Royce Micro-Cap Trust (NYSE: RMT) as of November 30, 2016

Closing Prices November 30, 2016

NAV

$ 9.54

MKT

$ 8.10

Total Return Performance

PERIODS ENDED November 30, 2016

NAV (%)

MKT (%)

One Month*

9.66

9.86

Year-To-Date*

18.53

19.03

One-Year

14.66

16.53

Three-Year Average Annual

3.64

3.49

Five-Year Average Annual

12.99

13.17

Ten-Year Average Annual

5.94

3.31

*Not annualized

Portfolio Diagnostics

Weighted Average Geometric Market Cap

$373 million

Weighted Average P/E Ratio

19.4*

Weighted Average P/B Ratio

1.7x

Net Assets

$357 million

Net Leverage

0.7%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 11/30/16.

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.     IES Holdings

1.5

2.     Heritage-Crystal Clean

1.1

3.     Era Group

1.0

4.     Kadant

1.0

5.     Sun Hydraulics Corp.

1.0

6.     Atrion Corp.

1.0

7.     Quaker Chemical Corp.

0.9

8.     Orbotech

0.9

9.     Major Drilling Group International

0.9

10.  Value Line

0.9

TOP 5 SECTORS

% OF NET ASSETS

 1. Industrials

20

 2. Information Technology

20

 3. Consumer Discretionary

15

 4. Health Care

14

 5. Financials

13