Royce Micro-Cap Trust (NYSE: RMT) as of December 31, 2017

Closing December 31, 2017

NAV

$ 10.48

MKT

$ 9.44

Total Return Performance

PERIODS ENDED December 31, 2017

NAV (%)

MKT (%)

One Month*

0.23

1.82

Year-To-Date*

17.67

25.09

One-Year

17.67

25.09

Three-Year Average Annual

8.21

8.69

Five-Year Average Annual

13.65

14.61

Ten-Year Average Annual

7.75

7.93

*Not annualized

Portfolio Diagnostics

Weighted Average Geometric Market Cap

$449 million

Weighted Average P/E Ratio

23.4*

Weighted Average P/B Ratio

2.0x

Net Assets

$410 million

Net Leverage

3.5%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 12/31/17.

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.     Kadant

1.2

2.     Heritage-Crystal Clean

1.2

3.     Sun Hydraulics

1.2

4.     Major Drilling Group International

1.2

5.     Orbotech

1.1

6.     Clarkson

1.0

7.     Mesa Laboratories

1.0

8.     QuinStreet

1.0

9.     Atrion Corp.

0.9

10.  IES Holdings

0.9

TOP 5 SECTORS

% OF NET ASSETS

 1. Industrials

22

 2. Information Technology

21

 3. Health Care

14

 4. Consumer Discretionary

13

 5. Financials

13