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

Closing October 31, 2017

NAV

$ 10.47

MKT

$ 9.37

Total Return Performance

PERIODS ENDED October 31, 2017

NAV (%)

MKT (%)

One Month*

0.67

-0.11

Year-To-Date*

15.10

21.56

One-Year

29.88

37.21

Three-Year Average Annual

8.38

8.27

Five-Year Average Annual

14.36

15.12

Ten-Year Average Annual

6.73

6.73

*Not annualized

Portfolio Diagnostics

Weighted Average Geometric Market Cap

$441 million

Weighted Average P/E Ratio

22.3*

Weighted Average P/B Ratio

2.0x

Net Assets

$405 million

Net Leverage

1.5%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 10/31/17.

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

1.4

2.     Mesa Laboratories

1.3

3.     Major Drilling Group International

1.1

4.     QuinStreet

1.1

5.     Heritage-Crystal Clean

1.1

6.     Clarkson

1.1

7.     Sun Hydraulics

1.0

8.     IES Holdings

1.0

9.     Seneca Foods Corp.

1.0

10.  Atrion Corp.

1.0

TOP 5 SECTORS

% OF NET ASSETS

 1. Information Technology

22

 2. Industrials

21

 3. Health Care

14

 4. Consumer Discretionary

13

 5. Financials

13