Royce Micro-Cap Trust (NYSE: RMT) as of Oct 31, 2025

— Average weekly trading volume of approximately 610,929 shares

— Fund's adviser has more than 50 years of small- and micro-cap investment experience

CLOSING PRICES AS OF 10/31/25NAV 11.89MKT 10.55AVERAGE ANNUAL TOTAL RETURN AS OF 10/31/25 NAV (%) MKT (%)One-Month* 1.02 1.54Year to Date* 14.92 14.83One-Year 21.67 22.79Three-Year 16.07 15.30Five-Year 14.30 15.7110-Year 11.90 12.45*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained atwww.royceinvest.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss.

PORTFOLIO DIAGNOSTICSAverage Market Cap1 $873.3MWeighted Average P/B2 2.1xNet Assets $629.9MNet Leverage 1.0% 1Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identifythe portfolio's center, which Royce believes offers a more accurate measure of average market capthan a simple mean or median. 2Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total marketvalue of the portfolio to the portfolio's share in the earnings of its underlying stocks. The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. 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 (SUBJECT TO CHANGE)5N Plus 1.3Argan 1.3NPK International 1.3Camtek 1.3NWPX Infrastructure 1.2Ameresco Cl. A 1.2Ichor Holdings 1.2Bel Fuse Cl. B 1.2Sprott 1.2Nova 1.2TOP FIVE SECTORS % OF NET ASSETS (SUBJECT TO CHANGE)Industrials 26.0Information Technology 22.6Financials 15.3Health Care 12.1Consumer Discretionary 9.0

Recent DevelopmentsRoyce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares ofCommon Stock (RMT) are listed and traded on the New York Stock Exchange. The Fund'sinvestment goal is long-term capital growth, which it seeks by investing primarily in equity securitiesof companies that, at the time of investment, have market capitalization of $1 billion or less.

Daily net asset values (NAVs) for Royce Micro-Cap Trust, Inc. are now available on our website andonline through most ticker symbol lookup services and on broker terminals under the symbolXOTCX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.royceinvest.com

An investor in Royce Micro-Cap Trust should consider the Fund's investment goals, risks, fees, andexpenses carefully before investing.

Important Disclosure InformationClosed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund. Royce Fund Services, LLC. (“RFS”) is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds.

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SOURCE Royce Micro-Cap Trust, Inc.

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