Royce Micro-Cap Trust (NYSE: RMT) as of April 30, 2018

Closing April 30, 2018

NAV

$ 10.45

MKT

$ 9.58

Total Return Performance

PERIODS ENDED April 30, 2018

NAV (%)

MKT (%)

One Month*

0.97

2.35

Year-To-Date*

1.60

3.40

One-Year

14.74

18.84

Three-Year Average Annual

9.38

10.77

Five-Year Average Annual

11.97

12.87

Ten-Year Average Annual

8.83

8.64

*Not annualized

Portfolio Diagnostics

Weighted Average Geometric Market Cap

$467 million

Weighted Average P/E Ratio

23.8*

Weighted Average P/B Ratio

2.0x

Net Assets

$412 million

Net Leverage

3.9%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 4/30/18.

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

Portfolio Composition

TOP 10 POSITIONS

% OF NET ASSETS

1.     Mesa Laboratories

1.9

2.     Orbotech

1.2

3.     SEACOR Marine Holdings

1.2

4.     Heritage-Crystal Clean

1.1

5.     Surmodics

1.1

6.     Major Drilling Group International

1.1

7.     Kadant

1.1

8.     FRP Holdings

1.1

9.     Virtu Financial Cl. A

0.9

10.  FARO Technologies

0.9

TOP 5 SECTORS

% OF NET ASSETS

 1. Information Technology

21

 2. Industrials

20

 3. Financials

15

 4. Health Care

13

 5. Consumer Discretionary

12