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

Closing March 31, 2018

NAV

$ 10.35

MKT

$ 9.36

Total Return Performance

PERIODS ENDED March 31, 2018

NAV (%)

MKT (%)

One Month*

2.39

1.35

Year-To-Date*

0.63

1.03

One-Year

15.64

20.54

Three-Year Average Annual

8.73

9.28

Five-Year Average Annual

11.36

11.75

Ten-Year Average Annual

9.03

9.01

*Not annualized

Portfolio Diagnostics

Weighted Average Geometric Market Cap

$469 million

Weighted Average P/E Ratio

23.9*

Weighted Average P/B Ratio

2.0x

Net Assets

$408 million

Net Leverage

3.8%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 3/31/18.

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

1.5

2.     Orbotech

1.3

3.     Heritage-Crystal Clean

1.3

4.     Surmodics

1.2

5.     Major Drilling Group International

1.2

6.     Kadant

1.2

7.     Clarkson

1.1

8.     FARO Technologies

1.1

9.     FRP Holdings

1.1

10.  Sun Hydraulics

1.0

TOP 5 SECTORS

% OF NET ASSETS

 1. Information Technology

22

 2. Industrials

21

 3. Financials

15

 4. Health Care

14

 5. Consumer Discretionary

12