SCHEDULE OF INVESTMENTS

ROYCE GLOBAL VALUE TRUST

MARCH 31, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 102.4%
Australia – 4.1%
ALS	55,000	$	296,410
Bravura Solutions	300,000		1,165,192
Cochlear	7,000		861,262
Hansen Technologies	363,540		751,163
IPH	175,000		874,781
Technology One	200,000		1,136,079
Total			5,084,887
Austria – 1.0%
Mayr-Melnhof Karton	6,500		815,176
Rhi Magnesita	7,800		459,395
Total			1,274,571
Brazil – 2.5%
B3-Brasil, Bolsa, Balcao	32,847		269,464
M Dias Branco	29,200		324,043
OdontoPrev	260,000		1,089,047
Tegma Gestao Logistica	30,000		202,127
TOTVS	123,000		1,237,744
Total			3,122,425
Canada – 9.2%
Agnico Eagle Mines 1	10,000		435,000
Altus Group	69,700		1,359,733
AutoCanada	55,000		439,144
Canaccord Genuity Group	92,000		402,050
Computer Modelling Group	283,000		1,302,391
E-L Financial	1,300		783,969
FirstService Corporation	10,300		920,202
Franco-Nevada 1	14,100		1,058,205
Genworth MI Canada	13,000		393,886
Gluskin Sheff + Associates	23,000		246,979
Major Drilling Group International 2	209,600		704,235
Morneau Shepell	35,000		717,888
Pan American Silver 1	31,800		421,350
Parex Resources 2	22,100		345,966
Solium Capital 2	50,000		713,885
Sprott	520,600		1,180,393
Total			11,425,276
China – 1.2%
A-Living Services 2	232,100		396,199
Haitian International Holdings	124,600		283,169
TravelSky Technology	300,000		792,999
Total			1,472,367
Denmark – 0.5%
SimCorp	6,000		579,229
Total			579,229
France – 3.5%
Gaztransport Et Technigaz	4,500		409,383
Interparfums	14,850		807,080
Lectra	12,500		302,171
Neurones	32,500		831,217
Robertet	500		305,116
Rothschild & Co	25,000		795,040
Thermador Groupe	15,000		841,313
Total			4,291,320
Germany – 4.5%
Amadeus Fire	10,300		1,187,754
AURELIUS Equity Opportunities	10,400		473,414
Carl Zeiss Meditec	7,500		626,357
CompuGroup Medical	10,000		588,919
CTS Eventim AG & Co.	3,900		184,793
MorphoSys 2	6,000		546,180
Norma Group	7,500		363,952
PATRIZIA Immobilien	7,400		164,608
STRATEC	21,000		1,418,117
Total			5,554,094
Greece – 0.2%
Sarantis	35,700		281,927
Total			281,927
Hong Kong – 1.3%
Pico Far East Holdings	415,100		168,685
Texhong Textile Group	229,200		349,204
Value Partners Group	1,111,200		863,486
Valuetronics Holdings	452,800		227,193
Total			1,608,568
India – 1.6%
AIA Engineering	30,000		772,573
Bajaj Finance	12,500		545,020
SH Kelkar & Company	200,000		441,718
SJVN	514,800		179,464
Total			1,938,775
Indonesia – 0.4%
Selamat Sempurna	5,000,000		568,820
Total			568,820
Ireland – 0.6%
Dalata Hotel Group	64,000		422,137
Keywords Studios	25,000		376,408
Total			798,545
Israel – 0.4%
Nova Measuring Instruments 1,2	18,500		465,830
Total			465,830
Italy – 1.5%
Avio	18,300		257,832
Biesse	11,600		252,178
DiaSorin	10,700		1,076,645
Interpump Group	7,400		241,392
Total			1,828,047
Japan – 10.3%
Advantest Corporation	12,000		278,589
Ain Holdings	3,700		277,759
As One	12,500		992,511
Benefit One	50,000		979,879
Cosel	50,000		525,580
Daifuku	20,000		1,039,430
Dip Corporation	14,200		244,973
EPS Holdings	40,000		666,246
Fujitec	50,000		552,648
Information Services International-Dentsu	6,700		230,628
KOMEDA Holdings	23,700		449,921
Meitec Corporation	25,000		1,134,621
Morningstar Japan KK	100,000		272,489
NSD	44,100		1,025,406
Relo Group	30,000		841,830
SCSK	7,800		347,316
Takasago Thermal Engineering	28,900		464,674
TKC Corporation	23,000		839,439
USS	50,000		926,644
Yumeshin Holdings	66,250		462,070
Zenkoku Hosho	4,100		143,165
Total			12,695,818
Mexico – 1.0%
Becle	200,000		306,951
Bolsa Mexicana de Valores	250,000		519,056
Megacable Holdings	101,600		471,196
Total			1,297,203
Netherlands – 1.9%
Euronext	3,200		202,813
IMCD	12,000		913,329
Intertrust	65,000		1,224,951
Total			2,341,093
New Zealand – 0.6%
Fisher & Paykel Healthcare	70,654		755,411
Total			755,411
Norway – 1.2%
Atea	14,900		216,289
TGS-NOPEC Geophysical	45,000		1,227,659
Total			1,443,948
Peru – 0.2%
Alicorp	70,300		229,908
Total			229,908
Poland – 0.3%
Warsaw Stock Exchange	33,000		335,209
Total			335,209
Russia – 0.4%
Globaltrans Investment GDR	42,000		446,880
Total			446,880
Singapore – 0.8%
Midas Holdings 2,3	400,000		0
XP Power	30,000		976,837
Total			976,837
South Africa – 1.4%
Coronation Fund Managers	70,800		225,422
Hudaco Industries	61,557		554,658
JSE	15,000		137,361
PSG Group	25,000		453,088
Transaction Capital	309,900		382,308
Total			1,752,837
South Korea – 0.3%
Koh Young Technology	1,100		82,856
Tokai Carbon Korea	5,000		289,842
Total			372,698
Spain – 0.3%
Applus Services	30,000		358,063
Total			358,063
Sweden – 4.2%
Addtech Cl. B	31,460		653,069
Bravida Holding	120,000		1,057,727
Bufab	31,800		334,168
Dometic Group	55,000		432,142
Hexpol	110,000		924,623
Lagercrantz Group	60,000		645,349
Loomis Cl. B	12,500		430,232
Resurs Holding	71,600		443,587
Scandi Standard	43,900		288,974
Total			5,209,871
Switzerland – 5.4%
Burkhalter Holding	10,000		692,945
dormakaba Holding	600		429,626
Forbo Holding	200		313,733
Inficon Holding	1,500		835,300
Kardex	10,600		1,596,786
LEM Holding	600		771,278
Partners Group Holding	1,500		1,090,635
VZ Holding	3,600		941,803
Total			6,672,106
Taiwan – 0.2%
Parade Technologies	16,800		281,812
Total			281,812
Thailand – 0.1%
Muangthai Capital	94,100		130,468
Total			130,468
Ukraine – 0.2%
MHP GDR	30,000		307,500
Total			307,500
United Kingdom – 9.8%
Abcam	40,000		591,312
Advanced Medical Solutions Group	70,000		288,558
Ashmore Group	309,600		1,722,635
Avon Rubber	19,500		330,171
BCA Marketplace	135,000		347,441
Charter Court Financial Services Group	43,100		186,370
Clarkson	15,600		482,558
Computacenter	30,000		432,153
Consort Medical	57,500		656,044
Croda International	11,500		754,600
Diploma	35,000		664,640
DS Smith	73,200		320,245
FDM Group Holdings	75,100		879,348
Ferroglobe 1	41,100		84,255
Ferroglobe (Warranty Insurance Trust) 2,3	41,100		0
Jupiter Fund Management	36,000		169,641
Metro Bank 2	25,000		246,814
Next Fifteen Communications Group	24,200		177,138
Polypipe Group	125,000		656,109
Porvair	50,000		358,174
Rotork	90,000		331,499
Spirax-Sarco Engineering	12,500		1,170,577
Stallergenes Greer 2	10,800		442,194
Taylor Wimpey	38,300		87,521
Victrex	25,500		716,061
Total			12,096,058
United States – 31.0%
Air Lease Cl. A 1	30,060		1,032,561
Brooks Automation 1	21,700		636,461
Burford Capital	19,300		423,815
Camping World Holdings Cl. A 1,4	62,800		873,548
Chase Corporation	5,600		518,224
CIRCOR International 1,2	32,200		1,049,720
Cognex Corporation 1	10,748		546,643
Coherent 1,2,4	3,600		510,192
Colfax Corporation 2	42,900		1,273,272
comScore 2	24,000		486,000
Diodes 1,2	20,500		711,350
Dorian LPG 2	4,475		28,729
EnerSys 1	11,000		716,760
Expeditors International of Washington 1	13,300		1,009,470
FLIR Systems 1,4	56,700		2,697,786
Innospec 1	12,457		1,038,291
Kadant 1	7,800		686,088
KBR 1	64,600		1,233,214
Kirby Corporation 1,2,4	32,900		2,471,119
KKR & Co. Cl. A 1,4	50,000		1,174,500
Lazard Cl. A	34,200		1,235,988
Lindsay Corporation 1	13,700		1,326,023
Littelfuse	4,000		729,920
ManpowerGroup 1	8,800		727,672
MBIA 1,2,4	80,300		764,456
Morningstar	7,200		907,128
Nanometrics 1,2	35,600		1,099,328
National Instruments 1	15,200		674,272
Popular 1	13,100		682,903
Quaker Chemical 1	6,069		1,215,803
Raven Industries	40,000		1,534,800
Rogers Corporation 1,2	4,800		762,624
SEACOR Holdings 1,2	20,200		854,056
SEACOR Marine Holdings 2	20,309		270,313
SEI Investments 1	27,600		1,442,100
Signet Jewelers	5,500		149,380
Standard Motor Products	11,200		549,920
Sun Hydraulics 1	15,139		704,115
Tennant Company 1	11,600		720,244
Valmont Industries 1	5,400		702,540
Virtu Financial Cl. A 1,4	74,300		1,764,625
World Fuel Services 1	12,000		346,680
Total			38,282,633
Uruguay – 0.3%
Arcos Dorados Holdings Cl. A 1	46,800		335,556
Total			335,556
TOTAL COMMON STOCKS
(Cost $111,067,008)			126,616,590
PREFERRED STOCK – 0.6%
Germany – 0.6%
FUCHS PETROLUB	18,500		761,612
(Cost $802,646)			761,612
REPURCHASE AGREEMENT – 3.2%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $3,960,165 (collateralized
by obligations of various U.S. Government
Agencies, 1.875% due 9/30/22, valued at $4,040,429)
(Cost $3,960,000)			3,960,000
TOTAL INVESTMENTS – 106.2%
(Cost $115,829,654)			131,338,202
LIABILITIES LESS CASH
AND OTHER ASSETS – (6.2)%			(7,712,023	)
NET ASSETS – 100.0%		$	123,626,179

GDR – Global Depository Receipt

1	All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at March 31, 2019. Total market value of pledged securities at March 31, 2019, was $19,350,722.
2	Non-income producing.
3	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.
4	At March 31, 2019, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $6,249,318.

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

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $115,899,566. At March 31, 2019, net unrealized appreciation for all securities was $15,438,636, consisting of aggregate gross unrealized appreciation of $24,395,336 and aggregate gross unrealized depreciation of $8,956,700. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2019. For a detailed breakout of common stocks by country, please refer to the Schedule of Investments.

		Level 1		Level 2		Level 3		Total
Common Stocks	$	126,616,590	$	–	$	0	$	126,616,590
Preferred Stocks		761,612		–		–		761,612
Repurchase Agreement		–		3,960,000		–		3,960,000
Level 3 Reconciliation:

	Balance as of			Realized	Unrealized	Balance as of
	12/31/18	Purchases	Sales	Gain (Loss)	Gain (Loss)	3/31/19
Common Stocks	$42,261	$ –	$ –	$ –	$(42,261)	$ 0

Repurchase Agreements:
The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at March 31, 2019 is overnight and continuous.

Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). As of March 31, 2019, the Fund has outstanding borrowings of $8,000,000. During the period ended March 31, 2019, the Fund borrowed an average daily balance of $8,000,000. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 179-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).