Royce Micro-Cap Trust (NYSE: RMT) as of October 31, 2016

Closing Prices October 31, 2016

NAV

$ 8.70

MKT

$ 7.37

Total Return Performance

PERIODS ENDED October 31, 2016

NAV (%)

MKT (%)

One Month*

-5.43

-5.63

Year-To-Date*

8.10

8.35

One-Year

6.44

6.74

Three-Year Average Annual

2.25

0.94

Five-Year Average Annual

10.78

10.62

Ten-Year Average Annual

5.27

3.32

*Not annualized

Portfolio Diagnostics

Weighted Average Geometric Market Cap

$333 million

Weighted Average P/E Ratio

18.1*

Weighted Average P/B Ratio

1.6x

Net Assets

$326 million

Net Leverage

1.6%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 10/31/16.

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

1.3

2.     Seneca Foods

1.1

3.     Major Drilling International

1.1

4.     Standard Motor Parts

1.1

5.     Surmodics

1.0

6.     Heritage-Crystal Clean

1.0

7.     MVC Capital

1.0

8.     Atrion Corp.

0.9

9.     Kadant

0.9

10.  Mesa Laboratories

0.9

TOP 5 SECTORS

% OF NET ASSETS

 1. Information Technology

21

 2. Industrials

18

 3. Consumer Discretionary

16

 4. Health Care

14

 5. Financials

13