Royce Micro-Cap Trust (NYSE: RMT) as of January 31, 2018

Closing January 31, 2018

NAV

$ 10.75

MKT

$ 9.61

Total Return Performance

PERIODS ENDED January 31, 2018

NAV (%)

MKT (%)

One Month*

2.58

1.80

Year-To-Date*

2.58

1.80

One-Year

19.96

25.80

Three-Year Average Annual

11.51

11.44

Five-Year Average Annual

13.12

13.32

Ten-Year Average Annual

8.92

8.53

*Not annualized

Portfolio Diagnostics

Weighted Average Geometric Market Cap

$459 million

Weighted Average P/E Ratio

23.4*

Weighted Average P/B Ratio

2.0x

Net Assets

$419 million

Net Leverage

4.1%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 1/31/18.

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

1.4

2.     Kadant

1.2

3.     Clarkson

1.2

4.     Heritage-Crystal Clean

1.2

5.     Major Drilling Group International

1.1

6.     Orbotech

1.1

7.     Sun Hydraulics

1.1

8.     QuinStreet

1.1

9.     FARO Technologies

1.0

10.  Raven Industries

0.9

TOP 5 SECTORS

% OF NET ASSETS

 1. Industrials

21

 2. Information Technology

21

 3. Health Care

15

 4. Financials

13

 5. Consumer Discretionary

13