ROYCE MICRO-CAP TRUST Business Summary

Royce Micro-Cap Trust, Inc. (RMT) is a closed-end management investment company that generates revenue through investment advisory fees and capital appreciation derived from a diversified portfolio of micro-cap equity securities. Managed by Royce Investment Partners, the fund targets companies with market capitalizations typically below $1 billion, employing a disciplined, value-oriented "Core" approach that seeks out businesses with strong balance sheets and high returns on invested capital. Its primary business segments are defined by its portfolio allocations across key sectors, including industrials, information technology, healthcare, and financials. RMT competes directly with other micro-cap investment vehicles such as the iShares Micro-Cap ETF (IWC), the Bridgeway Ultra-Small Company Market Fund (BRUSX), and the Royce Small-Cap Trust (RVT). As one of the oldest and largest closed-end funds in its class, RMT occupies a premium market position by offering active management and a historical focus on downside protection that distinguishes it from passive, index-tracking competitors. The fund is led by a veteran executive team at Royce Investment Partners, a firm founded in 1972 by Charles M. "Chuck" Royce, a pioneer in small-cap investing who continues to serve as Chairman and a Lead Portfolio Manager. Christopher D. Clark serves as the President and CEO of the Trust, bringing nearly four decades of experience to his leadership of the firm’s investment and business operations. He is supported by Co-Chief Investment Officer Francis Gannon and a specialized portfolio management team that includes James J. Stoeffel, Brendan J. Hartman, and Lauren Romeo. Royce Investment Partners operates as a specialist investment center under its parent company, Franklin Resources, Inc. (Franklin Templeton), which provides the fund with significant institutional backing and global research resources. The Trust’s governance is overseen by a Board of Directors that includes industry veterans such as Christopher C. Grisanti and Patricia W. Chadwick, ensuring rigorous oversight of the fund’s managed distribution policy and shareholder alignment.