Royce Micro-Cap Trust (NYSE: RMT) as of March 31, 2014

• Only micro-cap closed-end fund
• Average weekly trading volume of approximately 281,000 shares
• Fund’s adviser has more than 35 years of small- and micro-cap investment experience

Royce Micro-Cap Trust (NYSE: RMT):

Closing Prices March 31, 2014

        
      
      
        
        
        
           
        
      
      
        
          NAV
        
        
          

$

14.05

        
      
      
        
          MKT
        
        
          $
        
        
          12.24
        
      
    
    
      
        
          

Total Return Performance

Periods ended March 31, 2014

NAV

MKT

        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          1 Month*
        
        
        
        
        
        
        
        
        
        
          0.27
        
        
          %
        
        
        
        
        
        
        
        
          -1.15
        
        
          %
        
      
      
        
          Year to Date
        
        
        
        
        
        
        
        
        
        
          1.33
        
        
        
        
        
        
        
        
        
        
          -1.15
        
        
        
      
      
        
          One-Year
        
        
        
        
        
        
        
        
        
        
          31.46
        
        
        
        
        
        
        
        
        
        
          28.86
        
        
        
      
      
        
          Three-Year Average Annual
        
        
        
        
        
        
        
        
        
        
          14.20
        
        
        
        
        
        
        
        
        
        
          14.76
        
        
        
      
      
        
          Five-Year Average Annual
        
        
        
        
        
        
        
        
        
        
          27.61
        
        
        
        
        
        
        
        
        
        
          25.73
        
        
        
      
      
        
          10-Year Average Annual
        
        
        
        
        
        
        
        
        
        
          8.99
        
        
        
        
        
        
        
        
        
        
          8.02
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          *Not annualized
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
    
    
      
        
          

Portfolio Diagnostics

        
        
        
      
      
        
        
        
           
        
      
      
        
          Wtd Average Geometric Market Cap:
        
        
          

$414 million

        
      
      
        
          Wtd. Average P/E Ratio:
        
        
          21.5*
        
      
      
        
          Wtd. Average P/B Ratio:
        
        
          1.0x
        
      
      
        
          Net Assets:
        
        
          $435 million
        
      
      
        
          Net Leverage:
        
        
          13.0%
        
      
      
        
        
        
           
        
      
      
        
          

*Excludes 21% of portfolio holdings with zero or negative earnings as of 3/31/14.

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. Integrated Electrical Svcs.
        
        
        
        
          1.3%
        
      
      
        
          2. Mesa Laboratories
        
        
        
        
          1.1
        
      
      
        
          3. Flexsteel Industries
        
        
        
        
          1.1
        
      
      
        
          4. Sun Hydraulics Corp.
        
        
        
        
          1.1
        
      
      
        
          5. Drew Industries
        
        
        
        
          1.1
        
      
      
        
          6. Computer Task Group
        
        
        
        
          1.1
        
      
      
        
          7. Silvercrest Asset Mgmt. Cl. A.
        
        
        
        
          1.0
        
      
      
        
          8. Quaker Chemical Corp.
        
        
        
        
          1.0
        
      
      
        
          9. Diamond Hill Investments
        
        
        
        
          1.0
        
      
      
        
          10. Hollysys Automation Technology
        
        
        
        
          0.9
        
      
      
        
        
        
        
        
           
        
      
      
        
          

Top Five Sectors

% of Net Assets

        
      
      
        
          1. Industrials
        
        
        
        
          28%
        
      
      
        
          2. Information Technology
        
        
        
        
          21
        
      
      
        
          3. Financials
        
        
        
        
          16
        
      
      
        
          4. Consumer Discretionary
        
        
        
        
          15
        
      
      
        
          5. HealthCare
        
        
        
        
          9
        
      
    
    

Recent Developments

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) are listed and traded on the New York Stock Exchange. The Fund’s investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $750 million or less.

Daily net asset values (NAVs) for Royce Micro-Cap Trust, Inc. are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XOTCX. For more information, please call The Royce Funds at [phone] or visit our website at www.roycefunds.com

Royce Micro-Cap TrustJohn D. Diederich, 212-355-7311