMPANIES – 0.6%** |  |  |
| **FINANCIALS – 0.6%** |  |  |
| CAPITAL MARKETS - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;ASA Gold and Precious Metals | 171150 | **2449157** |
| **(Cost $2,914,814)** |  | **2449157** |
| **REPURCHASE AGREEMENT– 4.4%** |  |  |
| Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value<br> $20,595,510 (collateralized by obligations of U.S. Government Agencies, 0.375%<br> due 7/15/25, valued at $21,004,457) | Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value<br> $20,595,510 (collateralized by obligations of U.S. Government Agencies, 0.375%<br> due 7/15/25, valued at $21,004,457) | Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value<br> $20,595,510 (collateralized by obligations of U.S. Government Agencies, 0.375%<br> due 7/15/25, valued at $21,004,457) |
| **(Cost $20,592,581)** |  | **20592581** |
| **TOTAL INVESTMENTS – 106.0%** |  |  |
| **(Cost $400,679,707)** |  | **493677911** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (6.0)%** |  | **(27788328)** |
| **NET ASSETS – 100.0%** |  | $**465889583** |

---

<sup>†</sup> New additions in 2022.

<sup>1</sup> These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. See Notes to Financial Statements.

<sup>2</sup> Non-income producing.

<sup>3</sup> All or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement as of December 31, 2022. Total market value of pledged securities as of December 31, 2022, was $24,861,664.

<sup>4</sup> As of December 31, 2022, a portion of these securities, in the aggregate amount of $6,798,907, were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection with the Fund's revolving credit agreement. See Notes to Financial Statements.

<sup>5</sup> 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.

**Bold indicates the Fund's 20 largest equity holdings in terms of December 31, 2022, market value.** 

**TAX INFORMATION:** The cost of total investments for Federal income tax purposes was $402,167,371. As of December 31, 2022, net unrealized appreciation for all securities was $91,510,540 consisting of aggregate gross unrealized appreciation of $138,368,903 and aggregate gross unrealized depreciation of $46,858,363. The primary causes of the difference between book and tax basis cost are the timing of the recognition of losses on securities sold, investments in publicly traded partnerships and Trusts, investments in Real Estate Investment Trusts and mark-to-market of Passive Foreign Investment Companies.

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 27 |

---

Royce Micro-Cap Trust December 31, 2022

**Statement of Assets and Liabilities**

---

| | |
|:---|:---|
| ASSETS: |  |
| Investments at value | $473085330 |
| Repurchase agreements (at cost and value) | 20592581 |
| Foreign currency (cost $28,035) | 28064 |
| Receivable for investments sold | 6493098 |
| Receivable for dividends and interest | 365458 |
| Prepaid expenses and other assets | 42325 |
| **Total Assets** | **500606856** |
| LIABILITIES: |  |
| Revolving credit agreement | 11000000 |
| Payable for investments purchased | 22797880 |
| Payable for investment advisory fee | 610407 |
| Payable for directors' fees | 20734 |
| Payable for interest expense | 73003 |
| Accrued expenses | 215249 |
| **Total Liabilities** | **34717273** |
| **Net Assets** | $**465889583** |
| ANALYSIS OF NET ASSETS: |  |
| Paid-in capital - $0.001 par value per share; 47,688,371 shares outstanding (150,000,000 shares authorized) | $400389018 |
| Total distributable earnings (loss) | 65500565 |
| **Net Assets (net asset value per share - $9.77)** | $**465889583** |
| Investments at identified cost | $380087126 |

---

---

| | |
|:---|:---|
| 28 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Micro-Cap Trust Year Ended December 31, 2022

**Statement of Operations**

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| INCOME: |  |
| Dividends | $7447542 |
| Foreign withholding tax | (156734) |
| Interest | 197137 |
| Rehypothecation income | 5358 |
| **Total income** | **7493303** |
| EXPENSES: |  |
| Investment advisory fees | 7132775 |
| Interest expense | 613206 |
| Administrative and office facilities | 234356 |
| Stockholder reports | 122412 |
| Custody and transfer agent fees | 91038 |
| Directors' fees | 88318 |
| Professional fees | 77934 |
| Other expenses | 157372 |
| **Total expenses** | **8517411** |
| **Net investment income (loss)** | **(1024108)** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| NET REALIZED GAIN (LOSS): |  |
| Investments | 13567884 |
| Foreign currency transactions | (7743) |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |
| Investments | (115296980) |
| Other assets and liabilities denominated in foreign currency | (998) |
| **Net realized and unrealized gain (loss) on investments and foreign currency** | **(101737837)** |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS** | $**(102761945)** |

---

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 29 |

---

Royce Micro-Cap Trust

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED 12/31/22** | **YEAR ENDED 12/31/21** |
| INVESTMENT OPERATIONS: |  |  |
| Net investment income (loss) | $(1024108) | $1747959 |
| Net realized gain (loss) on investments and foreign currency | 13560141 | 39288095 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (115297978) | 54224225 |
| **Net increase (decrease) in net assets from investment operations** | **(102761945)** | **95260279** |
| DISTRIBUTIONS: |  |  |
| Total distributable earnings | (43327856) | (37185784) |
| Return of capital | (396334) | – |
| **Total distributions** | **(43724190)** | **(37185784)** |
| CAPITAL STOCK TRANSACTIONS: |  |  |
| Reinvestment of distributions | 22062341 | 16322950 |
| **Total capital stock transactions** | **22062341** | **16322950** |
| **Net Increase (Decrease) In Net Assets** | **(124423794)** | **74397445** |
| NET ASSETS: |  |  |
| **Beginning of year** | **590313377** | **515915932** |
| **End of year** | $**465889583** | $**590313377** |

---

---

| | |
|:---|:---|
| 30 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Micro-Cap Trust Year Ended December 31, 2022

**Statement of Cash Flows**

---

| | |
|:---|:---|
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |
| Net increase (decrease) in net assets from investment operations | $(102761945) |
| Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of long-term investments | (102463073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of long-term investments | 128092963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchases, sales and maturities of short-term investments | 8130562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in dividends and interest receivable and other assets | (235531) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in interest expense payable, accrued expenses and other liabilities | 183273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 115296980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (13567884) |
| **Net cash provided by operating activities** | **32675345** |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |
| Decrease in revolving credit agreement | (11000000) |
| Distributions net of reinvestment (reinvestment $22,062,341) | (21661849) |
| **Net cash used for financing activities** | **(32661849)** |
| **INCREASE (DECREASE) IN CASH:** | **13496** |
| **Cash and foreign currency at beginning of year** | **14568** |
| **Cash and foreign currency at end of year** | $**28064** |

---

Supplemental disclosure of cash flow information:

For the year ended December 31, 2022, the Fund paid $562,100 in interest expense.

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 31 |

---

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Net Asset Value, Beginning of Period** | $**13.06** | $**11.79** | $**9.63** | $**8.53** | $**10.48** |
| INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income (loss) | (0.02) | 0.04<sup>[1](#cefe001)</sup> | (0.03) | 0.01 | 0.01 |
| Net realized and unrealized gain (loss) on investments and foreign currency | (2.26) | 2.12 | 2.86 | 1.81 | (1.18) |
| **Net increase (decrease) in net assets from investment operations** | **(2.28)** | **2.16** | **2.83** | **1.82** | **(1.17)** |
| DISTRIBUTIONS: |  |  |  |  |  |
| Net investment income | (0.05) | – | (0.08) | (0.03) | (0.00) |
| Net realized gain on investments and foreign currency | (0.89) | (0.84) | (0.53) | (0.65) | (0.75) |
| Return of capital | (0.01) | – | – | – | – |
| **Total distributions** | **(0.95)** | **(0.84)** | **(0.61)** | **(0.68)** | **(0.75)** |
| CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |
| Effect of reinvestment of distributions by Common Stockholders | (0.06) | (0.05) | (0.06) | (0.04) | (0.03) |
| **Total capital stock transactions** | **(0.06)** | **(0.05)** | **(0.06)** | **(0.04)** | **(0.03)** |
| **Net Asset Value, End of Period** | $**9.77** | $**13.06** | $**11.79** | $**9.63** | $**8.53** |
| **Market Value, End of Period** | $**8.68** | $**11.55** | $**10.12** | $**8.54** | $**7.42** |
| TOTAL RETURN:<sup>[2](#cefe002)</sup> |  |  |  |  |  |
| Net Asset Value | (16.89)% | 19.17% | 33.60% | 22.44% | (11.62)% |
| Market Value | (16.51)% | 22.78% | 29.32% | 24.82% | (14.65)% |
| RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |
| Investment advisory fee expense<sup>[3](#cefe003)</sup> | 1.47% | 1.04% | 1.19% | 0.85% | 0.92%<sup>[4](#cefe004)</sup> |
| Other operating expenses | 0.29% | 0.16% | 0.24% | 0.35% | 0.43% |
| Total expenses (net) | 1.76% | 1.20% | 1.43% | 1.20% | 1.35% |
| Expenses excluding interest expense | 1.63% | 1.16% | 1.34% | 1.01% | 1.05% |
| Expenses prior to balance credits | 1.76% | 1.20% | 1.43% | 1.20% | 1.35% |
| Net investment income (loss) | (0.21)% | 0.30%<sup>[1](#cefe001)</sup> | (0.34)% | 0.10% | 0.10% |
| SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets, End of Period (in thousands) | $465890 | $590313 | $515916 | $404807 | $345499 |
| Portfolio Turnover Rate | 26% | 15% | 17% | 15% | 21% |
| REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |
| Asset coverage | 4335% | 2783% | 2445% | 1940% | 1670% |
| Asset coverage per $1,000 | $43354 | $27832 | $24451 | $19400 | $16705 |

---

<sup>1</sup> A special distribution from ECN Capital resulted in an increase in net investment income (loss) per share of $0.07 and an increase in the ratio of net investment income (loss) to average net assets of 0.51%.

<sup>2</sup> 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, sale and dividend reinvestment dates instead of market value.

<sup>3</sup> The investment advisory fee is calculated based on average net assets over a rolling 36-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets over a 12-month basis.

<sup>4</sup> Includes the impact of the adjustment of prior period's performance fees of 0.06%.

---

| | |
|:---|:---|
| 32 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Micro-Cap Trust

**Notes to Financial Statements**

**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."

Royce & Associates, LP, the Fund's investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners ("Royce").

VALUATION OF INVESTMENTS:

Portfolio securities held by the Fund 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. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as "Level 1" inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be "fair valued." The Fund's Board of Directors has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 ("Rule 2a-5"). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund's Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported as either "Level 2" or "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, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation date include:

● Over-the-counter equity securities other than those traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system (collectively referred to herein as "Other OTC Equity Securities") are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

● Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

● The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when 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 such non-U.S. securities.

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use

2022 Annual Report to Stockholders \| 33

Royce Micro-Cap Trust

**Notes to Financial Statements (continued)**

VALUATION OF INVESTMENTS (continued):

various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer's ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

● an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

● Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

● the independent pricing services are unable to supply fair value prices; or

● the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time the Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of December 31, 2022. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| Common Stocks | $465000115 | $5317521 | $225680 | **$470543316** |
| Preferred Stock | 92857 | – | – | **92857** |
| Diversified Investment Companies | 2449157 | – | – | **2449157** |
| Repurchase Agreement | – | 20592581 | – | **20592581** |

---

**Level 3 Reconciliation**:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **UNREALIZED GAIN (LOSS) <sup>1</sup>** | **UNREALIZED GAIN (LOSS) <sup>1</sup>** | |
| | <br>**BALANCE AS OF**<br>**12/31/21** | <br>**PURCHASES** | <br>**SALES** | <br>**REALIZED GAIN (LOSS) <sup>1</sup>** | **CURRENTLY HELD**<br>**SECURITIES** | **SECURITIES NO**<br>**LONGER HELD** | <br>**BALANCE**<br>**AS OF 12/31/22** |
| Common Stocks | $313992 | $– | $166479 | $(14421) | $92588 | $– | $225680 |

---

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

REPURCHASE AGREEMENTS:

The Fund may enter into repurchase agreements with institutions that the Fund's investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund as of December 31, 2022, is next business day and continuous.

FOREIGN CURRENCY:

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

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

34 \| 2022 Annual Report to Stockholders

Royce Micro-Cap Trust

**Notes to Financial Statements (continued)**

TAXES:

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

DISTRIBUTIONS:

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

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:

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

EXPENSES:

The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to all of the Royce Funds are allocated by 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 2,488,423 and 1,435,160 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2022, and December 31, 2021, respectively.

**Borrowings:**

The Fund is party to a revolving credit agreement (the "credit agreement") with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of December 31, 2022, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.

If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund's entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days' prior written notice to the Fund in the event the Fund's net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund's net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated

2022 Annual Report to Stockholders \| 35

Royce Micro-Cap Trust

**Notes to Financial Statements (continued)**

**Borrowings (continued):**

securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

The maximum amount the Fund may borrow under the credit agreement is $22,000,000. The Fund has the right to further reduce the maximum amount it can borrow under the credit agreement upon one (1) business day's prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $60,000,000.

As of December 31, 2022, the Fund had outstanding borrowings of $11,000,000. During the year ended December 31, 2022, the Fund had an average daily loan balance of $21,517,808 at a weighted average borrowing cost of 2.87%. The maximum loan balance outstanding during the year ended December 31, 2022, was $22,000,000. As of December 31, 2022, the aggregate value of rehypothecated securities was $6,798,907. During the year ended December 31, 2022, the Fund earned $5,358 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 fee is payable monthly.

The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund's month-end net assets for the rolling 36-month period ending with such month (the "performance period"). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the 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 twelve rolling 36-month periods in 2022, the Fund's investment performance ranged from 13% above to 20% above the investment performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $4,755,184 and a net upward adjustment of $2,377,591 for the performance of the Fund relative to that of the Russell 2000. For the year ended December 31, 2022, the Fund expensed Royce investment advisory fees totaling $7,132,775.

**Purchases and Sales of Investment Securities:** 

For the year ended December 31, 2022, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $123,158,346 and $122,028,178, respectively.

Cross trades may be executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce or an affiliate of Franklin Resources, Inc. serves as investment adviser. The Fund's Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of that review to the Board of Directors. Cross trades for the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**COSTS OF PURCHASES** | &nbsp;&nbsp;&nbsp;&nbsp;**PROCEEDS FROM SALES** | &nbsp;&nbsp;&nbsp;&nbsp;**REALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp;$6763965 | &nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$– |

---

**Tax Information:**

Distributions during the years ended December 31, 2022 and 2021, were characterized as follows for tax purposes:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**ORDINARY INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**ORDINARY INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**LONG-TERM CAPITAL GAINS** | &nbsp;&nbsp;&nbsp;&nbsp;**LONG-TERM CAPITAL GAINS** | &nbsp;&nbsp;&nbsp;&nbsp;**RETURN OF CAPITAL** | &nbsp;&nbsp;&nbsp;&nbsp;**RETURN OF CAPITAL** |
| &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;$3507505 | &nbsp;&nbsp;&nbsp;&nbsp;$4932223 | &nbsp;&nbsp;&nbsp;&nbsp;$39820351 | &nbsp;&nbsp;&nbsp;&nbsp;$32253561 | &nbsp;&nbsp;&nbsp;&nbsp;$396334 | &nbsp;&nbsp;&nbsp;&nbsp;$– |

---

36 \| 2022 Annual Report to Stockholders

Royce Micro-Cap Trust

**Tax Information (continued):**

The tax basis components of distributable earnings as of December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;**UNDISTRIBUTED**<br>&nbsp;&nbsp;&nbsp;&nbsp;**ORDINARY INCOME** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**UNDISTRIBUTED LONG-TERM**<br>&nbsp;&nbsp;&nbsp;&nbsp;**CAPITAL GAINS** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**NET UNREALIZED**<br>&nbsp;&nbsp;&nbsp;&nbsp;**APPRECIATION**<br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION)<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**QUALIFIED LATE YEAR**<br>&nbsp;&nbsp;&nbsp;&nbsp;**ORDINARY AND**<br>&nbsp;&nbsp;&nbsp;&nbsp;**POST-OCTOBER LOSS**<br>&nbsp;&nbsp;&nbsp;&nbsp;**DEFERRALS<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL**<br>&nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTABLE**<br>&nbsp;&nbsp;&nbsp;&nbsp;**EARNINGS** |
| &nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$91510629 | &nbsp;&nbsp;&nbsp;&nbsp;$(26010064) | &nbsp;&nbsp;&nbsp;&nbsp;$65500565 |

---

<sup>1</sup> Includes timing differences on foreign currency, recognition of losses on securities sold, investments in Real Estate Investment Trusts, investments in publicly traded partnerships and Trusts and mark-to-market of Passive Foreign Investment Companies.

<sup>2</sup> Under the current tax law, capital losses and qualified late year ordinary losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. This column also includes passive activity losses.

For financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of permanent book/tax differences. For the year ended December 31, 2022, the Fund recorded the following permanent reclassifications, which relate primarily to net operating losses, foreign currency transactions and return of capital:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL DISTRIBUTABLE EARNINGS (LOSS)** | &nbsp;&nbsp;&nbsp;&nbsp;**PAID-IN CAPITAL** |
| &nbsp;&nbsp;&nbsp;&nbsp;$3805407 | &nbsp;&nbsp;&nbsp;&nbsp;$(3805407) |

---

Management has analyzed the Fund's tax positions taken on federal income tax returns for all open tax years (2019-2022) and has concluded that as of December 31, 2022, no provision for income tax is required in the Fund's financial statements.

**Subsequent Events:**

Subsequent events have been evaluated through the date the financial statements were issued and it has been determined that no events have occurred that require disclosure.

2022 Annual Report to Stockholders \| 37

Report of Independent Registered Public Accounting Firm

**To the Board of Directors and Stockholders of Royce Micro-Cap Trust, Inc.:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Micro-Cap Trust, Inc. (the "Fund") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

38 \| 2022 Annual Report to Stockholders

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2022 Annual Report to Stockholders \| 39

MANAGERS' DISCUSSION (UNAUDITED)

Royce Value Trust (RVT)

![](cef020.jpg)

**Andrew Palen, Lauren Romeo, CFA<sup>®</sup>**

**Chuck Royce, Steven McBoyle**

**FUND PERFORMANCE**

**Royce Value Trust ("RVT") was down -21.2% on a net asset value ("NAV") basis and -26.0% on a market price basis in 2022 versus respective losses of -20.4% and -16.2% for its unleveraged small-cap benchmarks, the Russell 2000 and S&P SmallCap 600 Indexes, for the same period.** Longer-term relative results were better, however, as RVT outperformed the Russell 2000 on both an NAV and market price basis for the three-, five-, 10-, 25-, 30-, 35-year, and since inception (11/26/86) periods ended 12/31/22.

**WHAT WORKED… AND WHAT DIDN'T**

Ten of the Fund's 11 equity sectors finished the year in the red, with the largest detractions coming from Information Technology, Industrials, and Consumer Discretionary. Energy made a small positive contribution while the smallest detractions came from Utilities and Consumer Staples. Two areas in Information Technology—semiconductors & semiconductor equipment and electronic equipment, instruments & components—were among the top three detractors at the industry level, along with real estate management & development (Real Estate). RVT's top-contributing industries were the metals & mining group (Materials), oil, gas & consumable fuels (Energy), and electrical equipment (Industrials).

The Fund's top detractor was MKS Instruments, which makes components, subsystems, and process control solutions that measure, power, and monitor semiconductor manufacturing processes. The company reduced earnings guidance on continued shipment delays due to industry supply chain issues, followed by a drop-off in orders as slowing consumer electronics demand and more cautious IT spending looked likely to cause declines in wafer fabrication equipment spending in 2023 as semiconductor manufacturers rebalance chip inventories. While it may take several quarters to work through these cyclical pressures, we believe longer-term secular tailwinds remain intact. Semiconductor usage continues to proliferate and, at the leading edge, semiconductors are becoming more complex to manufacture. AutoCanada, a multi-location North American automobile business, was a top contributor in 2021 before detracting in 2022 due to a range of industry challenges, including original equipment manufacturing production delays and inventory constraints that appeared to outweigh its effective operations in a challenging time for its industry. FormFactor designs, develops, manufactures, sells, and supports precision, high-performance, advanced semiconductor wafer probe cards. The stock declined after the company guided to a weaker third-quarter outlook due to reduced demand for foundry and logic probe cards from several large customers.

---

| | | | |
|:---|:---|:---|:---|
| **Top Contributors to Performance** | **Top Contributors to Performance** | **Top Detractors from Performance** | **Top Detractors from Performance** |
| For 2022 (%)<sup>1</sup> | For 2022 (%)<sup>1</sup> | For 2022 (%)<sup>2</sup> | For 2022 (%)<sup>2</sup> |
| Richardson Electronics | 0.41 | MKS Instruments | -0.92 |
| Alamos Gold Cl A | 0.33 | AutoCanada | -0.67 |
| Valmont Industries | 0.32 | FormFactor | -0.59 |
| Dorian LPG | 0.25 | FARO Technologies | -0.55 |
| Calix | 0.20 | SiTime Corporation | -0.53 |
| <sup>1</sup> Includes dividends |  | <sup>2</sup> Net of dividends |  |

---

The portfolio's top contributor was Richardson Electronics, which distributes electronic components, including electron tubes, microwave generators, and power semiconductors. Its shares rose in October when the company announced its ninth consecutive quarter of sequential revenue growth due to improvements in all four of its business units, including its new Green Energy Solutions segment. Headquartered in Canada, Alamos Gold operates three mines in North America and has development stage projects in Canada, Mexico, Turkey, and the U.S. Its shares also took off in October when it reported 3Q22 results that featured its highest increase in production in two years while also reaffirming a confident outlook. Valmont Industries manufactures fabricated metal products, metal and concrete pole and tower structures, and mechanized irrigation systems. It had healthy earnings throughout most of 2022, driven by continued investments in grid resiliency and infrastructure upgrades, steady demand for renewable power and clean energy solutions, and the 5G network transition.

RVT's relative disadvantage versus the Russell 2000 came entirely from sector allocation in 2022, as stock selection was additive. At the sector level, relative results were hurt most by our lower exposures to both Energy and Utilities, as well as a combination of stock selection and our lower weighting in Financials. Conversely, five equity sectors contributed to relative performance. Relative results were helped by both stock picking and our larger weighting in Materials and Industrials, while our lower exposure helped in Health Care, as did the Fund's cash holdings.

**CURRENT POSITIONING AND OUTLOOK**

We routinely examine past performance patterns to help us make sense of the present as we prepare for the uncertain days ahead. The Russell 2000 fell -31.9% from 11/8/21 through the current bottom on 6/16/22, which places it precisely at the average of Russell 2000 downturns of 15% or more since the index's inception. Over that 44-year span, only three bear markets went markedly deeper than this one by falling at least another 10%. Each of these downturns was exacerbated by a monumental negative event: the Great Financial Crisis led to small-cap losses of -58.9% from 7/13/07-3/9/09; the bursting Internet Bubble saw the Russell 2000 down -44.1% from 3/9/00-10/9/02; and the Covid pandemic deepened the small-cap index decline of -41.8% from 8/31/18-3/18/20. As difficult as these markets were, each presented investors with an important opportunity to build their small-cap allocation because in each case the subsequent recovery was robust—but it was much more rewarding for those who stayed invested. Regardless of what happens in the near term, then, we see the current period of uncertainty as a highly opportune time to actively invest in select small caps for the long run.

40 \| 2022 Annual Report to Stockholders

---

| | |
|:---|:---|
| PERFORMANCE AND PORTFOLIO REVIEW (UNAUDITED) | &nbsp;&nbsp;**SYMBOLS** **MARKET PRICE** RVT **NAV** XRVTX |

---

**Performance**

Average Annual Total Return (%) Through 12/31/22

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **JUL-DEC 2022<sup>1</sup>** | **1-YR** | **3-YR** | **5-YR** | **10-YR** | **15-YR** | **20-YR** | **25-YR** | **30-YR** | **SINCE INCEPTION (11/26/86)** |
| RVT (NAV) | 4.17 | -21.24 | 4.81 | 5.14 | 9.23 | 6.49 | 9.35 | 8.57 | 9.78 | 10.02 |
| <sup>1</sup> Not Annualized | <sup>1</sup> Not Annualized |  |  |  |  |  |  |  |  |  |

---

**Market Price Performance History Since Inception (11/26/86)**

Cumulative Performance of Investment through 12/31/22<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1-YR** | **5-YR** | **10-YR** | **15-YR** | **20-YR** | **SINCE INCEPTION (11/26/86)** |
| RVT | -26.0% | 26.4% | 152.1% | 148.1% | 444.3% | 2592.2% |

---

![](cef021.jpg)

<sup>1</sup> 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.

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

**Morningstar Style Map™** As of 12/31/22

![](cef022.jpg)

The **Morningstar Style Map** is the **Morningstar Style Box™** with the center 75% of fund holdings plotted as the **Morningstar Ownership Zone™**. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund's ownership zone may vary. See page 63 for additional information.

**Value of $10,000**

Invested on 11/26/86 as of 12/31/22 ($)

![](cef023.jpg)

**Top 10 Positions**

% of Net Assets

---

| | |
|:---|:---|
| KBR | 1.4 |
| Alamos Gold Cl. A | 1.4 |
| Quaker Houghton | 1.3 |
| Valmont Industries | 1.2 |
| SEI Investments | 1.1 |
| Element Solutions | 1.1 |
| Kennedy-Wilson Holdings | 1.1 |
| MKS Instruments | 1.1 |
| Forward Air | 1 |
| Kadant | 1 |

---

**Portfolio Sector Breakdown**

% of Net Assets

---

| | |
|:---|:---|
| Industrials | 24.4 |
| Information Technology | 14.2 |
| Financials | 13.9 |
| Materials | 10.5 |
| Consumer Discretionary | 9.8 |
| Health Care | 9.8 |
| Real Estate | 4.6 |
| Communication Services | 3.0 |
| Energy | 2.5 |
| Consumer Staples | 2.1 |
| Utilities | 0.1 |
| Diversified Investment Companies | 0.0 |
| Cash and Cash Equivalents, Net of |  |
| Outstanding Line of Credit | 5.1 |

---

---

| | |
|:---|:---|
| **Calendar Year Total Returns (%)** | **Calendar Year Total Returns (%)** |
| **YEAR** | **RVT** |
| 2022 | -21.2 |
| 2021 | 20.0 |
| 2020 | 21.9 |
| 2019 | 30.5 |
| 2018 | -14.4 |
| 2017 | 19.4 |
| 2016 | 26.8 |
| 2015 | -8.1 |
| 2014 | 0.8 |
| 2013 | 34.1 |
| 2012 | 15.4 |
| 2011 | -10.1 |
| 2010 | 30.3 |
| 2009 | 44.6 |
| 2008 | -45.6 |

---

---

| | |
|:---|:---|
| **Portfolio Diagnostics** |  |
| Fund Net Assets | $1,605 million |
| Number of Holdings | 477 |
| Turnover Rate | 60% |
| Net Asset Value | $14.61 |
| Market Price | $13.26 |
| Average Market Capitalization <sup>1</sup> | $2,441 million |
| Weighted Average P/E Ratio <sup>2,3</sup> | 14.1x |
| Weighted Average P/B Ratio <sup>2</sup> | 2.1x |
| Active Share <sup>4</sup> | 82% |
| U.S. Investments (% of Net Assets) | 82.8% |
| Non-U.S. Investments (% of Net Assets) | 12.1% |

---

<sup>1</sup> **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.

<sup>2</sup> **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.

<sup>3</sup> The Fund's P/E ratio calculation excludes companies with zero or negative earnings (12% of portfolio holdings as of 12/31/22).

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

**Important Performance and Risk Information**

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 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.royceinvest.com. Certain immaterial adjustments were made to the net assets of Royce Value Trust at 12/31/22 for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the "Top Contributors" and "Top Detractors" tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund's year-to date performance for 2022.

2022 Annual Report to Stockholders \| 41

Royce Value Trust

**Schedule of Investments**

Common Stocks – 93.8%

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 3.0%** |  |  |
| DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Holdings <sup>[1](#ceff002)</sup> | 59784 | $3412471 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Frontier Communications Parent <sup>[2](#ceff003)</sup> | 233020 | 5937349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Latin America Cl. C <sup>[1](#ceff002),[2](#ceff003)</sup> | 73228 | 556533 |
|  |  | **9906353** |
| ENTERTAINMENT - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[2](#ceff003)</sup> | 17950 | **263147** |
| INTERACTIVE MEDIA & SERVICES - 1.4% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Cars.com <sup>[2](#ceff003)</sup> | 173431 | 2388145 |
| &nbsp;&nbsp;&nbsp;&nbsp;QuinStreet <sup>[1](#ceff002),[2](#ceff003)</sup> | 204154 | 2929610 |
| &nbsp;&nbsp;&nbsp;Shutterstock | 20111 | 1060252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yelp <sup>[2](#ceff003)</sup> | 31707 | 866869 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ziff Davis [<sup>1</sup>](#ceff002)<sup>,</sup>[<sup>2</sup>](#ceff003)** | 198390 | 15692649 |
|  |  | **22937525** |
| MEDIA - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cable One | 10875 | 7741478 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Loyalty Ventures <sup>[2](#ceff003)</sup> | 36105 | 87013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite <sup>[2](#ceff003)</sup> | 31550 | 334115 |
| &nbsp;&nbsp;&nbsp;Scholastic Corporation | 39716 | 1567193 |
| &nbsp;&nbsp;&nbsp;&nbsp;TechTarget <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 83600 | 3683416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thryv Holdings <sup>[2](#ceff003)</sup> | 94004 | 1786076 |
|  |  | **15199291** |
| **Total (Cost $58,942,846)** |  | **48306316** |
| **CONSUMER DISCRETIONARY – 9.8%** |  |  |
| AUTO COMPONENTS - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorman Products <sup>[1](#ceff002),[2](#ceff003)</sup> | 81020 | 6552087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Factory Holding Corporation <sup>[2](#ceff003)</sup> | 4200 | 383166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentex Corporation <sup>[1](#ceff002)</sup> | 200120 | 5457272 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCI Industries <sup>[1](#ceff002)</sup> | 109006 | 10077605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries <sup>[1](#ceff002)</sup> | 47355 | 2869713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Motor Products <sup>[1](#ceff002)</sup> | 2400 | 83520 |
|  |  | **25423363** |
| AUTOMOBILES - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Winnebago Industries | 11524 | **607315** |
| DISTRIBUTORS - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corporation <sup>[1](#ceff002)</sup> | 72200 | 3856202 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Pool Corporation | 15295 | 4624137 |
|  |  | **8480339** |
| DIVERSIFIED CONSUMER SERVICES - 0.4% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>frontdoor <sup>[2](#ceff003)</sup> | 20273 | 421679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education <sup>[2](#ceff003)</sup> | 38076 | 529256 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Stride <sup>[2](#ceff003)</sup> | 13710 | 428849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute <sup>[2](#ceff003)</sup> | 639032 | 4294295 |
|  |  | **5674079** |
| HOTELS, RESTAURANTS & LEISURE - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomin' Brands <sup>[1](#ceff002)</sup> | 51607 | 1038333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Casinos <sup>[2](#ceff003)</sup> | 105711 | 743148 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Chuy's Holdings <sup>[2](#ceff003)</sup> | 9852 | 278812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denny's Corporation <sup>[2](#ceff003)</sup> | 124910 | 1150421 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Golden Entertainment <sup>[2](#ceff003)</sup> | 28074 | 1049968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings <sup>[2](#ceff003)</sup> | 373700 | 2877490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Casino & Resort <sup>[2](#ceff003)</sup> | 11171 | 858938 |
|  |  | **7997110** |
| HOUSEHOLD DURABLES - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 16834 | 3808692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethan Allen Interiors <sup>[1](#ceff002)</sup> | 62214 | 1643694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helen of Troy <sup>[2](#ceff003)</sup> | 4148 | 460055 |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 17206 | 1472833 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Skyline Champion <sup>[2](#ceff003)</sup> | 17880 | 920999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tupperware Brands <sup>[2](#ceff003)</sup> | 37236 | 154157 |
|  |  | **8460430** |
| INTERNET & DIRECT MARKETING RETAIL - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity Services <sup>[2](#ceff003)</sup> | 32119 | 451593 |
| &nbsp;&nbsp;&nbsp;&nbsp;1-800-FLOWERS.COM Cl. A <sup>[2](#ceff003)</sup> | 76000 | 726560 |
| &nbsp;&nbsp;&nbsp;PetMed Express | 23158 | 409897 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Xometry Cl. A <sup>[2](#ceff003)</sup> | 8000 | 257840 |
|  |  | **1845890** |
| LEISURE PRODUCTS - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corporation <sup>[1](#ceff002)</sup> | 106040 | 7643363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands <sup>[2](#ceff003)</sup> | 30000 | 592500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Outdoor <sup>[2](#ceff003)</sup> | 22928 | 558755 |
| &nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings <sup>[2](#ceff003)</sup> | 7898 | 326267 |
|  |  | **9120885** |
| MULTILINE RETAIL - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Franchise Group Cl. A | 77639 | **1849361** |
| SPECIALTY RETAIL - 4.2% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Academy Sports and Outdoors | 90520 | 4755921 |
| &nbsp;&nbsp;&nbsp;&nbsp;America's Car-Mart <sup>[1](#ceff002),[2](#ceff003)</sup> | 97500 | 7045350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group <sup>[2](#ceff003)</sup> | 30474 | 5462465 |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoCanada <sup>[2](#ceff003)</sup> | 635100 | 10933664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camping World Holdings Cl. A <sup>[1](#ceff002)</sup> | 279113 | 6229802 |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax <sup>[2](#ceff003)</sup> | 7900 | 481031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chico's FAS <sup>[2](#ceff003)</sup> | 746 | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Place (The) <sup>[2](#ceff003)</sup> | 11811 | 430157 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Five Below <sup>[2](#ceff003)</sup> | 29980 | 5302563 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Floor & Decor Holdings Cl. A <sup>[2](#ceff003)</sup> | 71910 | 5007093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genesco <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 5898 | 271426 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive | 13322 | 2402889 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture | 20748 | 620365 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>JOANN | 24818 | 70731 |
| &nbsp;&nbsp;&nbsp;&nbsp;MarineMax <sup>[2](#ceff003)</sup> | 40691 | 1270373 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Murphy USA | 31586 | 8829550 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[2](#ceff003)</sup> | 6389 | 182725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoe Carnival <sup>[1](#ceff002)</sup> | 11261 | 269251 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 84789 | 5765652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sleep Number <sup>[2](#ceff003)</sup> | 20237 | 525757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zumiez <sup>[2](#ceff003)</sup> | 47855 | 1040368 |
|  |  | **66900803** |
| TEXTILES, APPAREL & LUXURY GOODS - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Carter's | 3750 | 279788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fossil Group <sup>[2](#ceff003)</sup> | 40102 | 172840 |
| &nbsp;&nbsp;&nbsp;&nbsp;G-III Apparel Group <sup>[2](#ceff003)</sup> | 45320 | 621337 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 49406 | 1975746 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co. Cl. A | 8229 | 127714 |
| &nbsp;&nbsp;&nbsp;Movado Group | 45247 | 1459216 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Oxford Industries | 9572 | 891919 |
| &nbsp;&nbsp;&nbsp;**Ralph Lauren Cl. A** | 126632 | 13381203 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 39968 | 1277377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vera Bradley <sup>[2](#ceff003)</sup> | 39286 | 177966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wolverine World Wide <sup>[1](#ceff002)</sup> | 35165 | 384353 |
|  |  | **20749459** |
| **Total (Cost $149,686,803)** |  | **157109034** |
| **CONSUMER STAPLES – 2.1%** |  |  |
| BEVERAGES - 0.3% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Celsius Holdings <sup>[2](#ceff003)</sup> | 4500 | 468180 |

---

---

| | |
|:---|:---|
| 42 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

December 31, 2022

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **CONSUMER STAPLES (continued)** |  |  |
| BEVERAGES (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 7172 | $3674646 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>National Beverage <sup>[2](#ceff003)</sup> | 17803 | 828374 |
|  |  | **4971200** |
| FOOD PRODUCTS - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CubicFarm Systems <sup>[2](#ceff003)</sup> | 950000 | 56130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freshpet <sup>[2](#ceff003)</sup> | 33000 | 1741410 |
| &nbsp;&nbsp;&nbsp;&nbsp;J G Boswell Company <sup>[4](#ceff005)</sup> | 3940 | 3388400 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son | 4500 | 365940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomad Foods <sup>[1](#ceff002),[2](#ceff003)</sup> | 143600 | 2475664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seneca Foods Cl. A <sup>[2](#ceff003)</sup> | 183460 | 11181887 |
|  |  | **19209431** |
| HOUSEHOLD PRODUCTS - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings | 1333 | **81206** |
| PERSONAL PRODUCTS - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter Parfums <sup>[1](#ceff002)</sup> | 80985 | 7816672 |
| &nbsp;&nbsp;&nbsp;&nbsp;USANA Health Sciences <sup>[2](#ceff003)</sup> | 19382 | 1031123 |
|  |  | **8847795** |
| TOBACCO - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Vector Group | 75406 | **894315** |
| **Total (Cost $22,793,207)** |  | **34003947** |
| **ENERGY – 2.5%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristow Group <sup>[1](#ceff002),[2](#ceff003)</sup> | 168564 | 4573141 |
| &nbsp;&nbsp;&nbsp;Core Laboratories | 10290 | 208578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helix Energy Solutions Group <sup>[2](#ceff003)</sup> | 235445 | 1737584 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 306169 | 3604383 |
|  |  | **10123686** |
| OIL, GAS & CONSUMABLE FUELS - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources <sup>[1](#ceff002),[2](#ceff003)</sup> | 76400 | 2367636 |
| &nbsp;&nbsp;&nbsp;CONSOL Energy | 8092 | 525980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorchester Minerals L.P. <sup>[1](#ceff002)</sup> | 279148 | 8354900 |
| &nbsp;&nbsp;&nbsp;Dorian LPG | 394936 | 7484037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laredo Petroleum <sup>[2](#ceff003)</sup> | 2320 | 119294 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Magnolia Oil & Gas Cl. A <sup>[1](#ceff002)</sup> | 107300 | 2516185 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Northern Oil and Gas | 77700 | 2394714 |
| &nbsp;&nbsp;&nbsp;&nbsp;REX American Resources <sup>[2](#ceff003)</sup> | 35452 | 1129501 |
| &nbsp;&nbsp;&nbsp;SM Energy | 26279 | 915298 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Southwestern Energy <sup>[2](#ceff003)</sup> | 439524 | 2571215 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Fuel Services <sup>[1](#ceff002)</sup> | 50913 | 1391452 |
|  |  | **29770212** |
| **Total (Cost $30,342,672)** |  | **39893898** |
| **FINANCIALS – 13.6%** |  |  |
| BANKS - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp <sup>[1](#ceff002)</sup> | 19268 | 908294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son <sup>[1](#ceff002)</sup> | 238212 | 7101100 |
| &nbsp;&nbsp;&nbsp;&nbsp;BankUnited <sup>[1](#ceff002)</sup> | 138828 | 4715987 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Brookline Bancorp | 44248 | 626109 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial | 47772 | 968816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp <sup>[2](#ceff003)</sup> | 40961 | 1160835 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 35315 | 1124076 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp | 5006 | 220614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmers & Merchants Bank of Long Beach <sup>[4](#ceff005)</sup> | 416 | 3102116 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 26105 | 332056 |
| &nbsp;&nbsp;&nbsp;First Bancshares (The) | 12634 | 404414 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares Cl. A | 7524 | 5705901 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Hawaiian <sup>[1](#ceff002)</sup> | 198656 | 5173002 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Hanmi Financial | 148394.0 | 3672752 |
| &nbsp;&nbsp;&nbsp;HBT Financial | 40400.0 | 790628 |
| &nbsp;&nbsp;&nbsp;Heritage Financial | 13449.0 | 412077 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings | 38335.0 | 1150433 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 18480.0 | 421159 |
| &nbsp;&nbsp;&nbsp;HomeStreet | 38348.0 | 1057638 |
| &nbsp;&nbsp;&nbsp;Independent Bank Group | 78570.0 | 4720486 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 9699.0 | 355953 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp | 39484.0 | 1246115 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 6988.0 | 521445 |
| &nbsp;&nbsp;&nbsp;TowneBank | 11058.0 | 341029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triumph Financial <sup>[2](#ceff003)</sup> | 65761.0 | 3213740 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares | 108540.0 | 3979076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial <sup>[1](#ceff002)</sup> | 134200.0 | 6353028 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 11000.0 | 929720 |
|  |  | **60708599** |
| CAPITAL MARKETS - 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Cl. A <sup>[1](#ceff002)</sup> | 151700.0 | 10382348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Cl. A <sup>[1](#ceff002)</sup> | 174930.0 | 5195421 |
| &nbsp;&nbsp;&nbsp;B. Riley Financial | 49005.0 | 1675971 |
| &nbsp;&nbsp;&nbsp;Barings BDC | 191594.0 | 1561491 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Blue Owl Capital Cl. A | 55900.0 | 592540 |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores | 1723106.0 | 3336299 |
| &nbsp;&nbsp;&nbsp;BrightSphere Investment Group | 21094.0 | 434114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions <sup>[1](#ceff002),[2](#ceff003)</sup> | 34548.0 | 1335280 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 920665.0 | 7006261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey Cl. A <sup>[1](#ceff002)</sup> | 35990.0 | 3136888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard Cl. A <sup>[1](#ceff002),[3](#ceff004)</sup> | 56375.0 | 1954521 |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketWise Cl. A <sup>[2](#ceff003)</sup> | 500000.0 | 840000 |
| &nbsp;&nbsp;&nbsp;Moelis & Company Cl. A | 21000.0 | 805770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar <sup>[1](#ceff002)</sup> | 4142.0 | 897116 |
| &nbsp;&nbsp;&nbsp;Newtek Business Services | 272021.0 | 4420341 |
| &nbsp;&nbsp;&nbsp;Onex Corporation | 20000.0 | 964402 |
| &nbsp;&nbsp;&nbsp;P10 Cl. A | 20000.0 | 213400 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 6172.0 | 803533 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEI Investments [<sup>1</sup>](#ceff002)** | 308900.0 | 18008870 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group Cl. A | 4433.0 | 83207 |
| &nbsp;&nbsp;&nbsp;Sprott | 256480.0 | 8531654 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange | 421179.0 | 2516218 |
| &nbsp;&nbsp;&nbsp;TMX Group | 38200.0 | 3823386 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets Cl. A | 127620.0 | 8286367 |
|  |  | **86805398** |
| CONSUMER FINANCE - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Encore Capital Group <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 52187.0 | 2501845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enova International <sup>[2](#ceff003)</sup> | 49229.0 | 1888917 |
| &nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings <sup>[2](#ceff003)</sup> | 33701.0 | 569210 |
|  |  | **4959972** |
| DIVERSIFIED FINANCIAL SERVICES - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior Cl. E | 73446.0 | 1189825 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 25319.0 | 461565 |
| &nbsp;&nbsp;&nbsp;ECN Capital | 888800.0 | 1824863 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | 30000.0 | 861000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waterloo Investment Holdings <sup>[2](#ceff003),[5](#ceff006)</sup> | 2972000.0 | 832160 |
|  |  | **5169413** |
| INSURANCE - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Company <sup>[1](#ceff002)</sup> | 38948.0 | 1776808 |

---

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 43 |

---

Royce Value Trust

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **FINANCIALS (continued)** |  |  |
| INSURANCE (continued) |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 3177 | $165109 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 45900 | 2857734 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 8613 | 466566 |
| &nbsp;&nbsp;&nbsp;**E-L Financial** | 21650 | 14102880 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Cl. A | 22600 | 5621072 |
| &nbsp;&nbsp;&nbsp;First American Financial | 23208 | 1214707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hagerty Cl. A <sup>[2](#ceff003)</sup> | 410700 | 3453987 |
| &nbsp;&nbsp;&nbsp;International General Insurance Holdings | 109008 | 872064 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings | 7879 | 164750 |
| &nbsp;&nbsp;&nbsp;&nbsp;ProAssurance Corporation <sup>[1](#ceff002)</sup> | 216559 | 3783286 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 22823 | 4204681 |
| &nbsp;&nbsp;&nbsp;&nbsp;RLI Corp. <sup>[1](#ceff002)</sup> | 37190 | 4881931 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group | 35945 | 3028726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services <sup>[1](#ceff002)</sup> | 42871 | 1831878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trean Insurance Group <sup>[2](#ceff003)</sup> | 173685 | 1042110 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group | 920 | 1301183 |
|  |  | **50769472** |
| THRIFTS & MORTGAGE FINANCE - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Axos Financial <sup>[2](#ceff003)</sup> | 14848 | 567491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mr. Cooper Group <sup>[2](#ceff003)</sup> | 20909 | 839078 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp | 242632 | 2086635 |
| &nbsp;&nbsp;&nbsp;&nbsp;NMI Holdings Cl. A <sup>[2](#ceff003)</sup> | 75756 | 1583300 |
| &nbsp;&nbsp;&nbsp;Territorial Bancorp | 17 | 408 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp | 127257 | 4343282 |
| &nbsp;&nbsp;&nbsp;WSFS Financial | 10052 | 455758 |
|  |  | **9875952** |
| **Total (Cost $199,662,587)** |  | **218288806** |
| **HEALTH CARE – 9.8%** |  |  |
| BIOTECHNOLOGY - 0.9% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Avid Bioservices <sup>[2](#ceff003)</sup> | 178000 | 2451060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[2](#ceff003)</sup> | 12900 | 239940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherus BioSciences <sup>[2](#ceff003)</sup> | 106700 | 845064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies <sup>[2](#ceff003)</sup> | 111467 | 1186009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Pharmaceuticals <sup>[1](#ceff002),[2](#ceff003)</sup> | 32980 | 964005 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Ironwood Pharmaceuticals Cl. A <sup>[2](#ceff003)</sup> | 203774 | 2524760 |
| &nbsp;&nbsp;&nbsp;&nbsp;PureTech Health <sup>[2](#ceff003)</sup> | 120100 | 386944 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>REGENXBIO <sup>[2](#ceff003)</sup> | 78718 | 1785324 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics <sup>[2](#ceff003)</sup> | 10000 | 2780900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals <sup>[2](#ceff003)</sup> | 5100 | 37689 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Vir Biotechnology <sup>[2](#ceff003)</sup> | 50934 | 1289140 |
|  |  | **14490835** |
| HEALTH CARE EQUIPMENT & SUPPLIES - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Atrion Corporation | 1882 | 1052885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bioventus Cl. A <sup>[2](#ceff003)</sup> | 50000 | 130500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cutera <sup>[2](#ceff003)</sup> | 21550 | 952941 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Embecta | 35438 | 896227 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Enovis Corporation [<sup>2</sup>](#ceff003)** | 277860 | 14871067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corporation <sup>[2](#ceff003)</sup> | 100377 | 7894651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>[1](#ceff002),[2](#ceff003)</sup> | 75700 | 5182422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings <sup>[2](#ceff003)</sup> | 74800 | 3811808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meridian Bioscience <sup>[2](#ceff003)</sup> | 167225 | 5553543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mesa Laboratories <sup>[1](#ceff002)</sup> | 41415 | 6883587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neogen Corporation <sup>[2](#ceff003)</sup> | 104100 | 1585443 |
| &nbsp;&nbsp;&nbsp;&nbsp;QuidelOrtho <sup>[2](#ceff003)</sup> | 105700 | 9055319 |
| &nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical <sup>[2](#ceff003)</sup> | 6250 | 303375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surmodics <sup>[1](#ceff002),[2](#ceff003)</sup> | 161000 | 5493320 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>TransMedics Group <sup>[2](#ceff003)</sup> | 61000 | 3764920 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies <sup>[2](#ceff003)</sup> | 1890 | 222812 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Varex Imaging <sup>[2](#ceff003)</sup> | 12504 | 253831 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Zynex | 73698 | 1025139 |
|  |  | **68933790** |
| HEALTH CARE PROVIDERS & SERVICES - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare <sup>[2](#ceff003)</sup> | 12172 | 1210992 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare Services <sup>[2](#ceff003)</sup> | 6139 | 631212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Health Systems <sup>[2](#ceff003)</sup> | 197636 | 853788 |
| &nbsp;&nbsp;&nbsp;&nbsp;CorVel Corporation <sup>[2](#ceff003)</sup> | 3456 | 502260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulgent Genetics <sup>[2](#ceff003)</sup> | 23209 | 691164 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings | 95900 | 2381197 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy | 45127 | 3656641 |
|  |  | **9927254** |
| HEALTH CARE TECHNOLOGY - 0.6% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Certara <sup>[2](#ceff003)</sup> | 239925 | 3855595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity Cl. A <sup>[2](#ceff003)</sup> | 80560 | 2703594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simulations Plus <sup>[1](#ceff002)</sup> | 61898 | 2263610 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Veradigm <sup>[2](#ceff003)</sup> | 30810 | 543488 |
|  |  | **9366287** |
| LIFE SCIENCES TOOLS & SERVICES - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azenta <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 219100 | 12756002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne <sup>[1](#ceff002)</sup> | 58132 | 4817980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvard Bioscience <sup>[2](#ceff003)</sup> | 102050 | 282679 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>NeoGenomics <sup>[2](#ceff003)</sup> | 41750 | 385770 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Repligen Corporation <sup>[2](#ceff003)</sup> | 57779 | 9782562 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Stevanato Group | 464456 | 8346274 |
|  |  | **36371267** |
| PHARMACEUTICALS - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cara Therapeutics <sup>[2](#ceff003)</sup> | 202300 | 2172702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collegium Pharmaceutical <sup>[2](#ceff003)</sup> | 14477 | 335867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 256066 | 5200701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings <sup>[2](#ceff003)</sup> | 92224 | 5081542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innoviva <sup>[2](#ceff003)</sup> | 91637 | 1214190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare <sup>[2](#ceff003)</sup> | 56300 | 3524380 |
|  |  | **17529382** |
| **Total (Cost $142,769,339)** |  | **156618815** |
| **INDUSTRIALS – 24.4%** |  |  |
| AEROSPACE & DEFENSE - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings <sup>[2](#ceff003)</sup> | 16472 | 921279 |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment <sup>[2](#ceff003)</sup> | 2650 | 226999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ducommun <sup>[1](#ceff002),[2](#ceff003)</sup> | 32334 | 1615407 |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation <sup>[1](#ceff002)</sup> | 31030 | 4767449 |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation Cl. A <sup>[1](#ceff002)</sup> | 36533 | 4378480 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Leonardo DRS <sup>[2](#ceff003)</sup> | 24480 | 312854 |
| &nbsp;&nbsp;&nbsp;Magellan Aerospace | 893092 | 6595953 |
| &nbsp;&nbsp;&nbsp;National Presto Industries | 7725 | 528853 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 56221 | 753924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward <sup>[1](#ceff002)</sup> | 28500 | 2753385 |
|  |  | **22854583** |
| AIR FREIGHT & LOGISTICS - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlas Air Worldwide Holdings <sup>[2](#ceff003)</sup> | 11647 | 1174018 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Forward Air [<sup>1</sup>](#ceff002)** | 152900 | 16037681 |
|  |  | **17211699** |
| AIRLINES - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings <sup>[2](#ceff003)</sup> | 88126 | **1397678** |
| BUILDING PRODUCTS - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 5900 | 444388 |

---

---

| | |
|:---|:---|
| 44 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

December 31, 2022

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **INDUSTRIALS (continued)** |  |  |
| BUILDING PRODUCTS (continued) |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Advanced Drainage Systems | 129388 | $10605934 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises | 12750 | 566865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 48155 | 3124296 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies | 2800 | 659820 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 40900 | 4741537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gibraltar Industries <sup>[2](#ceff003)</sup> | 4000 | 183520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries <sup>[1](#ceff002)</sup> | 23849 | 656324 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGT Innovations <sup>[2](#ceff003)</sup> | 22199 | 398694 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 21847 | 517337 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Resideo Technologies <sup>[2](#ceff003)</sup> | 19226 | 316268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing <sup>[1](#ceff002)</sup> | 45300 | 4016298 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 82344 | 6525762 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 120730 | 2553440 |
|  |  | **35310483** |
| COMMERCIAL SERVICES & SUPPLIES - 2.4% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>ACV Auctions Cl. A <sup>[2](#ceff003)</sup> | 80800 | 663368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brady Corporation Cl. A <sup>[1](#ceff002)</sup> | 40396 | 1902652 |
| &nbsp;&nbsp;&nbsp;&nbsp;CompX International Cl. A <sup>[1](#ceff002)</sup> | 183197 | 3385480 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Driven Brands Holdings <sup>[2](#ceff003)</sup> | 311007 | 8493601 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>GFL Environmental <sup>[1](#ceff002)</sup> | 333510 | 9748497 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group | 21801 | 261612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage-Crystal Clean <sup>[1](#ceff002),[2](#ceff003)</sup> | 113416 | 3683752 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>IAA <sup>[2](#ceff003)</sup> | 156930 | 6277200 |
| &nbsp;&nbsp;&nbsp;Kimball International Cl. B | 74600 | 484900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ritchie Bros. Auctioneers <sup>[1](#ceff002)</sup> | 52300 | 3024509 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 21500 | 1007920 |
|  |  | **38933491** |
| CONSTRUCTION & ENGINEERING - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group <sup>[1](#ceff002),[2](#ceff003)</sup> | 575300 | 10821393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcosa <sup>[1](#ceff002)</sup> | 174527 | 9483797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA <sup>[1](#ceff002)</sup> | 16444 | 1892376 |
| &nbsp;&nbsp;&nbsp;EMCOR Group | 28600 | 4235946 |
| &nbsp;&nbsp;&nbsp;&nbsp;IES Holdings <sup>[1](#ceff002),[2](#ceff003)</sup> | 333099 | 11848332 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec <sup>[2](#ceff003)</sup> | 28980 | 2472863 |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group <sup>[2](#ceff003)</sup> | 9489 | 873652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Pipe <sup>[2](#ceff003)</sup> | 8049 | 271251 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Valmont Industries [<sup>1</sup>](#ceff002)** | 58261 | 19265165 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>WillScot Mobile Mini Holdings Corp. <sup>[2](#ceff003)</sup> | 88180 | 3983091 |
|  |  | **65147866** |
| ELECTRICAL EQUIPMENT - 1.2% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Atkore <sup>[2](#ceff003)</sup> | 3900 | 442338 |
| &nbsp;&nbsp;&nbsp;&nbsp;AZZ <sup>[1](#ceff002)</sup> | 20000 | 804000 |
| &nbsp;&nbsp;&nbsp;Encore Wire | 27149 | 3734616 |
| &nbsp;&nbsp;&nbsp;GrafTech International | 1701 | 8097 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 551857 | 6754730 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 58881 | 2071433 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 73300 | 6105157 |
|  |  | **19920371** |
| MACHINERY - 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Albany International Cl. A | 6676 | 658187 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 3829 | 159286 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATS <sup>[2](#ceff003)</sup> | 15150 | 470948 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Chart Industries <sup>[2](#ceff003)</sup> | 28990 | 3340518 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIRCOR International <sup>[2](#ceff003)</sup> | 319801 | 7662432 |
| &nbsp;&nbsp;&nbsp;Crane Holdings | 928 | 93218 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Douglas Dynamics | 12047 | 435619 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>ESAB Corporation <sup>[1](#ceff002)</sup> | 181290 | 8506127 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies <sup>[1](#ceff002)</sup> | 62900 | 5506266 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies <sup>[1](#ceff002)</sup> | 44900 | 2444356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand <sup>[1](#ceff002)</sup> | 27514 | 1174022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions <sup>[2](#ceff003)</sup> | 50000 | 360500 |
| &nbsp;&nbsp;&nbsp;Hurco Companies | 5700 | 148941 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Bean Technologies <sup>[1](#ceff002)</sup> | 138241 | 12625550 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Kadant [<sup>1</sup>](#ceff002)** | 88958 | 15801610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings <sup>[1](#ceff002)</sup> | 48100 | 6949969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Lindsay Corporation [<sup>1</sup>](#ceff002)** | 78400 | 12767440 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 30660 | 817396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries <sup>[1](#ceff002)</sup> | 29907 | 1764513 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings <sup>[2](#ceff003)</sup> | 29665 | 6210368 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>SPX Technologies <sup>[2](#ceff003)</sup> | 7252 | 476094 |
| &nbsp;&nbsp;&nbsp;Standex International | 13272 | 1359185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennant Company <sup>[1](#ceff002)</sup> | 80500 | 4956385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies Cl. A <sup>[1](#ceff002)</sup> | 55000 | 8042650 |
|  |  | **102731580** |
| MARINE - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corporation <sup>[2](#ceff003)</sup> | 133635 | 8599412 |
| &nbsp;&nbsp;&nbsp;Matson | 11547 | 721803 |
|  |  | **9321215** |
| PROFESSIONAL SERVICES - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CBIZ <sup>[2](#ceff003)</sup> | 5100 | 238935 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Dun & Bradstreet Holdings | 35520 | 435475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exponent <sup>[1](#ceff002)</sup> | 41400 | 4102326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forrester Research <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 274554 | 9818051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions <sup>[1](#ceff002)</sup> | 33500 | 4022345 |
| &nbsp;&nbsp;&nbsp;&nbsp;**KBR [<sup>1</sup>](#ceff002)** | 425800 | 22482240 |
| &nbsp;&nbsp;&nbsp;Kelly Services Cl. A | 21346 | 360748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry <sup>[1](#ceff002)</sup> | 93479 | 4731907 |
|  |  | **46192027** |
| ROAD & RAIL - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corporation | 13397 | 938326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hertz Global Holdings <sup>[2](#ceff003)</sup> | 5000 | 76950 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Landstar System [<sup>1</sup>](#ceff002)** | 90232 | 14698793 |
|  |  | **15714069** |
| TRADING COMPANIES & DISTRIBUTORS - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Lease Cl. A <sup>[1](#ceff002)</sup> | 134232 | 5157193 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 2300 | 289869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade <sup>[1](#ceff002)</sup> | 7127 | 489411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[2](#ceff003)</sup> | 17853 | 658062 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>FTAI Aviation | 93244 | 1596337 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMS <sup>[2](#ceff003)</sup> | 25885 | 1289073 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Hudson Technologies <sup>[2](#ceff003)</sup> | 51617 | 522364 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Cl. A | 2492 | 203596 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply <sup>[1](#ceff002),[2](#ceff003)</sup> | 25000 | 2933000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transcat <sup>[2](#ceff003)</sup> | 33350 | 2363515 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Veritiv | 11200 | 1363152 |
|  |  | **16865572** |
| **Total (Cost $270,495,291)** |  | **391600634** |
| **INFORMATION TECHNOLOGY – 14.2%** |  |  |
| COMMUNICATIONS EQUIPMENT - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Calix <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 122750 | 8399782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearfield <sup>[2](#ceff003)</sup> | 4000 | 376560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digi International <sup>[2](#ceff003)</sup> | 38250 | 1398038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extreme Networks <sup>[2](#ceff003)</sup> | 85012 | 1556570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonic <sup>[2](#ceff003)</sup> | 634500 | 8311950 |

---

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 45 |

---

Royce Value Trust

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **INFORMATION TECHNOLOGY (continued)** |  |  |
| COMMUNICATIONS EQUIPMENT (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NetScout Systems <sup>[2](#ceff003)</sup> | 96524 | $3137995 |
|  |  | **23180895** |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter | 10173 | 1109162 |
| &nbsp;&nbsp;&nbsp;Belden | 111 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognex Corporation <sup>[1](#ceff002)</sup> | 166600 | 7848526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent <sup>[2](#ceff003)</sup> | 92618 | 3250892 |
| &nbsp;&nbsp;&nbsp;CTS Corporation | 7568 | 298331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>[1](#ceff002),[2](#ceff003)</sup> | 84783 | 10870876 |
| &nbsp;&nbsp;&nbsp;&nbsp;FARO Technologies <sup>[1](#ceff002),[2](#ceff003)</sup> | 259767 | 7639747 |
| &nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics <sup>[2](#ceff003)</sup> | 51100 | 4837637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimball Electronics <sup>[2](#ceff003)</sup> | 33215 | 750327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Littelfuse <sup>[1](#ceff002)</sup> | 23600 | 5196720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luna Innovations <sup>[2](#ceff003)</sup> | 91500 | 804285 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Mirion Technologies Cl. A <sup>[2](#ceff003)</sup> | 125000 | 826250 |
| &nbsp;&nbsp;&nbsp;National Instruments | 157250 | 5802525 |
| &nbsp;&nbsp;&nbsp;&nbsp;PAR Technology <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 315239 | 8218281 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics | 438663 | 9356682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rogers Corporation <sup>[2](#ceff003)</sup> | 23000 | 2744820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corporation <sup>[2](#ceff003)</sup> | 39379 | 2256023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>[2](#ceff003)</sup> | 2500 | 999775 |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies <sup>[1](#ceff002),[2](#ceff003)</sup> | 248200 | 3742856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[2](#ceff003)</sup> | 19850 | 767202 |
| &nbsp;&nbsp;&nbsp;Vontier Corporation | 108760 | 2102331 |
|  |  | **79431229** |
| IT SERVICES - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer Task Group <sup>[2](#ceff003)</sup> | 77010 | 582195 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International <sup>[1](#ceff002)</sup> | 15546 | 889231 |
| &nbsp;&nbsp;&nbsp;EVERTEC | 38344 | 1241579 |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings <sup>[2](#ceff003)</sup> | 2840 | 481181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hackett Group (The) <sup>[1](#ceff002)</sup> | 298624 | 6082971 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Kyndryl Holdings <sup>[2](#ceff003)</sup> | 42819 | 476147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repay Holdings Cl. A <sup>[2](#ceff003)</sup> | 130856 | 1053391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unisys Corporation <sup>[1](#ceff002),[2](#ceff003)</sup> | 256698 | 1311727 |
|  |  | **12118422** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Alpha and Omega Semiconductor <sup>[2](#ceff003)</sup> | 12484 | 356668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambarella <sup>[2](#ceff003)</sup> | 5100 | 419373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies <sup>[2](#ceff003)</sup> | 22582 | 1792108 |
| &nbsp;&nbsp;&nbsp;&nbsp;AXT <sup>[2](#ceff003)</sup> | 106100 | 464718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camtek <sup>[2](#ceff003)</sup> | 26300 | 577548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 66100 | 4923128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohu <sup>[2](#ceff003)</sup> | 22110 | 708626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diodes <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 77350 | 5889429 |
| &nbsp;&nbsp;&nbsp;&nbsp;FormFactor <sup>[2](#ceff003)</sup> | 369932 | 8223588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impinj <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 42945 | 4688735 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>indie Semiconductor Cl. A <sup>[2](#ceff003)</sup> | 8000 | 46640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries <sup>[1](#ceff002)</sup> | 83178 | 3681458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor <sup>[2](#ceff003)</sup> | 59930 | 3888258 |
| &nbsp;&nbsp;&nbsp;&nbsp;MaxLinear <sup>[2](#ceff003)</sup> | 209931 | 7127157 |
| &nbsp;&nbsp;&nbsp;**MKS Instruments** | 200899 | 17022172 |
| &nbsp;&nbsp;&nbsp;NVE Corporation | 3500 | 226625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation <sup>[1](#ceff002),[2](#ceff003)</sup> | 90030 | 6130143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Photronics <sup>[2](#ceff003)</sup> | 253315 | 4263291 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 9965 | 714690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus <sup>[2](#ceff003)</sup> | 145590 | 5215034 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corporation <sup>[2](#ceff003)</sup> | 34898 | 3546335 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMART Global Holdings <sup>[2](#ceff003)</sup> | 68769 | 1023283 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[2](#ceff003)</sup> | 23600 | 782340 |
|  |  | **81711347** |
| SOFTWARE - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adeia <sup>[1](#ceff002)</sup> | 60163 | 570345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agilysys <sup>[2](#ceff003)</sup> | 16600 | 1313724 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Alkami Technology <sup>[2](#ceff003)</sup> | 134240 | 1958562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 45700 | 2456832 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Cvent Holding Corp. <sup>[2](#ceff003)</sup> | 100000 | 540000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group (The) <sup>[2](#ceff003)</sup> | 6000 | 417900 |
| &nbsp;&nbsp;&nbsp;&nbsp;E2open Parent Holdings Cl. A <sup>[2](#ceff003)</sup> | 100000 | 587000 |
| &nbsp;&nbsp;&nbsp;InterDigital | 29058 | 1437790 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>JFrog <sup>[2](#ceff003)</sup> | 100000 | 2133000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matterport Cl. A <sup>[2](#ceff003)</sup> | 150000 | 420000 |
| &nbsp;&nbsp;&nbsp;&nbsp;nCino <sup>[2](#ceff003)</sup> | 61772 | 1633252 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Paycor HCM <sup>[2](#ceff003)</sup> | 67320 | 1647320 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Procore Technologies <sup>[2](#ceff003)</sup> | 66907 | 3156672 |
| &nbsp;&nbsp;&nbsp;Progress Software | 23143 | 1167564 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Sapiens International | 74981 | 1385649 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Sprout Social Cl. A <sup>[2](#ceff003)</sup> | 8000 | 451680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradata Corporation <sup>[2](#ceff003)</sup> | 24482 | 824064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upland Software <sup>[2](#ceff003)</sup> | 100000 | 713000 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Xperi <sup>[2](#ceff003)</sup> | 1763 | 15180 |
|  |  | **22829534** |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avid Technology <sup>[1](#ceff002),[2](#ceff003),[3](#ceff004)</sup> | 300820 | **7998804** |
| **Total (Cost $201,469,365)** |  | **227270231** |
| **MATERIALS – 9.7%** |  |  |
| CHEMICALS - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AdvanSix <sup>[1](#ceff002)</sup> | 34840 | 1324617 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Vanguard <sup>[1](#ceff002)</sup> | 185961 | 4037213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Aerogels <sup>[2](#ceff003)</sup> | 46400 | 547056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chase Corporation <sup>[1](#ceff002)</sup> | 49829 | 4298250 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Element Solutions [<sup>1</sup>](#ceff002)** | 974615 | 17728247 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corporation | 161957 | 1316710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawkins <sup>[1](#ceff002)</sup> | 89940 | 3471684 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Innospec [<sup>1</sup>](#ceff002)** | 130804 | 13454500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies <sup>[1](#ceff002)</sup> | 205481 | 12476806 |
| &nbsp;&nbsp;&nbsp;NewMarket Corporation | 8000 | 2488880 |
| &nbsp;&nbsp;&nbsp;**Quaker Houghton** | 126189 | 21060944 |
| &nbsp;&nbsp;&nbsp;Tredegar Corporation | 34292 | 350464 |
| &nbsp;&nbsp;&nbsp;Trinseo | 9621 | 218493 |
|  |  | **82773864** |
| CONTAINERS & PACKAGING - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 11487 | 255586 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 5385 | 279158 |
|  |  | **534744** |
| METALS & MINING - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;**Alamos Gold Cl. A** | 2195500 | 22198224 |
| &nbsp;&nbsp;&nbsp;Gold Fields ADR | 536500 | 5552775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haynes International <sup>[1](#ceff002)</sup> | 113900 | 5204091 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 321300 | 1786428 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corporation <sup>[2](#ceff003)</sup> | 500000 | 1290000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Major Drilling Group International [<sup>2</sup>](#ceff003)** | 1662991 | 12920728 |
| &nbsp;&nbsp;&nbsp;Materion Corporation | 25000 | 2187750 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>Newcrest Mining | 33909 | 474325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum <sup>[1](#ceff002)</sup> | 18300 | 3704652 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy | 6880 | 59374 |

---

---

| | |
|:---|:---|
| 46 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

December 31, 2022

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **MATERIALS (continued)** |  |  |
| METALS & MINING (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TimkenSteel Corporation <sup>[2](#ceff003)</sup> | 73937 | $1343435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal | 34529 | 1196085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Worthington Industries <sup>[1](#ceff002)</sup> | 64300 | 3196353 |
|  |  | **61114220** |
| PAPER & FOREST PRODUCTS - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Glatfelter Corporation | 210400 | 584912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | 74010 | 4381392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercer International | 42142 | 490533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stella-Jones | 132350 | 4742704 |
| &nbsp;&nbsp;[<sup>†</sup>](#ceff001)Sylvamo Corporation <sup>[1](#ceff002)</sup> | 39696 | 1928829 |
|  |  | **12128370** |
| **Total (Cost $113,541,063)** |  | **156551198** |
| **REAL ESTATE – 4.6%** |  |  |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New York REIT <sup>[2](#ceff003),[5](#ceff006)</sup> | 15000 | **166950** |
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anywhere Real Estate <sup>[2](#ceff003)</sup> | 155514 | 993735 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Colliers International Group** | 154310 | 14202692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield <sup>[2](#ceff003)</sup> | 25000 | 311500 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>DigitalBridge Group Cl. A | 531307 | 5812499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Elliman | 262646 | 1068969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FirstService Corporation** | 104955 | 12862235 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRP Holdings <sup>[1](#ceff002),[2](#ceff003)</sup> | 76558 | 4123414 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Kennedy-Wilson Holdings <sup>[1](#ceff002)</sup>** | 1088958 | 17129309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marcus & Millichap <sup>[1](#ceff002)</sup> | 249247 | 8586559 |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Joe Company (The) <sup>[1](#ceff002)</sup> | 78800 | 3045620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tejon Ranch <sup>[1](#ceff002),[2](#ceff003)</sup> | 313818 | 5912331 |
|  |  | **74048863** |
| **Total (Cost $66,896,561)** |  | **74215813** |
| **UTILITIES – 0.1%** |  |  |
| WATER UTILITIES - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American States Water | 15187 | **1405557** |
| **Total (Cost $1,253,422)** |  | **1405557** |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $1,257,853,156)** |  | **1505264249** |

---

---

| | | |
|:---|:---|:---|
| **DIVERSIFIED INVESTMENT COMPANIES – 1.1%** | | |
| **DIVERSIFIED INVESTMENT COMPANIES – 0.0%** | | |
| CLOSED-END FUNDS - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Point Credit | 42054 | **425587** |
| **Total (Cost $370,947)** |  | **425587** |
| **FINANCIALS – 0.3%** |  |  |
| INVESTMENT COMPANIES - 0.3% |  |  |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>iShares S&P Small-Cap 600 Growth ETF | 17700 | 1912839 |
| &nbsp;&nbsp;<sup>[†](#ceff001)</sup>SPDR S&P 600 Small Cap Value ETF | 38900 | 2887158 |
| **Total (Cost $4,992,140)** |  | **4799997** |
| **MATERIALS – 0.8%** |  |  |
| METALS & MINING - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;VanEck Junior Gold Miners ETF | 350400 | **12491760** |
| **Total (Cost $12,152,440)** |  | **12491760** |
| **TOTAL DIVERSIFIED INVESTMENT COMPANIES** |  |  |
| **(Cost $17,515,527)** |  | **17717344** |
| **WARRANTS – 0.0%** |  |  |
| **HEALTH CARE – 0.0%** |  |  |
| HEALTH CARE PROVIDERS & SERVICES - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cano Health (Warrants) <sup>[2](#ceff003)</sup> | 49999 | **11000** |
| **(Cost $237,495)** |  | **11000** |
| **REPURCHASE AGREEMENT- 7.2%** |  |  |
| Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value<br> $115,965,918 (collateralized by obligations of U.S. Government Agencies,<br> due 12/28/23, valued at $118,268,488) | Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value<br> $115,965,918 (collateralized by obligations of U.S. Government Agencies,<br> due 12/28/23, valued at $118,268,488) | Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value<br> $115,965,918 (collateralized by obligations of U.S. Government Agencies,<br> due 12/28/23, valued at $118,268,488) |
| **(Cost $115,949,428)** |  | **115949428** |
| **TOTAL INVESTMENTS – 102.1%** |  |  |
| **(Cost $1,391,555,606)** |  | **1638942021** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (2.1)%** |  | **(33762649)** |
| **NET ASSETS – 100.0%** |  | $**1605179372** |

---

ADR – American Depository Receipt

<sup>†</sup> New additions in 2022.

<sup>1</sup> All or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement as of December 31, 2022. Total market value of pledged securities as of December 31, 2022, was $72,265,931.

<sup>2</sup> Non-income producing.

<sup>3</sup> As of December 31, 2022, a portion of these securities, in the aggregate amount of $29,807,238, were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection with the Fund's revolving credit agreement. See Notes to Financial Statements.

<sup>4</sup> These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. See Notes to Financial Statements.

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

**Bold indicates the Fund's 20 largest equity holdings in terms of December 31, 2022, market value.** 

**TAX INFORMATION:** The cost of total investments for Federal income tax purposes was $1,391,880,434. As of December 31, 2022, net unrealized appreciation for all securities was $247,061,587 consisting of aggregate gross unrealized appreciation of $378,235,103 and aggregate gross unrealized depreciation of $131,173,516. The primary causes of the difference between book and tax basis cost are the timing of the recognition of losses on securities sold, investments in publicly traded partnerships, investments in Real Estate Investment Trusts and mark-to-market of Passive Foreign Investment Companies.

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 47 |

---

Royce Value Trust December 31, 2022

**Statement of Assets and Liabilities**

---

| | |
|:---|:---|
| ASSETS: |  |
| Investments at value | $1522992593 |
| Repurchase agreements (at cost and value) | 115949428 |
| Foreign currency (cost $42,654) | 42660 |
| Receivable for investments sold | 6230779 |
| Receivable for dividends and interest | 1295450 |
| Prepaid expenses and other assets | 515162 |
| **Total Assets** | **1647026072** |
| LIABILITIES: |  |
| Revolving credit agreement | 35000000 |
| Payable for investments purchased | 5010623 |
| Payable for investment advisory fee | 1048130 |
| Payable for directors' fees | 41300 |
| Payable for interest expense | 159075 |
| Accrued expenses | 587572 |
| **Total Liabilities** | **41846700** |
| **Net Assets** | $**1605179372** |
| ANALYSIS OF NET ASSETS: |  |
| Paid-in capital - $0.001 par value per share; 109,915,342 shares outstanding (150,000,000 shares authorized) | $1360309558 |
| Total distributable earnings (loss) | 244869814 |
| **Net Assets (net asset value per share - $14.60)** | $**1605179372** |
| Investments at identified cost | $1275606178 |

---

---

| | |
|:---|:---|
| 48 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Value Trust Year Ended December 31, 2022

**Statement of Operations**

**INVESTMENT INCOME:**

INCOME:

---

| | |
|:---|:---|
| Dividends |  |
| &nbsp;&nbsp;&nbsp;Non-Affiliated Companies | $23197177 |
| &nbsp;&nbsp;&nbsp;Affiliated Companies | 154385 |
| Foreign withholding tax | (319349) |
| Interest | 546876 |
| Rehypothecation income | 143852 |
| **Total income** | **23722941** |
| EXPENSES: |  |
| Investment advisory fees | 12945131 |
| Interest expense | 1829096 |
| Administrative and office facilities | 813775 |
| Stockholder reports | 400113 |
| Custody and transfer agent fees | 230400 |
| Directors' fees | 179612 |
| Professional fees | 162311 |
| Other expenses | 323032 |
| **Total expenses** | **16883470** |
| **Net investment income (loss)** | **6839471** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| NET REALIZED GAIN (LOSS): |  |
| Investments in Non-Affiliated Companies | 75165196 |
| Investments in Affiliated Companies | 4508394 |
| Foreign currency transactions | 155099 |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |
| Investments in Non-Affiliated Companies | (548905191) |
| Investments in Affiliated Companies | 1636635 |
| Other assets and liabilities denominated in foreign currency | (3686) |
| **Net realized and unrealized gain (loss) on investments and foreign currency** | **(467443553)** |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS** | $**(460604082)** |

---

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 49 |

---

Royce Value Trust

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED 12/31/22** | **YEAR ENDED 12/31/21** |
| INVESTMENT OPERATIONS: |  |  |
| Net investment income (loss) | $6839471 | $4526785 |
| Net realized gain (loss) on investments and foreign currency | 79828689 | 179428445 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (547272242) | 177796184 |
| **Net increase (decrease) in net assets from investment operations** | **(460604082)** | **361751414** |
| DISTRIBUTIONS: |  |  |
| Total distributable earnings | (121045358) | (172565714) |
| Return of capital | (20627640) | – |
| **Total distributions** | **(141672998)** | **(172565714)** |
| CAPITAL STOCK TRANSACTIONS: |  |  |
| Reinvestment of distributions | 57586181 | 72078375 |
| **Total capital stock transactions** | **57586181** | **72078375** |
| **Net Increase (Decrease) In Net Assets** | **(544690899)** | **261264075** |
| NET ASSETS: |  |  |
| **Beginning of year** | **2149870271** | **1888606196** |
| **End of year** | $**1605179372** | $**2149870271** |

---

---

| | |
|:---|:---|
| 50 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Value Trust Year Ended December 31, 2022

**Statement of Cash Flows**

---

| | |
|:---|:---|
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |
| Net increase (decrease) in net assets from investment operations | $(460604082) |
| Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;Purchases of long-term investments | (1033684242) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of long-term investments | 1155917841 |
| &nbsp;&nbsp;&nbsp;Net purchases, sales and maturities of short-term investments | (9371860) |
| &nbsp;&nbsp;&nbsp;Net (increase) decrease in dividends and interest receivable and other assets | (269681) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in interest expense payable, accrued expenses and other liabilities | (530342) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 547268556 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (79673590) |
| **Net cash provided by operating activities** | **119052600** |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |
| Decrease in revolving credit agreement | (35000000) |
| Distributions net of reinvestment (reinvestment $57,586,181) | (84086817) |
| **Net cash used for financing activities** | **(119086817)** |
| **INCREASE (DECREASE) IN CASH:** | **(34217)** |
| **Cash and foreign currency at beginning of year** | **76877** |
| **Cash and foreign currency at end of year** | $**42660** |

---

Supplemental disclosure of cash flow information:

For the year ended December 31, 2022, the Fund paid $1,739,692 in interest expense.

---

| | |
|:---|:---|
| **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** | 2022 Annual Report to Stockholders \| 51 |

---

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** | **YEARS ENDED** |
| | **12/31/22** | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** |
| **Net Asset Value, Beginning of Period** | $**20.29** | $**18.52** | $**16.58** | $**13.73** | $**17.50** |
| INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income (loss) | 0.06 | 0.04<sup>[1](#cefg001)</sup> | 0.03 | 0.11 | 0.18 |
| Net realized and unrealized gain (loss) on investments and foreign currency | (4.40) | 3.46 | 3.02 | 3.90 | (2.46) |
| **Net increase (decrease) in net assets from investment operations** | **(4.34)** | **3.50** | **3.05** | **4.01** | **(2.28)** |
| DISTRIBUTIONS: |  |  |  |  |  |
| Net investment income | (0.12) | (0.02) | (0.09) | (0.11) | (0.19) |
| Net realized gain on investments and foreign currency | (1.01) | (1.65) | (0.95) | (0.99) | (1.07) |
| Return of capital | (0.19) | – | – | – | – |
| **Total distributions** | **(1.32)** | **(1.67)** | **(1.04)** | **(1.10)** | **(1.26)** |
| CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |
| Effect of reinvestment of distributions by Common Stockholders | (0.03) | (0.06) | (0.07) | (0.06) | (0.06) |
| Effect of rights offering |  |  |  |  | (0.17) |
| **Total capital stock transactions** | **(0.03)** | **(0.06)** | **(0.07)** | **(0.06)** | **(0.23)** |
| **Net Asset Value, End of Period** | $**14.60** | $**20.29** | $**18.52** | $**16.58** | $**13.73** |
| **Market Value, End of Period** | $**13.26** | $**19.59** | $**16.14** | $**14.77** | $**11.80** |
| TOTAL RETURN:<sup>[2](#cefg002)</sup> |  |  |  |  |  |
| Net Asset Value | (21.29)% | 19.97% | 21.85% | 30.46% | (14.45)% |
| Market Value | (25.96)% | 32.91% | 19.20% | 35.23% | (20.43)% |
| RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |
| Investment advisory fee expense<sup>[3](#cefg003)</sup> | 0.74% | 1.02% | 1.15% | 0.49% | 0.42% |
| Other operating expenses | 0.23% | 0.13% | 0.19% | 0.27% | 0.21% |
| Total expenses (net) | 0.97% | 1.15% | 1.34% | 0.76% | 0.63% |
| Expenses excluding interest expense | 0.86% | 1.11% | 1.26% | 0.61% | 0.52% |
| Expenses prior to balance credits | 0.97% | 1.15% | 1.34% | 0.76% | 0.63% |
| Net investment income (loss) | 0.39% | 0.21%<sup>[1](#cefg001)</sup> | 0.16% | 0.69% | 1.06% |
| SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets, End of Period (in thousands) | $1605179 | $2149870 | $1888606 | $1628039 | $1304107 |
| Portfolio Turnover Rate | 60% | 44% | 36% | 30% | 28% |
| REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |
| Asset coverage | 4686% | 3171% | 2798% | 2426% | 2998% |
| Asset coverage per $1,000 | $46862 | $31712 | $27980 | $24258 | $29980 |

---

<sup>1</sup> A special distribution from ECN Capital resulted in an increase in net investment income (loss) per share of $0.05 and an increase in the ratio of net investment income (loss) to average net assets of 0.26%.

<sup>2</sup> 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, sale and dividend reinvestment dates instead of market value.

<sup>3</sup> The investment advisory fee is calculated based on average net assets over a rolling 60-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets over a 12-month basis.

---

| | |
|:---|:---|
| 52 \| 2022 Annual Report to Stockholders | **THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS** |

---

Royce Value Trust

**Notes to Financial Statements**

**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."

Royce & Associates, LP, the Fund's investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners ("Royce").

VALUATION OF INVESTMENTS:

Portfolio securities held by the Fund 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. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as "Level 1" inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be "fair valued." The Fund's Board of Directors has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 ("Rule 2a-5"). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund's Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported as either "Level 2" or "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, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation date include:

● Over-the-counter equity securities other than those traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system (collectively referred to herein as "Other OTC Equity Securities") are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

● Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

● The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when 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 such non-U.S. securities.

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use

2022 Annual Report to Stockholders \| 53

Royce Value Trust

**Notes to Financial Statements (continued)**

VALUATION OF INVESTMENTS (continued):

various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer's ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

● an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

● Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

● the independent pricing services are unable to supply fair value prices; or

● the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time the Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of December 31, 2022. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| Common Stocks | $1497774623 | $6490516 | $999110 | **$1505264249** |
| Diversified Investment Companies | 17717344 | – | – | **17717344** |
| Warrants | 11000 | – | – | **11000** |
| Repurchase Agreement | – | 115949428 | – | **115949428** |

---

**Level 3 Reconciliation**:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **UNREALIZED GAIN (LOSS) <sup>1</sup>** | **UNREALIZED GAIN (LOSS) <sup>1</sup>** | |
| | <br>**BALANCE AS OF**<br>**12/31/21** | <br>**PURCHASES** | <br>**SALES** | <br>**REALIZED GAIN (LOSS) <sup>1</sup>** | **CURRENLTY HELD**<br>**SECURITIES** | **SECURITIES NO**<br>**LONGER HELD** | <br>**BALANCE AS OF**<br>**12/31/22** |
| Common Stocks | $171750 | $– | $4800 | $0 | $832160 | $0 | $999110 |

---

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

REPURCHASE AGREEMENTS:

The Fund may enter into repurchase agreements with institutions that the Fund's investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund as of December 31, 2022, is next business day and continuous.

FOREIGN CURRENCY:

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

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

54 \| 2022 Annual Report to Stockholders

Royce Value Trust

**Notes to Financial Statements (continued)**

TAXES:

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

DISTRIBUTIONS:

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

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:

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

EXPENSES:

The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to all of the Royce Funds are allocated by 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 3,966,554 and 3,976,091 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2022, and December 31, 2021, respectively.

**Borrowings:**

The Fund is party to a revolving credit agreement (the "credit agreement") with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of December 31, 2022, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.

If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund's entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days' prior written notice to the Fund in the event the Fund's net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund's net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

2022 Annual Report to Stockholders \| 55

Royce Value Trust

**Notes to Financial Statements (continued)**

**Borrowings (continued):**

The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

The Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The Fund has the right to further reduce the maximum amount it can borrow under the credit agreement upon one (1) business day's prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $150,000,000.

As of December 31, 2022, the Fund had outstanding borrowings of $35,000,000. During the year ended December 31, 2022, the Fund had an average daily loan balance of $66,068,493 at a weighted average borrowing cost of 2.87%. The maximum loan balance outstanding during the year ended December 31, 2022, was $70,000,000. As of December 31, 2022, the aggregate value of rehypothecated securities was $29,807,238. During the year ended December 31, 2022, the Fund earned $143,852 in fees from rehypothecated securities.

**Investment Advisory Agreement:**

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

The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund's month-end net assets for the rolling 60-month period ending with such month (the "performance period"). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the S&P 600 for the performance period by more than two percentage points. The performance period for each such month is a rolling 60-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the S&P 600 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the S&P 600 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.

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

For the twelve rolling 60-month periods in 2022, the Fund's investment performance ranged from 13% below to 3% above the investment performance of the S&P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $16,558,637 and a net downward adjustment of $3,613,506 for the performance of the Fund relative to that of the S&P 600. For the year ended December 31, 2022, the Fund expensed Royce investment advisory fees totaling $12,945,131.

**Purchases and Sales of Investment Securities:**

For the year ended December 31, 2022, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $1,037,066,944 and $1,122,995,756, respectively.

Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce or an affiliate of Franklin Resources, Inc. serves as investment adviser. The Fund's Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of that review to the Board of Directors. Cross trades for the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **COSTS OF PURCHASES** | **PROCEEDS FROM SALES** | **REALIZED GAIN (LOSS)** |
| $11934417 | $1769377 | $(823573) |

---

56 \| 2022 Annual Report to Stockholders

Royce Value Trust

**Notes to Financial Statements (continued)**

**Tax Information:**

Distributions during the years ended December 31, 2022 and 2021, were characterized as follows for tax purposes:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ORDINARY INCOME** | **ORDINARY INCOME** | **LONG-TERM CAPITAL GAINS** | **LONG-TERM CAPITAL GAINS** | **RETURN OF CAPITAL** | **RETURN OF CAPITAL** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $25777270 | $49300123 | $95268088 | $123265591 | $20627640 | $– |

---

The tax basis components of distributable earnings as of December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**UNDISTRIBUTED**<br>**ORDINARY INCOME** | <br>**UNDISTRIBUTED LONG-TERM**<br>**CAPITAL GAINS** | <br>**NET UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)<sup>1</sup>** | **QUALIFIED LATE YEAR**<br>**ORDINARY AND**<br>**POST-OCTOBER LOSS**<br>**DEFERRALS<sup>2</sup>** | <br>**TOTAL**<br>**DISTRIBUTABLE**<br>**EARNINGS** |
| $– | $– | $247066549 | $(2196735) | $244869814 |

---

<sup>1</sup> Includes timing differences on foreign currency, recognition of losses on securities sold, investments in Real Estate Investment Trusts, investments in publicly traded partnerships and mark-to-market of Passive Foreign Investment Companies.

<sup>2</sup> Under the current tax law, capital losses and qualified late year ordinary losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year.

For financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of permanent book/tax differences. For the year ended December 31, 2022, the Fund recorded the following permanent reclassifications, which relate primarily to return of capital and foreign currency transactions:

---

| | |
|:---|:---|
| **TOTAL DISTRIBUTABLE EARNINGS (LOSS)** | **PAID-IN CAPITAL** |
| $219614 | $(219614) |

---

Management has analyzed the Fund's tax positions taken on federal income tax returns for all open tax years (2019-2022) and has concluded that as of December 31, 2022, no provision for income tax is required in the Fund's financial statements.

**Transactions in Affiliated Companies:**

An "Affiliated Company" as defined in the 1940 Act, 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 following transactions were effected in shares of such companies for the year ended December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED COMPANY** <sup>1</sup> | **SHARES**<br> **12/31/21** | **MARKET VALUE**<br> **12/31/21** | **COSTS OF**<br> **PURCHASES** | **PROCEEDS**<br> **FROM SALES** | **REALIZED**<br> **GAIN (LOSS)** | **CHANGE IN NET**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)** | **DIVIDEND**<br> **INCOME** | **SHARES**<br> **12/31/22** | **MARKET VALUE**<br> **12/31/22** |
| **INFORMATION TECHNOLOGY - 0.6%** |  |  |  |  |  |  |  |  |  |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.6% | ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.6% | ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.6% |  |  |  |  |  |  |  |
| Richardson Electronics <sup>2</sup> | 711475 | $9619142 | – | $6407489 | $4508394 | $1636635 | $154385 | n/a | n/a |
|  |  | **$9619142** |  |  | **$4508394** | **$1636635** | **$154385** |  |  |

---

<sup>1</sup> Percentages represent the percentages of the investments in the Affiliated Companies of the Fund's net assets.

<sup>2</sup> Not an Affiliated Company as of December 31, 2022.

**Subsequent Events:**

Subsequent events have been evaluated through the date the financial statements were issued and it has been determined that no events have occurred that require disclosure.

2022 Annual Report to Stockholders \| 57

Report of Independent Registered Public Accounting Firm

**To the Board of Directors and Stockholders of Royce Value Trust, Inc.:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Value Trust, Inc. (the "Fund") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP <br> New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

58 \| 2022 Annual Report to Stockholders

History Since Inception (unaudited)

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** | **HISTORY** | **AMOUNT INVESTED** | **PURCHASE PRICE <sup>1</sup>** | **SHARES** | **NAV VALUE <sup>2</sup>** | **MARKET VALUE <sup>2</sup>** |
| **Royce Global Value Trust** | **Royce Global Value Trust** |  |  |  |  |  |
| 10/17/13 | Initial Purchase | $8975 | $8.975 | 1000 | $9780 | $8975 |
| 12/11/14 | Distribution $0.15 |  | 7.970 | 19 | 9426 | 8193 |
| 12/10/15 | Distribution $0.10 |  | 7.230 | 14 | 9101 | 7696 |
| 12/9/16 | Distribution $0.14 |  | 7.940 | 18 | 10111 | 8446 |
| 12/12/17 | Distribution $0.11 |  | 10.610 | 11 | 13254 | 11484 |
| 12/12/18 | Distribution $0.04 |  | 8.500 | 5 | 11118 | 9475 |
| 12/11/19 | Distribution $0.06 |  | 10.670 | 6 | 14593 | 12543 |
| 12/17/20 | Distribution $1.19 |  | 13.441 | 95 | 17462 | 15604 |
| 12/10/21 | Distribution $2.75 |  | 12.498 | 257 | 20321 | 18696 |
| 12/9/22 | Distribution $0.13 |  | 8.821 | 21 |  |  |
| **12/31/22** |  | $**8975** |  | **1446** | $**14822** | $**12508** |
| **Royce Micro-Cap Trust** | **Royce Micro-Cap Trust** |  |  |  |  |  |
| 12/14/93 | Initial Purchase | $7500 | $7.500 | 1000 | $7250 | $7500 |
| 10/28/94 | Rights Offering | 1400 | 7.000 | 200 |  |  |
| 12/19/94 | Distribution $0.05 |  | 6.750 | 9 | 9163 | 8462 |
| 12/7/95 | Distribution $0.36 |  | 7.500 | 58 | 11264 | 10136 |
| 12/6/96 | Distribution $0.80 |  | 7.625 | 133 | 13132 | 11550 |
| 12/5/97 | Distribution $1.00 |  | 10.000 | 140 | 16694 | 15593 |
| 12/7/98 | Distribution $0.29 |  | 8.625 | 52 | 16016 | 14129 |
| 12/6/99 | Distribution $0.27 |  | 8.781 | 49 | 18051 | 14769 |
| 12/6/00 | Distribution $1.72 |  | 8.469 | 333 | 20016 | 17026 |
| 12/6/01 | Distribution $0.57 |  | 9.880 | 114 | 24701 | 21924 |
| 2002 | Annual distribution total $0.80 |  | 9.518 | 180 | 21297 | 19142 |
| 2003 | Annual distribution total $0.92 |  | 10.004 | 217 | 33125 | 31311 |
| 2004 | Annual distribution total $1.33 |  | 13.350 | 257 | 39320 | 41788 |
| 2005 | Annual distribution total $1.85 |  | 13.848 | 383 | 41969 | 45500 |
| 2006 | Annual distribution total $1.55 |  | 14.246 | 354 | 51385 | 57647 |
| 2007 | Annual distribution total $1.35 |  | 13.584 | 357 | 51709 | 45802 |
| 2008 | Annual distribution total $1.19<sup>3</sup> |  | 8.237 | 578 | 28205 | 24807 |
| 3/11/09 | Distribution $0.22<sup>3</sup> |  | 4.260 | 228 | 41314 | 34212 |
| 12/2/10 | Distribution $0.08 |  | 9.400 | 40 | 53094 | 45884 |
| 2011 | Annual distribution total $0.53<sup>3</sup> |  | 8.773 | 289 | 49014 | 43596 |
| 2012 | Annual distribution total $0.51 |  | 9.084 | 285 | 57501 | 49669 |
| 2013 | Annual distribution total $1.38 |  | 11.864 | 630 | 83110 | 74222 |
| 2014 | Annual distribution total $2.90 |  | 10.513 | 1704 | 86071 | 76507 |
| 2015 | Annual distribution total $1.26 |  | 7.974 | 1256 | 75987 | 64222 |
| 2016 | Annual distribution total $0.64 |  | 7.513 | 779 | 92689 | 78540 |
| 2017 | Annual distribution total $0.69 |  | 8.746 | 783 | 109076 | 98254 |
| 2018 | Annual distribution total $0.75 |  | 8.993 | 893 | 96398 | 83853 |
| 2019 | Annual distribution total $0.68 |  | 8.297 | 955 | 118025 | 104666 |
| 2020 | Annual distribution total $0.61 |  | 6.944 | 1120 | 128811 | 135365 |
| 2021 | Annual distribution total $0.84 |  | 11.377 | 1014 | 187933 | 166205 |
| 2022 | Annual distribution total $0.95 |  | 8.887 | 1598 |  |  |
| **12/31/22** |  | $**8900** |  | **15988** | $**156203** | $**138776** |

---

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

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

<sup>3</sup> Includes a return of capital.

This page is not a part of the 2022 Annual Audited Financial Statements \| 59

History Since Inception (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **HISTORY** | **HISTORY** | **AMOUNT INVESTED** | **PURCHASE PRICE <sup>1</sup>** | **SHARES** | **NAV VALUE<sup>2</sup>** | **MARKET VALUE<sup>2</sup>** |
| **Royce Value Trust** | **Royce Value Trust** | | | | | |
| 11/26/86 | Initial Purchase | $10000 | $10.000 | 1000 | $9280 | $10000 |
| 10/15/87 | Distribution $0.30 |  | 7.000 | 42 |  |  |
| 12/31/87 | Distribution $0.22 |  | 7.125 | 32 | 8578 | 7250 |
| 12/27/88 | Distribution $0.51 |  | 8.625 | 63 | 10529 | 9238 |
| 9/22/89 | Rights Offering | 405 | 9.000 | 45 |  |  |
| 12/29/89 | Distribution $0.52 |  | 9.125 | 67 | 12942 | 11866 |
| 9/24/90 | Rights Offering | 457 | 7.375 | 62 |  |  |
| 12/31/90 | Distribution $0.32 |  | 8.000 | 52 | 11713 | 11074 |
| 9/23/91 | Rights Offering | 638 | 9.375 | 68 |  |  |
| 12/31/91 | Distribution $0.61 |  | 10.625 | 82 | 17919 | 15697 |
| 9/25/92 | Rights Offering | 825 | 11.000 | 75 |  |  |
| 12/31/92 | Distribution $0.90 |  | 12.500 | 114 | 21999 | 20874 |
| 9/27/93 | Rights Offering | 1469 | 13.000 | 113 |  |  |
| 12/31/93 | Distribution $1.15 |  | 13.000 | 160 | 26603 | 25428 |
| 10/28/94 | Rights Offering | 1103 | 11.250 | 98 |  |  |
| 12/19/94 | Distribution $1.05 |  | 11.375 | 191 | 27939 | 24905 |
| 11/3/95 | Rights Offering | 1425 | 12.500 | 114 |  |  |
| 12/7/95 | Distribution $1.29 |  | 12.125 | 253 | 35676 | 31243 |
| 12/6/96 | Distribution $1.15 |  | 12.250 | 247 | 41213 | 36335 |
| 1997 | Annual distribution total $1.21 |  | 15.374 | 230 | 52556 | 46814 |
| 1998 | Annual distribution total $1.54 |  | 14.311 | 347 | 54313 | 47506 |
| 1999 | Annual distribution total $1.37 |  | 12.616 | 391 | 60653 | 50239 |
| 2000 | Annual distribution total $1.48 |  | 13.972 | 424 | 70711 | 61648 |
| 2001 | Annual distribution total $1.49 |  | 15.072 | 437 | 81478 | 73994 |
| 2002 | Annual distribution total $1.51 |  | 14.903 | 494 | 68770 | 68927 |
| 1/28/03 | Rights Offering | 5600 | 10.770 | 520 |  |  |
| 2003 | Annual distribution total $1.30 |  | 14.582 | 516 | 106216 | 107339 |
| 2004 | Annual distribution total $1.55 |  | 17.604 | 568 | 128955 | 139094 |
| 2005 | Annual distribution total $1.61 |  | 18.739 | 604 | 139808 | 148773 |
| 2006 | Annual distribution total $1.78 |  | 19.696 | 693 | 167063 | 179945 |
| 2007 | Annual distribution total $1.85 |  | 19.687 | 787 | 175469 | 165158 |
| 2008 | Annual distribution total $1.72<sup>3</sup> |  | 12.307 | 1294 | 95415 | 85435 |
| 3/11/09 | Distribution $0.32<sup>3</sup> |  | 6.071 | 537 | 137966 | 115669 |
| 12/2/10 | Distribution $0.03 |  | 13.850 | 23 | 179730 | 156203 |
| 2011 | Annual distribution total $0.78<sup>3</sup> |  | 13.043 | 656 | 161638 | 139866 |
| 2012 | Annual distribution total $0.80 |  | 13.063 | 714 | 186540 | 162556 |
| 2013 | Annual distribution total $2.19<sup>4</sup> |  | 16.647 | 1658 | 250219 | 220474 |
| 2014 | Annual distribution total $1.82 |  | 14.840 | 1757 | 252175 | 222516 |
| 2015 | Annual distribution total $1.24 |  | 12.725 | 1565 | 231781 | 201185 |
| 2016 | Annual distribution total $1.02 |  | 12.334 | 1460 | 293880 | 248425 |
| 2017 | Annual distribution total $1.16 |  | 14.841 | 1495 | 350840 | 324176 |
| 2018 | Distribution through 6/30/18 $0.59 |  | 15.962 | 748 |  |  |
| 2018 | Rights Offering | 31289 | 15.330 | 2041 |  |  |
| 2018 | Distribution after 6/30/18 $0.67 |  | 12.706 | 1168 | 329589 | 283259 |
| 2019 | Annual distribution total $1.10 |  | 14.100 | 1929 | 429986 | 383045 |
| 2020 | Annual distribution total $1.04 |  | 11.888 | 2357 | **523949** | **456617** |
| 2021 | Annual distribution total $1.67 |  | 18.124 | 2690 | 628604 | 609918 |
| 2022 | Annual distribution total $1.32 |  | 14.525 | 2907 |  |  |
| **12/31/22** |  | $**53211** |  | **33888** | $**495104** | $**449355** |

---

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

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

<sup>3</sup> Includes a return of capital.

<sup>4</sup> Includes Royce Global Value Trust spin-off of $1.40 per share.

60 \| This page is not a part of the 2022 Annual Audited Financial Statements

Distribution Reinvestment and Cash Purchase Options

Why should I reinvest my distributions?

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

How does the reinvestment of distributions from the Royce closed-end funds work?

The Funds automatically issue shares in payment of distributions unless you indicate otherwise. The shares are generally issued at the lower of the market price or net asset value on the valuation date.

How does this apply to registered stockholders?

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

What if my shares are held by a brokerage firm or a bank?

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

What other features are available for registered stockholders?

The Distribution Reinvestment and Cash Purchase Plans also allow registered stockholders to make optional cash purchases of shares of a Fund's common stock directly through Computershare on a monthly basis, and to deposit certificates representing your RVT and RMT shares with Computershare for safekeeping. (RGT does not issue shares in certificated form). Plan participants are subject to a $0.75 service fee for each voluntary cash purchase under the Plans. The Funds' investment adviser absorbed all commissions on optional cash purchases under the Plans through December 31, 2022.

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, 2022. 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.).

This page is not a part of the 2022 Annual Audited Financial Statements \| 61

Directors and Officers

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

**Christopher D. Clark, Director <sup>1</sup>, President**

Age: 57 \| Number of Funds Overseen: 16 \| Tenure: Since 2014

**Principal Occupation(s) During Past Five Years:** Chief Executive Officer (since July 2016), President (since July 2014), Co-Chief Investment Officer (since January 2014), Managing Director of Royce, a Member of the Board of Managers of Royce, having been employed by Royce since May 2007.

**Patricia W. Chadwick, Director**

Age: 74 \| Number of Funds Overseen: 16 \| Tenure: Since 2009

**Non-Royce Directorships:** Director of Voya Mutual Funds

**Principal Occupation(s) During Past 5 Years:** Consultant and President, Ravengate Partners LLC (since 2000). Formerly Director, Wisconsin Energy Corp. (until 2022).

**Christopher C. Grisanti, Director**

Age: 61 \| Number of Funds Overseen: 16 \| Tenure: Since 2017

**Non-Royce Directorships:** None

**Principal Occupation(s) During Past Five Years:** Chief Equity Strategist and Senior Portfolio Manager, MAI Capital Management LLC (investment advisory firm) (since May 2020). Formerly Co-Founder and Chief Executive Officer, Grisanti Capital Management LLC (investment advisory firm) (from 1999 to 2020); Director of Research and Portfolio Manager, Spears Benzak, Salomon & Farrell (from 1994 to 1999); and Senior Associate, Simpson, Thacher & Bartlett (law firm) (from 1988 to 1994).

**Cecile B. Harper, Director**

Age: 59 \| Number of Funds Overseen: 16 \| Tenure: Since 2020

**Non-Royce Directorships:** None

**Principal Occupation(s) During Past Five Years:** Chief Financial Officer and Chief Operating Officer, College Foundation at the University of Virginia (since October 2019). Formerly Board Member, Pyramid Peak Foundation (January 2012 to 2022); Board Member, Regional One Health Foundation (from June 2013 to September 2019); and Principal, Southeastern Asset Management (from December 1993 to September 2019).

**Arthur S. Mehlman, Director**

Age: 80 \| Number of Funds Overseen: 16 \| Tenure: Since 2004

**Non-Royce Directorships:** None

**Principal Occupation(s) During Past Five Years:** Director, University of Maryland Foundation (non-profits). Formerly Director/Trustee, registered investment companies constituting the Legg Mason Funds (from 2002 to June 2021); Director, The League for People with Disabilities, Inc. (from June 2003 to June 2018); Director, Municipal Mortgage & Equity, LLC (from October 2004 to April 2011); Director, University of Maryland College Park Foundation (non-profit) (from 1998 to 2005); Director, Maryland Business Roundtable for Education (from July 1984 to June 2002); and Partner, KPMG LLP (international accounting firm) (from 1972 to 2002)

**G. Peter O'Brien, Director**

Age: 77 \| Number of Funds Overseen: 73 \| Tenure: Since 2001

**Non-Royce Directorships:** Director/Trustee of registered investment companies constituting the 57 Legg Mason Funds.

**Principal Occupation(s) During Past Five Years:** Trustee Emeritus, Colgate University (since 2005); and Emeritus Board Member, Hill House, Inc.

(since 2019). Formerly Director, TICC Capital Corp. (from 2003-2017); Trustee, Colgate University (from 1996 to 2005); President, Hill House, Inc. (from 2001 to 2005); Board Member, Hill House, Inc. (from 1999 to 2019); Director, Bridges School (from 2006 to 2018); and Managing Director/ Equity Capital Markets Group, Merrill Lynch & Co. (from 1971 to 1999).

**Michael K. Shields, Director**

Age: 64 \| Number of Funds Overseen: 16 \| Tenure: Since 2015

**Non-Royce Directorships:** None

**Principal Occupation(s) During Past Five Years:** President and Chief Executive Officer, Piedmont Trust Company (privately-owned North Carolina trust company) (since February 2012); Chairman, UNC Charlotte Investment Fund Board (since February 2016); and Chairman, Halftime Carolinas Board (since February 2011). Formerly Owner, Shields Advisors (investment consulting firm) (from April 2010 to June 2012); President and Chief Executive Officer, Eastover Capital Management (2005-2007); President and Chief Executive Officer, Campbell, Cowperthwait (investment subsidiary of U.S. Trust Corporation) (1997-2002); and equity portfolio manager and co-manager of Quality Growth Team, Scudder, Stevens and Clark (1992-1997).

**Francis D. Gannon, Vice President**

Age: 55 \| 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: 60 \| 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: 56 \| Tenure: Since 2015

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

**John E. Denneen, Secretary and Chief Legal Officer**

Age: 55 \| Tenure: 1996-2001 and Since 2002

**Principal Occupation(s) During Past Five Years:** General Counsel, Managing Director, and, since June 2015, a Member of the Board of Managers of Royce. Chief Legal and Compliance Officer and Secretary of Royce.

**John P. Schwartz, Chief Compliance Officer**

Age: 51 \| Tenure: Since 2022

**Principal Occupation(s) During Past Five Years:** Chief Compliance Officer of The Royce Funds (since May 2022) and Associate General Counsel and Compliance Officer of Royce (since March 2013).

<sup>1</sup> Interested Director.

Directors will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal. The Statement of Additional Information, which contains additional information about the Trust's directors and officers, is available and can be obtained without charge at www.royceinvest. com or by calling (800) 221-4268.

62 \| This page is not a part of the 2022 Annual Audited Financial Statements

Notes to Performance and Other Important Information

Notes to Performance

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 December 31, 2022, 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 December 31, 2022 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.royceinvest.com.

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

All indexes referred to are unmanaged and capitalization weighted. Each index's returns include net reinvested dividends and/or interest income. Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 2000 Index is an index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell 2000 Value and Growth Indexes consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap 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 U.S. companies in the Russell 3000 Index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income. The S&P SmallCap 600 Index is an index of U.S. small-cap stocks selected by Standard & Poor's based on market size, liquidity, and industry grouping, among other factors. The Nasdaq Composite Index is a market capitalization weighted index of more than 3,700 stocks listed on the Nasdaq stock exchange. The (Center for Research in Security Prices) CRSP (Center for Research in Security Pricing) equally divides the companies listed on the NYSE into 10 deciles based on market capitalization. Deciles 1-5 represent the largest domestic equity companies and Deciles 6-10 represent the smallest. CRSP then sorts all listed domestic equity companies based on these market cap ranges. By way of comparison, the CRSP 1-5 would have similar capitalization parameters to the S&P 500 and the CRSP 6-10 would have similar capitalization parameters to those of the Russell 2000. The Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Index returns used in this Report were based on information supplied to Royce by Russell for the Russell market indexes and by MSCI for the MSCI market indexes. Royce has not independently verified the above described information.

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. Beta is a measure of the volatility or risk of an investment compared to the market as a whole. Alpha describes an investment strategy's ability to beat the market. 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%. For the Morningstar Small Blend Category:© 2023 Morningstar. All Rights Reserved. The information regarding the category in this piece is: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Cyclical and Defensive are defined as follows: Cyclical: Communication Services, Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials. Defensive: Consumer Staples, Health Care, Real Estate, and Utilities. Return on Invested Capital is calculated by dividing a company's past 12 months of operating income (earnings before interest and taxes) by its average invested capital (total equity, less cash and cash equivalents, plus total debt, minority interest, and preferred stock). The Royce Funds is a service mark of The Royce Funds.

Investment Objectives

The investment objective of each Fund is long-term growth of capital.

Investment Policies

*Royce Global Value Trust, Inc. ("RGT")*. Under normal circumstances, RGT will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock. RGT generally invests a significant portion of its assets U.S. and non-U.S. small/mid-cap stocks (generally market caps up to $10 billion). Under normal circumstances, at least 40% of RGT's net assets will be invested in the equity securities of companies headquartered in at least three countries outside the United States. From time to time, a substantial portion of RGT's assets may be invested in companies located in a single country. Although there are no geographic limits on RGT's investments, no more than 35% of RGT's net assets may be invested in the securities of companies headquartered in "developing countries," also known as emerging markets. Generally, developing countries include every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea, Taiwan, Bermuda, and Western European countries (which include, Austria,

This page is not a part of the 2022 Annual Audited Financial Statements \| 63

Notes to Performance and Other Important Information (continued)

Belgium, Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom).

*Royce Micro-Cap Trust, Inc. ("RMT")*. RMT normally invests at least 80% of its net assets in the equity securities of micro-cap companies. Micro-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell Microcap<sup>®</sup> Index at the time of its most recent reconstitution. Royce employs a core approach that combines multiple investment themes and focuses on companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes. RMT may invest up to 25% of its assets in securities of issuers headquartered outside the United States.

*Royce Value Trust, Inc. ("RVT").* RVT normally invests at least 65% of its assets in the equity securities of small- and micro-cap companies. Such companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution. Royce employs a core approach that combines multiple investment themes and focuses on companies with high returns on invested capital or those with strong fundamentals and/or prospects trading at what Royce believes are attractive valuations. RVT may invest up to 25% of its assets in securities of issuers headquartered outside the United States.

Recent Adoption of Certain Operating Policies

A Fund's fundamental investment policies may not be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940 Act (the "1940 Act")) of that Fund. The investment policies and limitations of a Fund that are not fundamental investment policies are referred to as operating policies and may be changed by a majority vote of the Board of Directors of the relevant Fund and without stockholder approval. Notwithstanding any fundamental investment policy that could be deemed to permit a Fund to enter into a "derivatives transaction" within the meaning of Rule 18f-4 under the 1940 Act, the Funds recently adopted operating policies that, effective as of August 19, 2022, prohibit the Funds from entering into any such "derivatives transaction," including investing in options.

Primary Risks

As with any mutual fund that invests in common stocks, each Fund is subject to market risk—the possibility that common stock prices will decline over short or extended periods of time due to overall market, financial, and economic conditions and trends, governmental or central bank actions or interventions, changes in investor sentiment, and other factors, such as the recent Covid pandemic, that may not be directly related to the issuer of a security held by a Fund. This pandemic could adversely affect global economies and markets and individual companies in ways that cannot necessarily be foreseen. As a result, the value of your investment in each Fund will fluctuate, sometimes sharply and unpredictably, and you could lose money over short or long periods of time.

Investors wanting to buy or sell shares of a Fund 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.

The prices of equity securities of the smaller companies in which the Funds invest are generally more volatile than those of larger-cap securities. In addition, because these securities tend to have significantly lower trading volumes than larger-cap securities, the Funds may have difficulty selling holdings or may only be able to sell holdings at prices substantially lower than what Royce believes they are worth. Therefore, each Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing in larger-cap companies or other asset classes. No assurance can be given that there will be net investment income to distribute and/or that the Funds will achieve their investment goals.

Investment in foreign securities involves risks that may not be encountered in U.S. investments, including adverse political, social, economic, or other developments that are unique to a particular region or country. Prices of foreign securities in particular countries or regions may, at times, move in a different direction and/or be more volatile than those of U.S. securities. Each Fund's investments are usually denominated in or tied to the currencies of the countries in which they are primarily traded. Because the Funds do not intend to hedge their foreign currency exposure, the U.S. dollar value of the Funds' investments may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar. This may occur even if the value of the investment in the currency's home country has not declined. These risk factors may affect the prices of foreign securities issued by companies headquartered in developing countries more than those headquartered in developed countries. For example, many developing countries have in the past experienced high rates of inflation or sharply devalued their currencies against the U.S. dollar, thereby causing the value of investments in companies located in those countries to decline. Transaction costs are often higher in developing countries, and there may be delays in settlement procedures. To the extent that a Fund's investments in the securities of international companies consists of non-U.S. headquartered companies that trade on a U.S. exchange, some or all of the above-stated risks of investing in international companies may not apply.

To the extent a Fund overweights a single market sector or industry relative to its benchmark index, its performance may be tied more directly to the success or failure of a relatively smaller or less well-diversified group of portfolio holdings.

Royce's estimate of a company's current worth may prove to be inaccurate, or this estimate may not be recognized by other investors, which could lead to portfolio losses. Securities in the Funds' portfolios may not increase as much as the market as a whole and some securities may continue to be undervalued for long periods of time or may never reach what Royce believes are their full market values.

Investments in a Fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Environmental, Social, and Governance ("ESG") Investment Considerations and Risks

Royce believes certain material ESG factors have the potential to contribute to a stock's long-term performance, and therefore Royce may evaluate the potential impacts of ESG considerations when assessing a company's financial condition and profitability. This analysis allows Royce's portfolio managers to determine whether a company's ESG practices pose a material financial risk or create an opportunity for investment. Consideration of ESG factors and risks is only one component of Royce's assessment of potential investments and may not be a determinative factor in whether to invest in a company. The weight given to ESG factors may vary between Funds and across different types of investments, sectors, industries, regions, and issuers; ESG factors and weights considered may change over time; and not every ESG factor may be identified or evaluated for each security. In addition, Royce's assessment of a company's ESG factors may differ from that of institutional investors, third-party service providers (e.g., ratings providers), and/or other funds, and may be dependent on the availability of timely, complete, and accurate ESG data reports from issuers and/or third-party research providers. ESG factors are often not uniformly measured or defined, which could

64 \| This page is not a part of the 2022 Annual Audited Financial Statements

Notes to Performance and Other Important Information (continued)

impact Royce's ability to evaluate a company. While Royce views certain ESG factors as having the potential to contribute to a stock's long-term performance, there is no guarantee of such results.

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:

&nbsp;&nbsp;&nbsp;&nbsp;• the
 Funds' future operating results

&nbsp;&nbsp;&nbsp;&nbsp;• the
 prospects of the Funds' portfolio companies

&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of investments that the Funds have made or may make

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• the
 ability of the Funds' portfolio companies to achieve their objectives.

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

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

Authorized Share Transactions

Royce Global Value Trust, Royce Micro-Cap Trust, and Royce Value Trust may each repurchase up to 5% of the issued and outstanding shares of its respective common stock during the year ended December 31, 2022. Any such repurchases would take place at then prevailing prices in the open market or in other transactions. Common stock repurchases would be effected at a price per share that is less than the share's then current net asset value.

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

Annual Certifications

As required, the Funds have submitted to the New York Stock Exchange ("NYSE") for the annual certification of the Funds' Chief Executive Officer that he is not aware of any violation of the NYSE's listing standards. The Funds also have included the certification of the Funds' Chief Executive Officer and Chief Financial Officer required by section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to the Funds' form N-CSR for the period ended December 31, 2022, filed with the Securities and Exchange Commission.

Proxy Voting

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

Disclosure of Portfolio Holdings

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

This page is not a part of the 2022 Annual Audited Financial Statements \| 65

Results of Stockholders Meetings

**Royce Value Trust, Inc.**

At the 2022 Annual Meeting of Stockholders held on September 28, 2022, the Fund's stockholders elected three Directors, consisting of:

---

| | | |
|:---|:---|:---|
|  | **VOTES FOR** | **VOTES WITHHELD** |
| Patricia W. Chadwick | 88342888 | 1961317 |
| Arthur S. Mehlman | 88286092 | 2018113 |
| Michael K. Shields | 88379312 | 1924893 |

---

**Royce Micro-Cap Trust, Inc.**

At the 2022 Annual Meeting of Stockholders held on September 28, 2022, the Fund's stockholders elected three Directors, consisting of:

---

| | | |
|:---|:---|:---|
|  | **VOTES FOR** | **VOTES WITHHELD** |
| Patricia W. Chadwick | 33912816 | 2880622 |
| Arthur S. Mehlman | 34064759 | 2728679 |
| Michael K. Shields | 33996266 | 2797171 |

---

**Royce Global Value Trust, Inc.**

At the 2022 Annual Meeting of Stockholders held on September 28, 2022, the Fund's stockholders elected three Directors, consisting of:

---

| | | |
|:---|:---|:---|
|  | **VOTES FOR** | **VOTES WITHHELD** |
| Patricia W. Chadwick | 4799246 | 157916 |
| Arthur S. Mehlman | 4806793 | 150370 |
| Michael K. Shields | 4819885 | 137278 |

---

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68 \| This page is not a part of the 2022 Annual Audited Financial Statements

![](cef024.jpg)

![](cef025.jpg)

About Royce Investment Partners<br>**Unparalleled Knowledge + Experience**

Pioneers in small-cap investing, with 45+ years<br> of experience, depth of knowledge, and focus.<br>**Independent Thinking**

The confidence to go against consensus, the insight<br> to uncover opportunities others might miss, and the<br> tenacity to stay the course through market cycles.<br>**Specialized Approaches**

U.S., international, and global investment strategies<br> that pursue approaches with different risk profiles.<br>**Unwavering Commitment**

Our team of 17 portfolio managers has significant<br> personal investments in the strategies they manage.

Contact Us<br>**GENERAL INFORMATION**<br> General Royce Funds information including an<br> overview of our firm and Funds<br> **(800) 221-4268**

**COMPUTERSHARE**

**Transfer Agent and Registrar**<br> Speak with a representative about:

&nbsp;&nbsp;&nbsp;&nbsp;• Your account, transactions, and forms

&nbsp;&nbsp;&nbsp;&nbsp;**(800) 426-5523**

**FINANCIAL ADVISORS AND BROKER-DEALERS**

Speak with your regional Royce contact regarding:

&nbsp;&nbsp;&nbsp;&nbsp;• Information about our firm, strategies, and Funds

&nbsp;&nbsp;&nbsp;&nbsp;• Fund Materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(800) 337-6923**

CE-REP-1222

**Item 2. Code(s) of Ethics.** As of the end of the period covered by this report, the Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the Registrant did not: (i) amend any provision of its code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions or (ii) grant any waiver, including an implicit waiver, from a provision of such code of ethics to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

**Item 3.** **Audit Committee Financial Expert.** 

(a)(1) The Board of Directors of the Registrant has determined that it has an audit committee financial expert serving on its audit committee.

---

| | |
|:---|:---|
| (a)(2) | Arthur S. Mehlman and Patricia W. Chadwick were designated by the Board of Directors as the Registrant's Audit Committee Financial Experts, effective April 15, 2004, and April 8, 2010, respectively. Mr. Mehlman and Ms. Chadwick are "independent" as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940 Act"). |

---

**Item 4.** **Principal Accountant Fees and Services.**

(a) Audit Fees:

Year ended December 31, 2022 - $38,672

Year ended December 31, 2021 - $37,914

(b) Audit-Related Fees:

Year ended December 31, 2022 - $0

Year ended December 31, 2021 - $0

(c) Tax Fees:

Year ended December 31, 2022 - $10,541 - Preparation of tax returns

Year ended December 31, 2021 - $10,334 - Preparation of tax returns

(d) All Other Fees:

Year ended December 31, 2022 - $0

Year ended December 31, 2021 - $0

---

| | |
|:---|:---|
| (e)(1) | Annual Pre-Approval: On an annual basis, the Registrant's independent auditor submits to the Audit Committee a schedule of proposed audit, audit-related, tax and other non-audit services to be rendered to the Registrant and/or its investment adviser and its affiliates for the following year that require pre-approval by the Audit Committee. This schedule provides a description of each type of service that is expected to require pre-approval and the maximum fees that can be paid for each such service without further Audit Committee approval. The Audit Committee then reviews and determines whether to approve the types of scheduled services and the projected fees associated with them. Any subsequent revision to already pre-approved services or fees are presented for consideration at the next regularly scheduled Audit Committee meeting, as needed. |

---

If subsequent to the annual pre-approval of services and fees by the Audit Committee, the Registrant and/or its investment adviser and its affiliates determines that it would like to engage the Registrant's independent auditor to perform a service not already pre-approved, the request is to be submitted to the Registrant's Chief Financial Officer, and if he or she determines that the service fits within the independence guidelines (i.e., it is not a prohibited service), he or she will then arrange for a discussion of the proposed service and fee to be included on the agenda for the next regularly scheduled Audit Committee meeting so that pre-approval can be considered.

Interim Pre-Approval: If, in the judgment of the Registrant's Chief Financial Officer, a proposed engagement needs to commence before the next regularly scheduled Audit Committee meeting, he or she shall submit a written summary of the proposed engagement to all members of the Audit Committee, outlining the services, the estimated maximum cost, the category of the services (e.g., audit, audit-related, tax or other) and the rationale for engaging the Registrant's independent auditor to perform the services. To the extent the proposed engagement involves audit, audit-related or tax services, any individual member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement. To the extent the proposed engagement involves non-audit services other than audit-related or tax, only the Chairman of the Audit Committee is authorized to pre-approve the engagement. The Registrant's Chief Financial Officer will arrange for this interim review and coordinate with the appropriate member(s) of the Audit Committee. The Registrant's independent auditor may not commence the engagement under consideration until the Registrant's Chief Financial Officer has informed the auditor in writing that the required pre-approval has been obtained from an individual member of the Audit Committee who is an independent Board member or the Chairman of the Audit Committee, as applicable. Each member of the Audit Committee who pre-approves any engagements in between regularly scheduled Audit Committee meetings is to report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regularly scheduled meeting.

(e)(2) Not Applicable

(f) Not Applicable

(g) Y ear ended December 31, 2022 - $10,541

Year ended December 31, 2021 - $10,334

(h) No such services were rendered during 2022 or 2021.

**Item 5. Audit Committee of Listed Registrants.** The Registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (the "Exchange Act"). Patricia W. Chadwick, Christopher C. Grisanti, Cecile B. Harper, Arthur S. Mehlman, G. Peter O'Brien, and Michael K. Shields are members of the Registrant's audit committee.

**Item 6.** **Investments.**

(a) See Item 1.

(b) Not a pplicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Royce & Associates, LP ("Royce") has adopted written proxy voting policies and procedures (the "Proxy Voting Procedures") for itself and client accounts for which Royce is responsible for voting proxies, including the Registrant. Royce is generally granted proxy voting authority at the inception of its management of each client account. Proxy voting authority is generally either (i) specifically authorized in the applicable investment management agreement or other instrument; or (ii) where not specifically authorized, is granted to Royce where general investment discretion is given to Royce in the applicable investment management agreement. In voting proxies, Royce is guided by general fiduciary principles. Royce's goal is to act prudently, solely in the best interest of the beneficial owners of the accounts it manages. Royce attempts to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner it believes will be consistent with efforts to enhance and/or protect stockholder value. When a client has authorized Royce to vote proxies on its behalf, Royce will generally not accept instructions from the client regarding how to vote proxies.

Royce's personnel are responsible for monitoring receipt of all proxies and seeking to ensure that proxies are received for all securities for which Royce has proxy voting authority. Royce is not responsible for voting proxies it does not receive. Royce divides proxies into "regularly recurring" and "non-regularly recurring" matters. Examples of regularly recurring matters include non-contested elections of directors and non-contested approvals of independent auditors. Royce's personnel are responsible for developing and maintaining a list of matters Royce treats as "regularly recurring" and for ensuring that instructions from a Royce Co-Chief Investment Officer are followed when voting those matters on behalf of Royce clients. Non-regularly recurring matters are all other proxy matters and are brought to the attention of the relevant portfolio manager(s) for the applicable account(s). After giving consideration to advisories provided by an independent third-party research firm with respect to such non-regularly recurring matters, the portfolio manager(s) directs that such matters be voted in a way that he or she believes should better protect or enhance the value of the investment. Certain Royce portfolio managers may provide instructions that they do not want regularly recurring matters to be voted in accordance with the standing instructions for their accounts and individual voting instructions on all matters, both regularly recurring and non-regularly recurring, will be obtained from such portfolio managers.

Notwithstanding the above, all matters identified by an independent third-party research firm as being "ESG" proposals are brought to the attention of the portfolio manager(s) for the account(s) involved by Royce personnel. After giving consideration to the recommendation from the independent third-party research firm, the portfolio manager will direct that such matters be voted in a way he or she believes appropriately takes into account environmental and social issues alongside traditional financial measures to provide a more comprehensive view of the value, risk, and return potential of an investment. When Royce portfolio managers cast votes on "ESG" proposals, they take into account the risk that companies may face significant financial, legal, and reputational risks resulting from poor environmental and social practices, or negligent oversight of environmental or social issues.

Under certain circumstances, Royce may also vote against a proposal from the issuer's board of directors or management. Royce's portfolio managers decide these issues on a case-by-case basis. These would include, among others, excessive compensation, unusual management stock options, preferential voting, and poison pills. Royce's portfolio managers decide these issues on a case-by-case basis. In addition, a Royce portfolio manager may, on occasion, decide to abstain from voting a proxy or a specific proxy item when such person concludes that the potential benefit of voting is outweighed by the cost or when it is not in the client's best interest to vote. From time to time, it is also possible that one Royce portfolio manager will decide: (i) to vote shares held in client accounts he or she manages differently from the vote of another Royce portfolio manager whose client accounts hold the same security or (ii) to abstain from voting on behalf of client accounts he or she manages when another Royce portfolio manager is casting votes on behalf of other Royce client accounts.

There may be circumstances where Royce may not be able to vote proxies in a timely manner, including, but not limited to, (i) when certain securities are out on loan at the time of a record date; (ii) when administrative or operational constraints impede Royce's ability to cast a timely vote, such as late receipt of proxy voting information; and/or (iii) when systems, administrative or processing errors occur (including errors by Royce or third-party vendors).

To further Royce's goal to vote proxies in the best interests of its client, Royce follows specific procedures outlined in the Proxy Voting Procedures to identify, assess and address material conflicts that may arise between Royce's interests and those of its clients before voting proxies on behalf of such clients. In the event such a material conflict of interest is identified, the proxy will be voted by Royce in accordance with the recommendation given by an independent third-party research firm.

You may obtain a copy of the Proxy Voting Procedures at www.roycefunds.com or by calling 212-508-4500. Additionally, you can obtain information on how your securities were voted by calling 212-508-4500.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** 

(a)(1) Portfolio Managers of Closed-End Management Investment Companies (information as of December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
| <br> **<u>Name</u>** | <br> **<u>Title</u>** | <br> **<u>Length of Service</u>** | <br> **<u>Principal Occupation(s) During Past 5 Years</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles M. Royce | Lead Portfolio Manager | Since 1993 | &nbsp;&nbsp;Chairman of the Board of Managers of Royce, Member of the boards of directors/trustees of the Registrant, Royce Value Trust, Inc. ("RVT"), Royce Global Value Trust, Inc. ("RGT"), The Royce Fund ("TRF"), and Royce Capital Fund ("RCF") (collectively, "The Royce Funds"). |
| &nbsp;&nbsp;&nbsp;&nbsp;James P. Stoeffel | Portfolio Manager | Since<br> September 1, 2018 | &nbsp;&nbsp;Portfolio Manager of the Registrant (since May 1, 2021); Assistant Portfolio Manager of the Registrant (September 1, 2018 – April 30, 2021); and Portfolio Manager at Royce (since 2009). |
| &nbsp;&nbsp;&nbsp;&nbsp;Brendan J. Hartman | Portfolio Manager | Since<br> September 1, 2018 | &nbsp;&nbsp;Portfolio Manager of the Registrant (since May 1, 2021); Assistant Portfolio Manager of the Registrant (September 1, 2018 – April 30, 2021); and Portfolio Manager at Royce (since 2009). |

---

(a)(2) Other Accounts Managed by Portfolio Manager and Potential Conflicts of Interest (information as of December 31, 2022)

**<u>Other Accounts</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Portfolio<br> <u>Manager</u>** | &nbsp;&nbsp;&nbsp;**<u>Type of Account</u>** | **Number of Accounts <u><br> Managed</u>** | **Total**<br> **Assets <u><br> Managed</u>** | **Number of Accounts**<br> **Managed for which**<br> **Advisory Fee is**<br> **<u>Performance-Based</u>** | **Value of Managed**<br> **Accounts for which**<br> **Advisory Fee is**<br> **Performance <br> <u>Based</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles M. Royce |  |  |  |  |  |
|  | &nbsp;&nbsp;Registered investment companies | 8 | $5975964874 | 2 | $2071068955 |
|  | &nbsp;&nbsp;&nbsp;Private pooled investment vehicles | 5 | $60462425 | -- | -- |
|  | &nbsp;&nbsp;&nbsp;Other accounts\* | 13 | $57355251 | -- | -- |
| &nbsp;&nbsp;&nbsp;&nbsp;James P. Stoeffel |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Registered investment companies | 5 | $3692748469 | 1 | $465889583 |
|  | &nbsp;&nbsp;&nbsp;Private pooled investment vehicles | 5 | $702308949 | -- | -- |
|  | &nbsp;&nbsp;&nbsp;Other accounts\* | -- | -- | -- | -- |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Portfolio<br> <u>Manager</u>** | &nbsp;&nbsp;&nbsp;**<u>Type of Account</u>** | **Number of Accounts <br> <u>Managed</u>** | **Total**<br> **Assets <u><br> Managed</u>** | **Number of Accounts**<br> **Managed for which**<br> **Advisory Fee is**<br> **<u>Performance-Based</u>** | **Value of Managed**<br> **Accounts for which**<br> **Advisory Fee is**<br> **Performance <u><br> Based</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Brendan J. Hartman |  |  |  |  |  |
|  | &nbsp;&nbsp;Registered investment companies | 4 | $2126071506 | 1 | $465889583 |
|  | &nbsp;&nbsp;Private pooled investment vehicles | 5 | $702308949 | -- | -- |
|  | &nbsp;&nbsp;&nbsp;Other accounts\* |  | -- | -- | -- |

---

\*Other accounts include all other accounts managed by the Portfolio Manager in either a professional or personal capacity except for personal accounts subject to pre-approval and reporting requirements under the Registrant's Rule 17j-1 Code of Ethics.

**<u>Conflicts of Interest</u>**

The fact that a Portfolio Manager has day-to-day management responsibility for more than one client account may create actual, potential or only apparent conflicts of interest. For example, the Portfolio Manager may have an opportunity to purchase securities of limited availability. In this circumstance, the Portfolio Manager is expected to review each account's investment guidelines, restrictions, tax considerations, cash balances, liquidity needs and other factors to determine the suitability of the investment for each account and to ensure that his or her managed accounts are treated equitably.

The Portfolio Manager may also decide to purchase or sell the same security for multiple managed accounts at approximately the same time. To address any conflicts that this situation may create, the Portfolio Manager will generally combine managed account orders (i.e., enter a "bunched" order) in an effort to obtain best execution or a more favorable commission rate. In addition, if orders to buy or sell a security for multiple accounts managed by common Portfolio Managers on the same day are executed at different prices or commission rates, the transactions will generally be allocated by Royce to each of such managed accounts at the weighted average execution price and commission. In circumstances where a pre-allocated bunched order is not completely filled, each account will normally receive a pro-rated portion of the securities based upon the account's level of participation in the order, subject to Royce's minimum ticket size requirements. Royce may, under certain circumstances, allocate securities in a manner other than pro-rata if it determines that the allocation is fair and equitable under the circumstances and does not discriminate against any account. In addition, on a limited, infrequent basis, and in accordance with written procedures, Royce may change initial allocations from one Royce client account to another Royce client account prior to the booking of the trade on the day after trade date when: (i) it is determined that a security is unsuitable or inappropriate for a particular Royce client account in the original allocation; (ii) there is insufficient cash in a Royce client account to which a security is initially allocated; (iii) there is a client-imposed restriction on the purchase of the security being allocated; or (iv) the Portfolio Manager has decided to change the initial allocation for some other reason.

As described below, there is a revenue-based component of each Portfolio Manager's Performance-Related Variable Compensation, and the Portfolio Managers also receive Firm-Related Variable Compensation based on revenues (adjusted for certain imputed expenses) generated by Royce. In addition, Charles M. Royce and James P. Stoeffel receive variable compensation based on Royce's retained pre-tax profits from operations. As a result, the Portfolio Managers may receive a greater relative benefit from activities that increase the value to Royce of The Royce Funds and/or other Royce client accounts, including, but not limited to, increases in sales of Registrant's shares and assets under management.

Also, as described above, the Portfolio Managers generally manage more than one client account, including, among others, registered investment company accounts, separate accounts and private pooled accounts managed on behalf of institutions (e.g., pension funds, endowments and foundations) and for high-net-worth individuals. The appearance of a conflict of interest may arise where Royce has an incentive, such as a performance-based management fee (or any other variation in the level of fees payable by the Registrant or other Royce client accounts to Royce), which relates to the management of one or more of The Royce Funds or accounts with respect to which the same Portfolio Manager has day-to-day management responsibilities. Except as described below, no Royce Portfolio Manager's compensation is tied to performance fees earned by Royce for the management of any one client account. Although variable and other compensation derived from Royce revenues or profits is impacted to some extent, the impact is relatively minor given the small percentage of Royce firm assets under management for which Royce receives performance-measured revenue. Notwithstanding the above, the Performance-Related Variable Compensation paid to Charles M. Royce, James P. Stoeffel, and Brendan J. Hartman, as Portfolio Managers of the Registrant, is based, in part, on performance-based fee revenues. The Registrant pays Royce a fulcrum fee that is adjusted up or down depending on the performance of the Fund relative to its benchmark index.

Finally, conflicts of interest may arise when a Portfolio Manager personally buys, holds or sells securities held or to be purchased or sold for the Registrant or other Royce client account or personally buys, holds or sells the shares of one or more of The Royce Funds. To address this, Royce has adopted a written Code of Ethics designed to prevent and detect personal trading activities that may interfere or conflict with client interests (including Registrant's stockholders' interests). Royce generally does not permit its Portfolio Managers to purchase small- or micro-cap securities for their personal investment portfolios.

Royce and The Royce Funds have adopted certain compliance procedures which are designed to address the above-described types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

(a)(3) Description of Portfolio Manager Compensation Structure (information as of December 31, 2022)

Royce seeks to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. All Portfolio Managers receive from Royce a base salary, Portfolio-Related Variable Compensation (generally the largest element of each Portfolio Manager's compensation with the exception of Charles M. Royce), Firm-Related Variable Compensation based primarily on registered investment company and other client account revenues generated by Royce and a benefits package. Portfolio Manager compensation is reviewed and may be modified from time to time as appropriate to reflect changes in the market, as well as to adjust the factors used to determine variable compensation. Except as described below, each Portfolio Manager's compensation consists of the following elements:

- BASE SALARY. Each Portfolio Manager is paid a base salary. In setting the base salary, Royce seeks to be competitive in light of the particular Portfolio Manager's experience and responsibilities.

PORTFOLIO-RELATED VARIABLE COMPENSATION. Each Portfolio Manager receives quarterly Portfolio-Related Variable Compensation that is either asset-based, or revenue-based and therefore in part based on the value of the net assets of the account for which he or she is being compensated, determined with reference to each of the registered investment company and other client accounts they are managing. The revenue used to determine the quarterly Portfolio-Related Variable Compensation received by the Portfolio Managers that relates to the Registrant is performance-based fee revenue.

Payment of the Portfolio-Related Variable Compensation may be deferred, and any amounts deferred are forfeitable, if the Portfolio Manager is terminated by Royce with or without cause or resigns. The amount of the deferred Portfolio-Related Variable Compensation will appreciate or depreciate during the deferral period, based on the total return performance of one or more Royce-managed registered investment company accounts selected by the Portfolio Manager at the beginning of the deferral period. The amount deferred will depend on the Portfolio Manager's total direct, indirect beneficial and deferred unvested investments in the Royce registered investment company accounts for which he or she is receiving portfolio management compensation.

- FIRM-RELATED VARIABLE COMPENSATION. Portfolio Managers receive quarterly variable compensation based on Royce's net revenues.

BENEFIT PACKAGE. Portfolio Managers also receive benefits standard for all Royce employees, including health care and other insurance benefits, and participation in Royce's 401(k) Plan and Money Purchase Pension Plan. Each Royce employee, including each Portfolio Manager, is also eligible to purchase shares of Franklin Resources, Inc. at a 15% discount to its closing price on certain dates in accordance with the terms and conditions of the Franklin Templeton Employee Stock Investment Plan.

(a)(4) Dollar Range of Equity Securities in Registrant Beneficially Owned by Portfolio Manager (information as of December 31, 2022).

The following table shows the dollar range of the Registrant's shares owned beneficially and of record by the Portfolio Managers, including investments by his immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Portfolio Manager</u>** | **<u>Dollar Range of Registrant's Shares Beneficially Owned</u>** |
| &nbsp;&nbsp;&nbsp;**Charles M. Royce** | **Over $1,000,000** |
| &nbsp;&nbsp;&nbsp;**James P. Stoeffel** | **$0** |
| &nbsp;&nbsp;&nbsp;**Brendan J. Hartman** | **$0** |

---

(b) Not Applicable

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

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

**Item 11.** **Controls and Procedures.** 

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

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

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** The Fund is party to a revolving credit agreement (the "Credit Agreement") with BNP Paribas Prime Brokerage International Limited ("BNPPI"). The Credit Agreement permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities. For more information, see "Borrowings" in the Notes to the Fund's Financial Statements.

**Item 13.** **Exhibits.** Attached hereto.

(a)(1) The Registrant's code of ethics pursuant to Item 2 of Form N-CSR.

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

(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 1940 Act.

*[Signature page to follow.]*

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

**ROYCE MICRO-CAP TRUST, INC.**

BY:  **<u>/s/Christopher D. Clark</u>**

**Christopher D. Clark**

**President**

Date: February 28, 2023

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

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| | |
|:---|:---|
| **ROYCE MICRO-CAP TRUST, INC.** | **ROYCE MICRO-CAP TRUST, INC.** |

---

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| | |
|:---|:---|
| BY: <u>/s/Christopher D. Clark</u> | BY: <u>/s/Peter K. Hoglund</u> |

---

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| | |
|:---|:---|
| **Christopher D. Clark** | **Peter K. Hoglund** |

---

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| | |
|:---|:---|
| **President** | **Treasurer** |

---

Date: February 28, 2023 Date: February 28, 2023

## Ex-99.Code

**Item 12(a)(1):**

September 2003, as revised

December 16, 2019

CODE OF ETHICS

FOR COVERED OFFICERS OF THE ROYCE FUNDS

The Boards of Directors/Trustees of The Royce Fund, Royce Capital Fund, Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., and Royce Global Value Trust, Inc. (each, a "Fund" and collectively, "The Royce Funds") have adopted the following Code of Ethics (the "Code") applicable to its President, Chief Financial Officer and Manager of Fund Accounting ("Covered Officers") of The Royce Funds to ensure the continuing integrity of financial reporting and transactions. The names of the Covered Officers covered by the Code are listed on Schedule A hereto.

**I.** <u>Separate Code</u> 

This Code is the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002. The Funds' and Royce Investment Partners ("Royce"), the investment adviser to The Royce Funds, code of ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "Investment Company Act") are separate requirements applying to the Covered Officers and others, and are not part of this Code. In addition to this Code, the Investment Company Act, and the Investment Advisers Act of 1940 (the "Advisers Act") and rules promulgated thereunder contain numerous specific provisions designed to protect the Funds from conflicts of interest and overreaching. Any conduct by Covered Officers required by specific Investment Company Act or Advisers Act provisions or the rules thereunder is presumed to be in compliance with this Code. Each Covered Officer is accountable for his or her adherence to this Code. Any violation of this Code by a Covered Officer may result in disciplinary action, including immediate dismissal.

**II.** <u>Requirements</u> 

All Covered Officers must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Engage in and promote honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Act responsibly in producing and produce, full, fair, accurate, timely and
understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission (the
"SEC") and in other public communications made by each of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Promptly report suspected material violations of this Code, including violations
of securities laws or other laws, rules and regulations applicable to a Fund, to Royce's General Counsel and the Fund's Audit
Committee.

Each Covered Officer must act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law, and place the interests of The Royce Funds before the Covered Officer's own personal interests.

Each Covered Officer is required to familiarize himself or herself with the disclosure requirements applicable to each of the Funds and must not knowingly misrepresent or fail to disclose, or cause others to misrepresent or fail to disclose, material facts about a Fund to others, including but not limited to officers of and counsel to The Royce Funds, and their respective independent directors, independent auditors and governmental regulators.

**III.** <u>Avoidance of Conflicts</u> 

The overarching principle of this Code is that the personal interests of a Covered Officer should not be placed improperly before the interests of The Royce Funds. As a result, each Covered Officer must: (i) handle any actual or apparent conflict of interest in an ethical manner, (ii) not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Fund; (iii) not cause a Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such Fund; and (iv) not use for his or her personal benefit (directly or indirectly) any material non-public knowledge pertaining to a Fund.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between The Royce Funds and Royce, of which the Covered Officers are also officers and/or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Royce, or for both), be involved in establishing policies and implementing decisions that will have different effects on Royce and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of The Royce Funds and Royce and is consistent with the performance by the Covered Officers of their duties as officers and/or employees of The Royce Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Advisers Act, such activities will be deemed to have been handled ethically.

The following conflict of interest situations must be disclosed by a Covered Officer to, and pre-approved in writing by, the General Counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship
with, any of The Royce Funds' service providers, other than its investment adviser, principal underwriter, administrator or any
affiliated person thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges
or spreads paid by any Fund for effecting portfolio transactions.

**IV.** <u>Materiality</u> 

In the event a Covered Officer has any doubt as to (i) whether a suspected violation of this Code would be considered material, (ii) whether information relating to a Fund is of a material nature and therefore subject to public disclosure, (iii) whether non-public knowledge pertaining to a Fund is material in nature, or (iv) whether a particular conflict of interest is material, he or she should seek the advice of Royce's General Counsel.

**V.** <u>Compliance and Annual Acknowledgment</u> 

Each Covered Officer is required: (i) upon receipt of the Code, to sign and submit to Royce's General Counsel an acknowledgment stating that he or she has received, read and understands the Code; (ii) annually thereafter to submit a statement to Royce's General Counsel confirming that he or she has received, read and understands the Code and has complied with the requirements of the Code; (iii) not to retaliate against any employee subordinate to the Covered Officer for reports of potential violations that are made in good faith; and (iv) to notify Royce's General Counsel, as appropriate, if the Covered Officer observes any irregularities or violations of this Code.

**VI.** <u>Enforcement of the Code</u> 

The Royce Funds will adhere to the following procedures when investigating and enforcing this Code: (i) Royce's General Counsel will take all appropriate action to investigate any potential violations reported to him or her; (ii) if Royce's General Counsel determines that a violation has occurred, he or she will take all appropriate disciplinary or preventive action and inform the Fund's Board of Directors/Trustees of his or her decision; (iii) all changes to or waivers of this Code will, to the extent required, be disclosed on Form N-CSR or otherwise as required by SEC rules; and (iv) any waiver sought by the President of The Royce Funds will be considered by The Royce Funds' Audit Committees prior to approval of the waiver.

**VII.** <u>Amendments</u> 

Except with respect to Schedule A hereto, which may be updated at any time, this Code may be amended only by the Board of Directors/Trustees of each Fund at a meeting of such Board duly called for that purpose.

**VIII.** <u>Confidentiality</u> 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel and Royce and its affiliated persons.

**IX.** <u>Internal Use</u> 

The Code is intended solely for internal use by The Royce Funds and does not constitute the admission, by or on behalf of any Fund, as to any fact, circumstances or legal conclusion.

Date: September 17, 2003, as revised

December 16, 2019

<u>SCHEDULE A</u>

Christopher D. Clark

Peter Hoglund

Mary Macchia

## Ex-99.Cert

**Item 12(a)(2):**

**<u>CERTIFICATIONS</u>** <br>

I, Christopher D. Clark, certify that:

1. I have reviewed this report on Form N-CSR of Royce Micro-Cap Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 28, 2023

 <br> **<u>/s/</u>**<u>Christopher D. Clark</u> <br> Christopher D. Clark<br> President<br>

**Item 12(a)(2):**

**<u>CERTIFICATIONS</u>**

I, Peter K. Hoglund, certify that:

1. I have reviewed this report on Form N-CSR of Royce Micro-Cap Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 28, 2023

<u>/s/Peter K. Hoglund</u> <br> Peter K. Hoglund<br> Treasurer<br>

## Exhibit 99.906

**Item 12(b):**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Name of Issuer: ROYCE MICRO-CAP TRUST, INC.

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all materials respects, the financial condition and results of operations of the issuer.

 <br> Date: February 28, 2023<br><u>/s/Christopher D. Clark</u> <br> Christopher D. Clark<br> President<br>

**Item 12(b):**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Name of Issuer: ROYCE MICRO-CAP TRUST, INC.

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all materials respects, the financial condition and results of operations of the issuer.

 <br> Date: February 28, 2023<br><u>/s/Peter K. Hoglund</u> <br> Peter K. Hoglund<br> Treasurer<br>