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Review of Royce Micro-Cap Trust's Performance

As of October 31, 2025, the Royce Micro-Cap Trust (NYSE: RMT) is demonstrating promising signs of growth and stable trading activity. The Trust's average weekly trading volume stands at a notable 610,929 shares. With an investment philosophy that focuses on companies with market capitalizations of $1 billion or less, Royce has positioned itself as an experienced player in the small- and micro-cap investment landscape, boasting over 50 years of expertise.

Performance Highlights

The closing prices released in the Trust's recent report were as follows: the net asset value (NAV) was $11.89, while the market price was indicated at $10.55. These metrics suggest a healthy engagement with the Trust's investments. Notably, the following returns were recorded:

• - One-Month Return: NAV at 1.02%, Market at 1.54%
• - Year-to-Date Return: NAV at 14.92%, Market at 14.83%
• - One-Year Return: NAV at 21.67%, Market at 22.79%
• - Three-Year Return: NAV at 16.07%, Market at 15.30%
• - Five-Year Return: NAV at 14.30%, Market at 15.71%
• - Ten-Year Return: NAV at 11.90%, Market at 12.45%

This demonstrates a consistent upward trend, reaffirming the potential for long-term capital growth in the micro-cap segment.

Portfolio Composition

Delving deeper into the portfolio diagnostics, Royce Micro-Cap Trust reported an average market cap of approximately $873.3 million and a weighted average price-to-book (P/B) ratio of 2.1x, showcasing a well-diversified and strategically invested portfolio with net assets totaling $629.9 million. The fund's net leverage is reported at a low 1.0%.

Top Holdings and Sectors

The Trust’s largest positions currently include:

• - 5N Plus - 1.3% of net assets
• - Argan - 1.3% of net assets
• - NPK International - 1.3% of net assets
• - Camtek - 1.3% of net assets
• - NWPX Infrastructure - 1.2% of net assets

In terms of sector allocation, the breakdown is as follows:

• - Industrials: 26.0%
• - Information Technology: 22.6%
• - Financials: 15.3%
• - Health Care: 12.1%
• - Consumer Discretionary: 9.0%

This diverse sector exposure bodes well for the Trust as it navigates various market dynamics.

Investment Considerations

While investing in Royce Micro-Cap Trust, prospective investors should be aware of the inherent risks involved, including the significant variability that often accompanies smaller companies. Though the diversification across its portfolio does not guarantee a profit nor protect against loss, Royce aims to leverage its long-standing expertise to mitigate some of these risks.

In summary, the Royce Micro-Cap Trust showcases a resilient investment model geared towards achieving long-term growth within the micro-cap market. The steady trading volume coupled with impressive annual returns speaks to its ongoing commitment to delivering value to its investors.

For more information and to track real-time NAVs, interested parties can visit royceinvest.com or reach out to The Royce Funds at (800) 221-4268.