<SEC-DOCUMENT>0000949377-18-000188.txt : 20180810
<SEC-HEADER>0000949377-18-000188.hdr.sgml : 20180810
<ACCEPTANCE-DATETIME>20180810151505
ACCESSION NUMBER:		0000949377-18-000188
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180924
FILED AS OF DATE:		20180810
DATE AS OF CHANGE:		20180810
EFFECTIVENESS DATE:		20180810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE MICRO-CAP TRUST, INC.
		CENTRAL INDEX KEY:			0000912147
		IRS NUMBER:				133739778
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08030
		FILM NUMBER:		181008529

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2124084587

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE MICRO-CAP TRUST, INC /MD/
		DATE OF NAME CHANGE:	20090324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE MICRO CAP TRUST INC /MD/
		DATE OF NAME CHANGE:	20010430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE OTC MICRO CAP FUND INC
		DATE OF NAME CHANGE:	19930917
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e56324_rmt-def14a.htm
<TEXT>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">As
filed with the Securities and Exchange Commission</FONT> on <FONT STYLE="letter-spacing: -0.05pt">August 10, 2018</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.5pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>UNITED
</B></FONT><B><FONT STYLE="letter-spacing: -0.3pt">STATES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 162.65pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 162.5pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Washington,
</B></FONT><B><FONT STYLE="letter-spacing: -0.05pt">D.C. 20549</FONT></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.6pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 162.6pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>(Rule
14a-101)</B></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0.5pt 162.65pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>INFORMATION</B></FONT><B>
<FONT STYLE="letter-spacing: -0.05pt">REQUIRED IN PROXY </FONT><FONT STYLE="letter-spacing: -0.25pt">STATEMENT</FONT> <FONT STYLE="letter-spacing: -0.05pt">SCHEDULE
14A</FONT> <FONT STYLE="letter-spacing: -0.15pt">INFORMATION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.55pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Proxy
Statement Pursuant to Section 14(a) of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 6.3pt; text-indent: 159.15pt"><FONT STYLE="letter-spacing: -0.05pt">the
Securities Exchange Act of 1934 (Amendment No.&#9;</FONT>)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Filed by the Registrant</FONT>
<font style="font-family: Wingdings 2">&#9746;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Filed by </FONT>a
<FONT STYLE="letter-spacing: -0.05pt">Party other than the Registrant</FONT> <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 9pt Segoe UI Symbol,sans-serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Check the appropriate
box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Preliminary Proxy Statement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-weight: normal">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><font style="font-family: Wingdings 2">&#9746;</font></FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Definitive
Proxy Statement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Definitive Additional Materials</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="letter-spacing: -0.05pt">ROYCE</FONT>
MICRO-CAP <FONT STYLE="letter-spacing: -0.2pt">TRUST,</FONT> <FONT STYLE="letter-spacing: -0.05pt">INC.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.45pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(Name
of Registrant as Specified In Its </FONT><FONT STYLE="letter-spacing: -0.1pt">Charter)</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="letter-spacing: -0.05pt">N/A</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt; text-indent: 132pt"><FONT STYLE="letter-spacing: -0.05pt">(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Payment</FONT> of
<FONT STYLE="letter-spacing: -0.05pt">Filing Fee (Check the appropriate box):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><font style="font-family: Wingdings 2">&#9746;</font></TD><TD><FONT STYLE="letter-spacing: -0.05pt">No fee required.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and </FONT><FONT STYLE="letter-spacing: -0.1pt">0-11.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.75pt"><FONT STYLE="letter-spacing: -0.05pt">(1)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">Title</FONT> <FONT STYLE="letter-spacing: -0.05pt">of each class of securities to which
transaction applies:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.8pt"><FONT STYLE="letter-spacing: -0.05pt">(2)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Aggregate number of securities to which transaction applies:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.75pt"><FONT STYLE="letter-spacing: -0.05pt">(3)</FONT></TD><TD STYLE="padding-right: 18.95pt"><FONT STYLE="letter-spacing: -0.05pt">Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule </FONT><FONT STYLE="letter-spacing: -0.15pt">0-11</FONT> <FONT STYLE="letter-spacing: -0.05pt">(set
forth the amount on which the filing fee is calculated and state how it was determined):<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.8pt"><FONT STYLE="letter-spacing: -0.05pt">(4)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Proposed maximum aggregate value of</FONT> <FONT STYLE="letter-spacing: -0.1pt">transaction:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.8pt"><FONT STYLE="letter-spacing: -0.05pt">(5)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.2pt">Total</FONT> <FONT STYLE="letter-spacing: -0.05pt">fee paid:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 60.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Fee paid previously with preliminary materials.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD STYLE="padding-right: 18.95pt"><FONT STYLE="letter-spacing: -0.05pt">Check box if any part of the fee is </FONT><FONT STYLE="letter-spacing: -0.1pt">offset
</FONT><FONT STYLE="letter-spacing: -0.05pt">as provided by Exchange Act Rule</FONT> <FONT STYLE="letter-spacing: -0.1pt">0-11(a)(2)</FONT>
<FONT STYLE="letter-spacing: -0.05pt">and identify the filing for which the</FONT> <FONT STYLE="letter-spacing: -0.1pt">offsetting</FONT>
<FONT STYLE="letter-spacing: -0.05pt">fee was paid</FONT> <FONT STYLE="letter-spacing: -0.1pt">previously.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Identify
the previous filing by registration statement</FONT> <FONT STYLE="letter-spacing: -0.1pt">number,</FONT> <FONT STYLE="letter-spacing: -0.05pt">or
the Form</FONT> or <FONT STYLE="letter-spacing: -0.05pt">Schedule and the date of its filing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(1)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Amount Previously Paid:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(2)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Form, Schedule or Registration Statement No.:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(3)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Filing Party:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(4)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Date Filed:<br><br><HR NOSHADE SIZE="1"></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 55.25pt">&nbsp;</P>


<br clear="all" style="page-break-before:always;">
<!--page--><p align="center"><font face="Times New Roman" size="2"><b>ROYCE MICRO-CAP TRUST, INC.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>745 Fifth Avenue<br>New York, New York 10151</b></font></p>
<p><hr size="1" color="#000000" noshade width="10%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</b></font></p>
<p><hr size="1" color="#000000" noshade width="10%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>TO BE HELD ON SEPTEMBER 24, 2018</b></font></p>
<p align="left"><font face="Times New Roman" size="2">To the Stockholders of: ROYCE MICRO-CAP TRUST, INC.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting
 of Stockholders (the &#147;Meeting&#148;) of ROYCE MICRO-CAP TRUST, INC. (the &#147;Fund&#148;) will be held at the offices of the Fund, 745 Fifth Avenue, New York, New
 York 10151 on Monday, September 24, 2018, at 12:00 p .m. (Eastern Time), for the
 following purposes:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> To elect
 three Directors to the Fund&#146;s Board of Directors.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> To transact
 such other business as may properly come before the Meeting or any postponement
 or adjournment thereof.</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board of Directors of the Fund has set
 the close of business on July 18, 2018 as the record date for determining those
 stockholders entitled to vote at the Meeting or any postponement or adjournment
 thereof, and only holders of record at the close of business on that day will be
 entitled to vote.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT</b></font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2"><b>To save the Fund the expense of additional
 proxy solicitation, please mark your instructions on the enclosed Proxy, date and
 sign it and return it in the enclosed envelope (which requires no postage if mailed
 in the United States), even if you expect to be present at the Meeting. You may
 also authorize a proxy to vote your shares via telephone or the Internet by following
 the instructions on the proxy card or Notice of Internet Availability of Proxy Materials.
 Please take advantage of these prompt and efficient proxy authorization options.
</b>The accompanying Proxy is solicited on behalf of the Board of Directors of the
 Fund, is revocable, and will not affect your right to vote in person in the event
 that you attend the Meeting.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Secretary
</i></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">August 10,
 2018</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY
 OF<br>PROXY MATERIALS FOR THE ANNUAL MEETING OF<br>STOCKHOLDERS TO BE HELD ON SEPTEMBER
 24, 2018</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>THE NOTICE, PROXY STATEMENT AND PROXY
<br>CARD FOR THE FUND ARE AVAILABLE AT<br>WWW.PROXYVOTE.COM</b></font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>PROXY STATEMENT</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ROYCE MICRO-CAP TRUST, INC.<br>745 Fifth
 Avenue<br>New York, New York 10151</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ANNUAL MEETING OF STOCKHOLDERS<br>September
 24, 2018</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INTRODUCTION</b></font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The enclosed Proxy is solicited on behalf
 of the Board of Directors of the Fund (the &#147;Board&#148;) for use at the Annual
 Meeting of Stockholders (the &#147;Meeting&#148;) of Royce Micro-Cap Trust, Inc.
 (the &#147;Fund&#148;), to be held at the offices of the Fund, 745 Fifth Avenue,
 New York, New York 10151, on Monday, September 24, 2018, 12:00 p.m. (Eastern Time)
 and at any postponements or adjournments thereof. The approximate mailing date of
 the Notice of Internet Availability of Proxy Materials is August 10, 2018.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">All properly executed Proxies received prior
 to the Meeting will be voted at the Meeting in accordance with the instructions
 marked thereon or otherwise as provided therein. Unless instructions to the contrary
 are marked, Proxies will be voted &#147;FOR&#148; the election of the Director nominees
 of the Fund.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">You may revoke your Proxy at any time before
 it is exercised by sending written instructions to the Secretary of the Fund at
 the Fund&#146;s address indicated above or by filing a new Proxy with a later date,
 and any stockholder attending the Meeting may vote in person, whether or not he
 or she has previously filed a Proxy.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The cost of soliciting proxies will be borne
 by the Fund, which will reimburse brokerage firms, custodians, nominees and fiduciaries
 for their expenses in forwarding proxy material to the beneficial owners of the
 Fund&#146;s shares of common stock (&#147;Common Stock&#148;). Some officers and
 employees of the Fund and/or Royce &#038; Associates, LP (&#147;R&#038;A&#148; or
 &#147;Royce&#148;), the Fund&#146;s investment adviser, may solicit proxies personally
 and by telephone, if deemed desirable. Stockholders vote at the Meeting by casting
 ballots (in person or by proxy) which are tabulated by one or two persons, appointed
 by the Board before the Meeting, who serve as Inspectors and Judges of Voting at
 the Meeting and who have executed an Inspectors&#146; and Judges&#146; Oath.</font></p>
<p align="center"><font face="Times New Roman" size="2">1</font></p>
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<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board has set the close of business
 on July 18, 2018 as the record date (the &#147;Record Date&#148;) for determining
 those stockholders entitled to vote at the Meeting or any postponement or adjournment
 thereof, and only holders of record at the close of business on that day will be
 entitled to vote. Stockholders on the Record Date will be entitled to one vote for
 each outstanding share of Common Stock held (proportional voting rights for fractional
 shares held), with no shares having cumulative voting rights.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">As of the Record Date, there were 39,711,282
 shares of Common Stock outstanding. The following persons were known to the Fund
 to be beneficial owners or owners of record of 5% or more of its outstanding shares
 of Common Stock as of the Record Date:</font></p>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<TD STYLE="text-align: left; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>Name
 and Address of Owner</b></font></td>
<TD WIDTH="30%" STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b>Amount
 and<br>Nature of Ownership</b></font></td>
<TD WIDTH="30%" STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b>Percent
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Cede &#038;
 Co.*<br>Depository Trust Company<br>P.O. Box #20<br>Bowling Green Station<br>New
 York, NY 10028</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">39,470,214
 shares<br>&#151; Record*</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">99.39%</font></td>
</tr>
</table>
<br>
<div><hr size="1" noshade color="#000000" width="8%" align="left"></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="1">*</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"> Shares held
 by brokerage firms, banks and other financial intermediaries on behalf of beneficial
 owners are registered in the name of Cede &#038; Co.</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board knows of no business other than
 that stated in Proposal 1 of the Notice of Meeting that will be presented for consideration
 at the Meeting. If any other matter is properly presented at the Meeting or any
 postponement or adjournment thereof, it is the intention of the persons named on
 the enclosed Proxy to vote in accordance with their best judgment.</font></p>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
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<p align="center"><font face="Times New Roman" size="2"><b>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">At the Meeting, three members of the Board
 will be elected. The Board has nine Directors. The nine Directors are currently
 divided into three classes, each class having a term of office of three years. The
 term of office of one class expires each year. Each of Charles M. Royce, G. Peter
 O&#146;Brien, and David L. Meister currently serves as a Class I Director and has
 been nominated by the Board to serve as a Class I Director for a three-year term
 to expire at the Fund&#146;s 2021 Annual Meeting of Stockholders or until his successor
 is duly elected and qualified.</font></p>
<p align="center"><font face="Times New Roman" size="2">The classes of Directors and their respective
 terms are indicated below.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u><b>CLASS I DIRECTORS TO SERVE UNTIL 2021
 ANNUAL MEETING OF STOCKHOLDERS</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">Charles M. Royce<br>G. Peter O&#146;Brien
<br>David L. Meister</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u><b>CLASS II DIRECTORS SERVING UNTIL 2019
 ANNUAL MEETING OF STOCKHOLDERS</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">Patricia W. Chadwick<br>Arthur S. Mehlman
<br>Michael K. Shields</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u><b>CLASS III DIRECTORS SERVING UNTIL
 2020 ANNUAL MEETING OF STOCKHOLDERS</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">Stephen L. Isaacs<br>Christopher D. Clark
<br>Christopher C. Grisanti</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Each of the three Director nominees has
 agreed to serve if elected, and the Fund&#146;s management has no reason to believe
 that any of them will be unavailable for service as a Director. However, if any
 of them becomes unwilling or unable to serve, the persons named in the accompanying
 Proxy will vote for the election of such other persons, if any, as the Board may
 nominate.</font></p>
<p align="center"><font face="Times New Roman" size="2">3</font></p>
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<div><font face="Times New Roman" size="2"><b>Interested Persons</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Certain biographical and other information
 concerning Charles M. Royce and Christopher D. Clark, each of whom is an &#147;interested
 person&#148; as defined in the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;), of the Fund, including their current designated
 classes, is set forth below.</font></div>
<br>
<table border="1" cellpadding="5" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<TD STYLE="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2"><b><br><br>
Name, Address* and<br>Principal Occupations<br>During Past Five Years</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b><br>
<br>Positions<br>With the<br>Fund</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b><br>
<br>Length<br>of Time<br>Served</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b><br>
<br>Current<br>Term<br>Expires</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios<br>in Fund<br>Complex<br>Overseen</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b><br>
<br>Other Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce** Chief Executive Officer (until June 2016), President (until June 2014),
 and Member of the Board of Managers of Royce &#038; Associates, LP (&#147;R&#038;A&#148; or &#147;Royce&#148;), investment adviser to the Fund. Member of Board of
 Directors/Trustees of the Fund, Royce Value Trust, Inc. (&#147;RVT&#148;), Royce
 Global Value Trust, Inc. (&#147;RGT&#148;), The Royce Fund (&#147;TRF&#148;), and
 Royce Capital Fund(&#147;RCF&#148;) (the Fund, RVT, RGT, TRF, and RCF collectively,
 &#147;The Royce Funds&#148;).</font></td>
<td width="6%" valign="top" align="center"><font face="Times New Roman" size="2">78</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">Class I<br>
Director</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">2018</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">22</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Oxford Capital
 Corp. (formerly TICC Capital Corp.)<br><br></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark** Chief Executive Officer (since July 2016), President (since July 2014),
 Co-Chief Investment Officer (since January 2014), Managing Director, and Member of
 the Board of Managers (since June 2015) of R&#038;A, having been employed by R&#038;A
 since May 2007. President and Member of Board of Directors/Trustees of The Royce
 Funds.</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">53</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
<br>Director<br>and<br>President<sup>&#134;</sup></font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2014</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2020</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">22</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1">The address
 of Messrs. Royce and Clark is c/o Royce &#038; Associates, LP, 745 Fifth Avenue,
 New York, New York 10151.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1">&#147;Interested
 person,&#148; as defined in the Investment Company Act, of the Fund.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="1"><sup>&#134;</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"> Mr. Clark
 was elected by, and serves at the pleasure of, the Board in his capacity as an officer
 of the Fund.</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Messrs. Royce and Clark are &#147;interested
 persons&#148; of the Fund within the meaning of Section 2(a)(19) of the Investment
 Company Act due to the positions they hold with R&#038;A and their stock ownership
 in Legg Mason, Inc. (&#147;Legg Mason&#148;), the ultimate corporate parent of R&#038;A. There are no family relationships between any of the Fund&#146;s Directors
 and officers.</font></p>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
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<div align="justify"><font face="Times New Roman" size="2"><b>Non-Interested Directors</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Certain biographical and other information
 concerning the existing Directors, including two of the three Director nominees,
 who are not &#147;interested persons,&#148; as defined in the Investment Company
 Act, of the Fund, including their current designated classes, is set forth below.</font></div>
<br>
<table border="1" cellpadding="5" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<TD STYLE="text-align: left; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br><br>
Name, Address* and<br>Principal Occupations<br>During Past Five Years**</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Positions<br>With the<br>Fund</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Length<br>of Time<br>Served</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Current<br>Term<br>Expires</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios<br>in Fund<br>Complex<br>Overseen</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Other Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick Consultant and President of Ravengate Partners LLC (since 2000).</font></td>
<td width="6%" valign="top" align="center"><font face="Times New Roman" size="2">69</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">Class II
<br>Director</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">2010</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">2019</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">22</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Wisconsin
<br>Energy Corp.<br><br>Voya Funds</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 C. Grisanti Co-Founder and Chief Executive Officer of Grisanti Capital Management
 LLC, an investment advisory firm (since 1999). Mr. Grisanti&#146;s prior business
 experience includes serving as Director of Research and Portfolio Manager at Spears
 Benzak, Salomon &amp; Farrell (from 1994 to 1999) and a senior associate at the law
 firm of Simpson, Thacher &amp; Bartlett (from 1988 to 1994).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">56</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2017</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2020</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">22</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<TD STYLE="text-align: left; vertical-align: bottom"><font face="Times New Roman" size="2">Stephen L.
 Isaacs Attorney and President of Health Policy Associates, Inc., consultants. Mr.
 Isaacs&#146;s prior business experience includes having served as President of The
 Center for Health and Social Policy (1996 to 2012); and Director of Columbia University
 Development Law and Policy Program and Professor at Columbia University (until August
 1996).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">78</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2020</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">22</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">5</font></p>
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<!--page-->
<table border="1" cellpadding="5" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<TD STYLE="text-align: left; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br><br>
Name, Address* and<br>Principal Occupations<br>During Past Five Years**</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Positions<br>With the<br>Fund</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Length<br>of Time<br>Served</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Current<br>Term<br>Expires</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios<br>in Fund<br>Complex<br>Overseen</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Other Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman Director of The League for People with Disabilities, Inc.; Director of University
 of Maryland Foundation (non-profits). Formerly: Director of Municipal Mortgage &#038; Equity, LLC (from October 2004 to April 2011); Director of University of Maryland
 College Park Foundation (non-profit) (from 1998 to 2005); Partner, KPMG LLP (international
 accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for
 Education (from July 1984 to June 2002).</font></td>
<td width="6%" valign="top" align="center"><font face="Times New Roman" size="2">76</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">Class II
<br>Director</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">2004</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">2019</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">41<br>(Director/Trustee
 of all Royce Funds, consisting of 22 portfolios; Director/Trustee of the Legg Mason
 Family of Funds, consisting of 19 portfolios)</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">David L. Meister
 Consultant. Chairman and Chief Executive Officer of The Tennis Channel (from June 2000
 to March 2005). Mr. Meister&#146;s prior business experience includes having served as
 Chief Executive Officer of Seniorlife.com, a consultant to the communications industry,
 President of Financial News Network, Senior Vice President of HBO, President of
 Time-Life Films and Head of Broadcasting for Major League Baseball.</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">78</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I<br>
Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2018</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">22</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien Director, Bridges School (since 2006); Trustee Emeritus of Colgate University
 (since 2005); Board Member of Hill House, Inc. (since 1999). Formerly: Trustee of
 Colgate University (from 1996 to 2005); President of Hill House, Inc. (from 2001 to
 2005); Director of TICC Capital Corp. (2003 to 2017); and Managing Director/Equity
 Capital Markets Group of Merrill Lynch &#038; Co. (from 1971 to 1999).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">73</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I<br>
Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2001</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2018</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">41<br>(Director/Trustee
 of all Royce Funds, consisting of 22 portfolios; Director/Trustee of the Legg Mason
 Family of Funds, consisting of 19 portfolios)</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">6</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="1" cellpadding="5" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<TD STYLE="text-align: left; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br><br>
Name, Address* and<br>Principal Occupations<br>During Past Five Years**</b></font></td>
<TD STYLE="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Positions<br>With the<br>Fund</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Length<br>of Time<br>Served</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Current<br>Term<br>Expires</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios<br>in Fund<br>Complex<br>Overseen</b></font></td>
<TD STYLE="text-align: center; vertical-align: bottom"><font face="Times New Roman" size="2"><b><br>
<br>Other Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields President and Chief Executive Officer of Piedmont Trust Company, a private
 North Carolina trust company (since May 2012). Mr. Shields&#146;s prior business
 experience includes owning Shields Advisors, an investment consulting firm (from
 April 2010 to June 2012).</font></td>
<td width="6%" valign="top" align="center"><font face="Times New Roman" size="2">59</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">Class II
<br>Director</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">2015</font></td>
<td width="7%" valign="top" align="center"><font face="Times New Roman" size="2">2019</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">22</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"><div align="justify">The address
 of each of Ms. Chadwick and Messrs. Grisanti, Isaacs, Mehlman, Meister, O&#146;Brien,
 and Shields is c/o Royce &#038; Associates, LP, 745 Fifth Avenue, New York, New
 York 10151.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"><div align="justify">Each of the
 Independent Directors is a director/trustee of certain other investment companies
 for which R&#038;A acts as an investment adviser. Each of Ms. Chadwick and Messrs.
 Grisanti, Isaacs, Mehlman, Meister, O&#146;Brien, and Shields is a member of the
 Audit Committee of the Board and the Nominating Committee of the Board.</div></font></td>
</tr>
</table>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Independent Directors have adopted a
 retirement policy that calls for the retirement of each Independent Director from
 the Board on December 31 of the year in which he or she reaches the age of 79.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Additional information about each Director
 follows (supplementing the information provided in the tables above) that describes
 some of the specific experiences, qualifications, attributes or skills that each
 Director possesses, which the Board believes has prepared them to be effective Directors.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>Charles
 M. Royce</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Royce serves as a Member of the Board of Managers of R&#038;A. Mr. Royce
 served as the President of R&#038;A from 1972 to June 2014 and as Chief Executive
 Officer of R&#038;A from 1972 to June 2016. Mr. Royce has over 40 years of investment
 and business experience.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>Christopher
 D. Clark</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Clark serves as Chief Executive Officer, President, Co-Chief Investment
 Officer, and a Member of the Board of Managers of R&#038;A, having been employed
 by R&#038;A since 2007. Mr. Clark has over 25 years of investment and business experience,
 including extensive experience in the financial sector.</div></font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">7</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>Patricia
 W. Chadwick</i> &#150; In addition to her tenure as a Director/Trustee of The Royce
 Funds, Ms. Chadwick is designated as an Audit Committee Financial Expert. Ms. Chadwick
 has over 30 years of investment and business experience, including extensive experience
 in the financial sector and as a consultant to business and non-profit entities.
 In addition, Ms. Chadwick has served on the boards of a variety of public and private
 companies and non-profit entities, including currently serving on the board of two
 public companies.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>Christopher
 C. Grisanti</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Grisanti co-founded and serves as Chief Executive Officer of Grisanti
 Capital Management LLC, an investment advisory firm. Mr. Grisanti has over 20 years
 of investment industry experience.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>Stephen
 L. Isaacs</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Isaacs serves as Attorney and President of a private consulting firm.
 Mr. Isaacs has over 40 years of business and academic experience, including extensive
 experience related to public health and philanthropy.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>Arthur
 S. Mehlman</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds and of the Legg Mason Family of Funds, Mr. Mehlman serves as the Chairman
 of the Board&#146;s Audit Committee, acting as liaison between the Board and the
 Fund&#146;s independent registered public accountants, and is designated as an Audit
 Committee Financial Expert. Mr. Mehlman has over 35 years of business experience,
 including as Partner of an international accounting firm and a Director for various
 private companies and non-profit entities.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>David
 L. Meister</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Meister has over 40 years of business experience, including extensive
 experience as an executive officer in and consultant to the communications industry.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>G. Peter
 O&#146;Brien</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds and of the Legg Mason Family of Funds, Mr. O&#146;Brien serves as Chairman
 of the Board&#146;s Nominating Committee. Mr. O&#146;Brien has over 35 years of
 business experience, including extensive experience in the financial sector. In
 addition, Mr. O&#146;Brien has served on the boards of public companies and non-profit
 entities.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2"><div align="justify"><i>Michael
 K. Shields</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Shields serves as President and Chief Executive Officer of Piedmont Trust
 Company, a private North Carolina trust company. Mr. Shields has over 30 years of
 investment and business experience, including extensive experience in the financial
 sector.</div></font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">8</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board believes that each Director&#146;s
 experience, qualifications, attributes and skills should be evaluated on an individual
 basis and in consideration of the perspective such Director brings to the entire
 Board, with no single Director, or particular factor, being indicative of Board
 effectiveness. However, the Board believes that Directors need to have the ability
 to critically review, evaluate, question and discuss information provided to them,
 and to interact effectively with Fund management, service providers and counsel,
 in order to exercise effective business judgment in the performance of their duties;
 the Board believes that their members satisfy this standard. Experience relevant
 to having this ability may be achieved through a Director&#146;s educational background;
 business, professional training or practice, public service or academic positions;
 experience from service as a board member (including the Board) or as an executive
 of investment funds, public companies or significant private or non-profit entities
 or other organizations; and/or other life experiences. The charter for the Board&#146;s Nominating Committee contains certain other specific factors considered by
 the Nominating Committee in identifying and selecting Director candidates (as described
 below).</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">To assist them in evaluating matters under
 federal and state law, the Directors are counseled by their own independent legal
 counsel, who participates in Board meetings and interacts with R&#038;A, and also
 may benefit from information provided by R&#038;A&#146;s internal counsel; both
 Board and R&#038;A&#146;s internal counsel have significant experience advising
 funds and fund board members. The Board and its committees have the ability to engage
 other experts as appropriate. The Board evaluates its performance on an annual basis.</font></p>
<div align="justify"><font face="Times New Roman" size="2"><b>Board Composition and Leadership Structure
</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Investment Company Act requires that
 at least 40% of the Fund&#146;s Directors not be &#147;interested persons&#148;
 (as defined in the Investment Company Act) of the Fund and as such are not affiliated
 with R&#038;A (&#147;Independent Directors&#148;). To rely on certain exemptive
 rules under the Investment Company Act, a majority of the Fund&#146;s Directors
 must be Independent Directors, and for certain important matters, such as the approval
 of investment advisory agreements or transactions with affiliates, the Investment
 Company Act or the rules thereunder require the approval of a majority of the Independent
 Directors. Currently, more than 75% of the Fund&#146;s Directors are Independent
 Directors. The Board does not have a chairman, but the President, an interested
 person of the Fund, acts as chairman at the Board meetings. The Independent Directors
 have not designated a lead Independent Director, but the Chairman of the Audit Committee,
 Mr. Mehlman, generally acts as chairman of meetings or executive sessions of the
 Independent Directors and, when appropriate, represents the views of the Independent
 Directors to management. The Board has determined that its leadership structure
 is appropriate in light of the services that Royce and its affiliates provide to
 the Fund and potential conflicts of interest that could arise from these relationships.</font></div>
<p align="center"><font face="Times New Roman" size="2">9</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="justify"><font face="Times New Roman" size="2"><b>Audit Committee Report</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board has a standing Audit Committee
 (the &#147;Audit Committee&#148;), which consists of the Independent Directors who
 also are &#147;independent&#148; as defined in the listing standards of the New
 York Stock Exchange. The current members of the Audit Committee are Patricia W.
 Chadwick, Christopher C. Grisanti, Stephen L. Isaacs, Arthur S. Mehlman, David L.
 Meister, G. Peter O&#146;Brien, and Michael K. Shields. Mr. Mehlman serves as Chairman
 of the Audit Committee. Ms. Chadwick and Mr. Mehlman have been designated as Audit
 Committee Financial Experts, as defined under Securities and Exchange Commission
 (&#147;SEC&#148;) regulations.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The principal purposes of the Audit Committee
 are to (i) assist Board oversight of the (a) integrity of the Fund&#146;s financial
 statements; (b) independent accountants&#146; qualifications and independence; and
 (c) performance of the Fund&#146;s independent accountants and (ii) prepare, or
 oversee the preparation of any audit committee report required by rules of the SEC
 to be included in the Fund&#146;s proxy statement for its annual meeting of stockholders.
 The Board has adopted an Audit Committee charter for the Fund, a copy of which was
 included as an exhibit to the Proxy Statement for the Fund&#146;s 2016 Annual Meeting
 of Stockholders. Although a copy of the Audit Committee charter for the Fund is
 not available on the Fund&#146;s website, one may be obtained by calling 1-800-221-4268.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Audit Committee also has (i) received
 written disclosures and the letter required by Independence Standards Board Standard
 No. 1 from PricewaterhouseCoopers LLP (&#147;PWC&#148;), the Fund&#146;s independent
 auditors for the fiscal year ended December 31, 2017, and (ii) discussed certain
 matters required to be discussed under the requirements of The Public Company Accounting
 Oversight Board with PWC. The Audit Committee has considered whether the provision
 of non-audit services by the Fund&#146;s independent accountants is compatible with
 maintaining their independence.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">At its meetings held on February 20, 2018
 and February 27-28, 2018, the Audit Committee reviewed and discussed the audit of
 the Fund&#146;s financial statements as of December 31, 2017 and for the fiscal
 year then ended with Fund management and PWC. Had any material concerns arisen during
 the course of the audit and the preparation of the audited financial statements
 mailed to stockholders and included in the Fund&#146;s 2017 Annual Report to Stockholders,
 the Audit Committee would have been notified by Fund management or PWC. The Audit
 Committee received no such notifications. At those meetings, the Audit Committee
 recommended to the Board that the Fund&#146;s audited financial statements be included
 in the Fund&#146;s 2017 Annual Report to Stockholders.</font></p>
<p align="center"><font face="Times New Roman" size="2">10</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="justify"><font face="Times New Roman" size="2"><b>Nominating Committee</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board has a Nominating Committee (the
 &#147;Nominating Committee&#148;) composed of the seven Independent Directors, namely
 Ms. Chadwick and Messrs. Grisanti, Isaacs, Mehlman, Meister, O&#146;Brien, and Shields.
 Mr. O&#146;Brien serves as the Chairman of the Nominating Committee. The Board has
 adopted a Nominating Committee charter, a copy of which was included as an exhibit
 to the Proxy Statement for the Fund&#146;s 2016 Annual Meeting of Stockholders.
 Although a copy of the Nominating Committee charter for the Fund is not available
 on the Fund&#146;s website, one may be obtained by calling 1-800-221-4268.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Nominating Committee is responsible
 for identifying and recommending to the Board individuals believed to be qualified
 to become Board members in the event that a position is vacated or created. The
 Nominating Committee will consider Director candidates recommended by stockholders.
 In considering potential nominees, the Nominating Committee will take into consideration
 (i) the contribution which the person can make to the Board, with consideration
 given to the person&#146;s business and professional experience, education and such
 other factors as the Committee may consider relevant, including but not limited
 to whether a potential nominee&#146;s personal and professional qualities and attributes
 would provide a beneficial diversity of skills, experience and/or perspective to
 the Board; (ii) the character and integrity of the person; (iii) whether or not
 the person is an &#147;interested person&#148; as defined in the Investment Company
 Act and whether the person is otherwise qualified under applicable laws and regulations
 to serve as a Director or Independent Director of the Fund; (iv) whether or not
 the person has any relationships that might impair his or her independence, such
 as any business, financial or family relationships with Fund management, the investment
 adviser of the Fund, Fund service providers or their affiliates; (v) whether or
 not the person is financially literate pursuant to the New York Stock Exchange&#146;s
 audit committee membership standards; (vi) whether or not the person serves on boards
 of, or is otherwise affiliated with, competing financial service organizations or
 their related investment company complexes; (vii) whether or not the person is willing
 to serve as, and willing and able to commit the time necessary for the performance
 of the duties of, a Director of the Fund; and (viii) whether or not the selection
 and nomination of the person would be in the best interest of the Fund in light
 of the requirements of the Fund&#146;s retirement policies. While the Nominating
 Committee does not have a formal policy regarding diversity, as noted above, it
 may consider the diversity of skills, experience and/or perspective a potential
 nominee will bring to the Board as part of its evaluation of the contribution such
 potential nominee will make to the Board. Such factors will be considered in light
 of the other factors described above and in the context of the Board&#146;s existing
 membership at the time such potential candidate is considered.</font></p>
<p align="center"><font face="Times New Roman" size="2">11</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">To have a candidate considered by the Nominating
 Committee, a stockholder must submit the recommendation in writing and must include
 biographical information and set forth the qualifications of the proposed nominee.
 The stockholder recommendation and information described above must be sent to the
 Fund&#146;s Secretary, John E. Denneen, c/o Royce Micro-Cap Trust, Inc., 745 Fifth
 Avenue, New York, New York 10151.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Although the Board does not have a standing
 compensation committee, the Independent Directors review their compensation annually.</font></p>
<div align="justify"><font face="Times New Roman" size="2"><b>Distribution Committee</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board has a Distribution Committee (the
 &#147;Distribution Committee&#148;), comprised of Charles M. Royce. As noted above,
 Mr. Royce is an &#147;interested person&#148; of the Fund within the meaning of
 Section 2(a)(19) of the Investment Company Act. The Distribution Committee is responsible
 for, among other things, approving the Fund&#146;s payment of dividends from net
 investment income and distributions from capital gains, if any, to ensure compliance
 with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Board&#146;s Oversight Role in Management
</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Board&#146;s role in management of the
 Fund is oversight. As is the case with virtually all investment companies (as distinguished
 from operating companies), service providers to the Fund, primarily R&#038;A and
 its affiliates, have responsibility for the day-to-day management of the Fund, which
 includes responsibility for risk management (including management of investment
 performance and investment risk, valuation risk, issuer and counterparty credit
 risk, compliance risk and operational risk). As part of its oversight, the Board,
 acting at its scheduled meetings, or the Chairman of the Audit Committee, acting
 between Board meetings, regularly interacts with and receives reports from senior
 personnel of service providers, including the Fund&#146;s and R&#038;A&#146;s Chief
 Compliance Officer and portfolio management personnel. The Audit Committee (which
 consists of the seven Independent Directors) meets during its scheduled meetings,
 and between meetings the Chairman of the Audit Committee maintains contact with
 the Fund&#146;s independent registered public accounting firm and the Fund&#146;s
 Treasurer. The Board also receives periodic presentations from senior personnel
 of R&#038;A or its affiliates regarding risk management generally, as well as periodic
 presentations regarding specific operational, compliance or investment areas such
 as business continuity, anti-money laundering, personal trading, valuation, investment
 research and securities lending. The Board also receives reports from counsel to
 R&#038;A and the Board&#146;s own independent legal counsel regarding regulatory,
 compliance and governance matters. The Board&#146;s oversight role does not make
 the Board a guarantor of the Fund&#146;s investments or activities.</font></div>
<p align="center"><font face="Times New Roman" size="2">12</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="justify"><font face="Times New Roman" size="2"><b>Committee and Board of Directors Meetings
</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">During the year ended December 31, 2017,
 the Board held six meetings, the Audit Committee held four meetings, the Nominating
 Committee held two meetings, and the Distribution Committee took action in respect
 of the Fund five times by written consent. Each Director then in office attended
 75% or more of the aggregate of the total number of meetings of the Board and the
 total number of meetings of the Audit Committee and the Nominating Committee held
 during that year.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Compensation of Directors</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">For the year ended December 31, 2017, each
 Independent Director received a base fee of $11,000 per year, plus $500 for each
 in-person meeting of the Board attended. No Director received remuneration for services
 as a Director for the year ended December 31, 2017 in addition to or in lieu of
 this standard arrangement. Each Independent Director will continue to receive a
 base fee of $11,000 per year, plus $500 for each in-person meeting of the Board
 attended for the year ending December 31, 2018.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Set forth below is the aggregate compensation
 paid by the Fund and the total compensation paid by The Royce Funds and the Fund
 Complex to each Independent Director of the Fund for the year ended December 31,
 2017.</font></p>
<table border="1" cellpadding="5" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate<br>Compensation<br>From the Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Pension or<br> Retirement<br> Benefits<br> Accrued as<br> Part of Fund<br>Expenses
</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Estimated<br>Annual<br> Benefits upon<br>Retirement</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total<br>Compensation<br> From The Royce<br>Funds Paid to<br> Directors
</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total<br>Compensation<br> From The Fund<br>and Fund<br>Complex Paid to<br>Directors*
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick,<br>Director</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$13,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 C. Grisanti**,<br>Director</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$5,155 </font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$94,790</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$94,790</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs,<br>Director</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$13,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman,<br>Director</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$13,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$448,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">David L. Meister,
<br>Director</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$13,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien,<br>Director</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$13,000</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$239,300</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$429,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields,<br>Director</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$13,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"><div align="justify">Represents
 aggregate compensation paid to each Director during the calendar year ended December
 31, 2017 from the Fund Complex. As of the date hereof, the Fund Complex includes
 the 22 portfolios of The Royce Funds and the 19 portfolios of the Legg Mason Funds.</div></font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"><div align="justify">Mr. Grisanti
 became a Director of the Fund effective August 14, 2017.</div></font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">13</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="justify"><font face="Times New Roman" size="2"><b>Officers of the Fund</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Officers of the Fund are elected each year
 by the Board. The following sets forth information concerning the Fund&#146;s officers:</font></div>
<br>
<table border="1" cellpadding="3" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Name, Address*
 and Principal Occupations<br>During Past Five Years</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Office**
</b></font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Officer
 of<br>Fund Since</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark,<br>Chief Executive Officer (since July 2016), President (since July 2014),
 Co-Chief Investment Officer (since January 2014), and Member of the Board of Managers
 (since June 2015) of R&#038;A, having been employed by R&#038;A since May 2007.</font></td>
<td width="7%" valign="middle" align="center"><font face="Times New Roman" size="2">53</font></td>
<td width="10%" valign="middle" align="center"><font face="Times New Roman" size="2">President</font></td>
<td width="10%" valign="middle" align="center"><font face="Times New Roman" size="2">2014</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Francis D.
 Gannon,<br>Co-Chief Investment Officer (since January 2014) and Managing Director
 of R&#038;A, having been employed by Royce since September 2006.</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">50</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">2014</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Peter K. Hoglund,
<br>Chief Financial Officer, Chief Administrative Officer, and Managing Director
 of R&#038;A, having been employed by R&#038;A since December 2014. Prior to joining
 R&#038;A, Mr. Hoglund spent more than 20 years with Munder Capital Management in
 Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing
 all financial aspects of the firm.</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">52</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Treasurer</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">2015</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Daniel A.
 O&#146;Byrne,<br>Principal and Vice President of R&#038;A, having been employed
 by R&#038;A since October 1986.</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">56</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">1994</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">John E. Denneen,
<br>General Counsel, Managing Director, Chief Legal and Compliance Officer, Secretary,
 and, since 2015, Member of the Board of Managers of R&#038;A; Secretary and Chief
 Legal Officer of The Royce Funds.</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">51</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Secretary
 and Chief Legal Officer</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">1996 to
 2001 and since 2002</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Lisa Curcio,
<br>Chief Compliance Officer of The Royce Funds (since October 2004); and Compliance
 Officer of R&#038;A (since June 2004).</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">58</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Chief Compliance
 Officer</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">2004</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"> The address
 of each officer of the Fund is c/o Royce &#038; Associates, LP, 745 Fifth Avenue,
 New York, New York 10151.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"> Each officer
 of the Fund is elected by, and serves at the pleasure of, the Board.</font></td>
</tr>
</table>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Stockholder Communications</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Stockholders
 may send written communications to the Board or to an individual Director by mailing
 such correspondence to the Secretary of the Fund (addressed to 745 Fifth Avenue,
 New York, New York 10151). Such communications must be signed by the stockholder
 and identify the number of shares of Common Stock held by the stockholder. Properly
 submitted stockholder communications will, as appropriate, be forwarded to the entire
 Board or to the individual Director. Any stockholder proposal submitted pursuant
 to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
 Act&#148;), must continue to meet all the requirements of Rule 14a-8. See &#147;Additional
 Information &#150; Stockholder Proposals&#148; herein.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Director Attendance at Stockholder Meetings
</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Fund has no formal policy regarding Director attendance at stockholder
 meetings. None of the Independent Directors attended the Fund&#146;s 2017 Annual
 Meeting of Stockholders.</font></div>
<p align="center"><font face="Times New Roman" size="2">14</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="justify"><font face="Times New Roman" size="2"><b>Compliance with Section 16(a) of the
 Exchange Act</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Section 16(a) of the Exchange Act requires the officers and
 Directors of the Fund and persons who own more than ten percent of a registered
 class of the Fund&#146;s equity securities, to file reports of ownership and changes
 in ownership on Forms 3, 4 and 5 with the SEC and the New York Stock Exchange. Officers,
 Directors and greater than ten percent stockholders are required by SEC regulations
 to furnish the Fund with copies of all Forms 3, 4 and 5 they file.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Based solely on the Fund&#146;s review of
 the copies of such forms and amendments thereto, furnished to it during or with
 respect to its most recent fiscal year, and written representations from certain
 reporting persons that they were not required to file Form 5 with respect to the
 most recent fiscal year, the Fund believes that all of its officers, Directors,
 greater than ten percent beneficial owners and other persons subject to Section
 16 of the Exchange Act due to the requirements of Section 30(h) of the Investment
 Company Act (i.e., any investment adviser or affiliated person of the Fund&#146;s
 investment adviser), have complied with all filing requirements applicable to them
 with respect to transactions in the Fund&#146;s shares during the Fund&#146;s most
 recent fiscal year.</font></p>
<div align="justify"><font face="Times New Roman" size="2"><b>Stock Ownership</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Information relating
 to each Director&#146;s ownership of shares of Common Stock as of July 18, 2018
 and of shares of The Royce Funds overseen by each Director is set forth below:</font></div>
<br>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate Dollar Range<br>of Equity in the Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
 Dollar Range<br>of Securities in all Royce<br>Funds overseen by each<br>Director
 in the Royce<br>Family of Funds</b></font></td>
</tr>
<tr>
<td valign="top" colspan="3" align="left"><font face="Times New Roman" size="2"><br><i>Interested Directors:</i></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td width="25%" valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td width="25%" valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$50,001-$100,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="top" align="left" colspan="3"><font face="Times New Roman" size="2"><br><i>Non-Interested Directors:</i></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 C. Grisanti</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$10,001-$50,000</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$1&#150;$10,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$50,001-$100,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">David L. Meister</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$10,001-$50,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">15</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Information regarding ownership of shares
 of Common Stock by the Fund&#146;s Directors and officers as of the Record Date
 is set forth below:</font></p>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name and Address*<br>of Owner</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 of Beneficial Ownership of Shares of<br>Common Stock</b></font></td>
</tr>
<tr>
<td valign="top" align="left" colspan="2"><font face="Times New Roman" size="2"><br>
<i>Interested Directors:</i></font></td>
</tr>
<tr>
<td  width="25%" valign="top" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1,477,620</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">6,348</font></td>
</tr>
<tr>
<td valign="top" align="left" colspan="2"><font face="Times New Roman" size="2"><br>
<i>Non-Interested Directors:</i></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 C. Grisanti</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">287</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">6,587</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">David L. Meister</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1,940</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left" colspan="2"><font face="Times New Roman" size="2"><br>
<i>Interested Officers**:</i></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Francis D.
 Gannon</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Peter K. Hoglund</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Daniel A.
 O&#146;Byrne</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">7,769</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">4,983</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Lisa Curcio</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"> The address
 of each Director and each officer is c/o Royce &#038; Associates, LP, 745 Fifth
 Avenue, New York, New York 10151.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="1"> Does not
 include shares of Common Stock beneficially owned by Mr. Clark, if any, which information
 is set forth immediately above under &#147;Interested Directors.&#148;</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Mr. Royce has sole voting power and sole
 investment power as to the shares of Common Stock beneficially owned by him. As
 of the Record Date, the Fund&#146;s Directors and officers as a group (14 persons)
 beneficially owned 1,505,534 shares of Common Stock, constituting approximately
 3.79% of the Fund&#146;s outstanding shares.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">As of July 18, 2018, no Independent Director
 or any of his immediate family members directly or indirectly owned any securities
 issued by Legg Mason or any of its affiliates (other than registered investment
 companies).</font></p>
<div align="justify"><font face="Times New Roman" size="2"><b>Vote Required</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">A quorum consists
 of stockholders representing a majority of the outstanding shares of Common Stock
 entitled to vote, who are present in person or by proxy, and a plurality of all
 of the votes cast at a meeting at which a quorum is present is sufficient to elect
 a Director.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2"><b>The Board of Directors of the Fund recommends
 that all stockholders vote FOR all Director nominees.</b></font></p>
<p align="center"><font face="Times New Roman" size="2">16</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>FEES PAID TO INDEPENDENT AUDITORS</b></font></p>
<div align="justify"><font face="Times New Roman" size="2"><b>Audit Fees</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The aggregate fees
 paid to PWC in connection with the annual audit of the Fund&#146;s financial statements
 and for services normally provided by PWC in connection with the statutory and regulatory
 filings of the Fund for the fiscal years ended December 31, 2017 and December 31,
 2016 were $35,027 and $34,340, respectively.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Audit Related Fees</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">No fees were
 paid to PWC in connection with assurance and related services related to the annual
 audit of the Fund and for review of the Fund&#146;s financial statements, other
 than the Audit Fees described above, for the fiscal years ended December 31, 2017
 and December 31, 2016.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Tax Fees</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The aggregate fees paid
 for tax-related services, including preparation of tax returns, tax compliance and
 tax advice, rendered by PWC to the Fund for the fiscal years ended December 31,
 2017 and December 31, 2016 were $9,550 and $9,360, respectively.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>All Other Fees</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">There were no other
 fees billed for non-audit services rendered by PWC to the Fund for the fiscal years
 ended December 31, 2017 and December 31, 2016. The aggregate non-audit fees billed
 by PWC for services rendered to R&#038;A and any entity controlling, controlled
 by, or under common control with R&#038;A that provides ongoing services to the
 Fund for the fiscal years ended December 31, 2017 and December 31, 2016 were $9,550
 and $9,360, respectively. The Audit Committee has determined that the provision
 of non-audit services is compatible with maintaining the independence of PWC.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">PWC did not provide any other professional
 services to the Fund or R&#038;A for the year ended December 31, 2017. No representatives
 of PWC are expected to be present at the Meeting.</font></p>
<p align="center"><font face="Times New Roman" size="2">17</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="justify"><font face="Times New Roman" size="2"><b>Audit Committee&#146;s Pre-Approval Policies
 and Procedures</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Audit Committee has adopted policies and procedures with
 regard to the pre-approval of audit and non-audit services. On an annual basis,
 at the September meeting of the Audit Committee, the independent auditors of the
 Fund will submit a schedule of proposed audit, audit-related, tax and other non-audit
 services to be rendered to the Fund and/or R&#038;A and its affiliates for the following
 year that require pre-approval by the Audit Committee. Such schedule will include
 the maximum fees that can be paid for such services without further Audit Committee
 approval. Any subsequent revision to pre-approved services or fees will be considered
 at the next regularly scheduled Audit Committee meeting. Services not presented
 for pre-approval at the September meeting of the Audit Committee will be submitted
 to the Chief Financial Officer of the Fund for a determination that the proposed
 services fit within the independence guidelines and then considered for pre-approval
 at the next regularly scheduled Audit Committee meeting. A proposal to commence
 an engagement involving audit, audit-related or tax services prior to the next regularly
 scheduled Audit Committee meeting shall be made in writing by the Chief Financial
 Officer to all Audit Committee members and include a summary of the engagement,
 estimated maximum cost, the category of services and the rationale for engaging
 the Fund&#146;s independent auditor. Such proposed engagement can be pre-approved
 by any Audit Committee member who is an Independent Director. Pre-approval by the
 Chairman of the Audit Committee is required for a proposed engagement involving
 non-audit services other than audit-related or tax.</font></div>
<p align="center"><font face="Times New Roman" size="2">18</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<div align="justify"><font face="Times New Roman" size="2"><b>Postponement or Adjournment of Meeting;
 Other Matters</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">In the event that sufficient votes in favor of Proposal 1 in
 the Notice of Annual Meeting of Stockholders are not received by the time scheduled
 for the Meeting, the persons named as proxies may propose one or more postponements
 or adjournments of the Meeting to permit further solicitation of proxies for such
 Proposal. Any such postponement or adjournment will require the affirmative vote
 of a majority of the shares present in person or by proxy at the session of the
 Meeting to be postponed or adjourned, as applicable. The persons named as proxies
 will vote in favor of such postponement or adjournment those proxies which they
 are entitled to vote in favor of the Proposal. They will vote against any such postponement
 or adjournment those proxies required to be voted against the Proposal.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">While the Meeting has been called to transact
 any business that may properly come before it, the Directors know of no business
 other than the matter stated in the Notice of Annual Meeting of Stockholders. However,
 if any additional matter properly comes before the Meeting and on all matters incidental
 to the conduct of the Meeting, it is the intention of the persons named in the enclosed
 Proxy to vote the Proxy in accordance with their judgment on such matters.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Fund expects that broker-dealer firms
 holding shares of the Fund in &#147;street name&#148; for the benefit of their customers
 and clients will request the instructions of such customers and clients on how to
 vote their shares on the Proposal before the Meeting. The Fund understands that,
 under the rules of the New York Stock Exchange, such broker-dealers may, without
 instructions from such customers and clients, grant authority to the proxies designated
 by the Fund to vote on the election of Directors if no instructions have been received
 prior to the date specified in the broker-dealer firm&#146;s request for voting
 instructions. Certain broker-dealer firms may exercise discretion over shares held
 in their name for which no instructions are received by voting such shares in the
 same proportion as they have voted shares for which they have received instructions.</font></p>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The shares as to which the Proxies so designated
 are granted authority by broker-dealer firms to vote on the matters to be considered
 at the Meeting, the shares as to which broker-dealer firms have declined to vote
 (&#147;broker non-votes&#148;) and the shares as to which Proxies are returned by
 record stockholders but which are marked &#147;abstain&#148; on any matter will
 be included in the Fund&#146;s tabulation of the total number of votes present for
 purposes of determining whether the necessary quorum of stockholders exists. However,
 abstentions and broker non-votes will not be counted as votes cast. Therefore, abstentions
 and broker non-votes will not have an effect on the election of Directors.</font></p>
<p align="center"><font face="Times New Roman" size="2">19</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="justify"><font face="Times New Roman" size="2"><b>Address of Investment Adviser</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">
R&#038;A&#146;s principal office is located at 745 Fifth Avenue, New York, New York
 10151.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Annual Report Delivery</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">The Fund&#146;s Annual Report to Stockholders for the year ended December 31, 2017 was previously
 mailed to its stockholders and the Semiannual Report to Stockholders for the six
 months ended June 30, 2018 will be mailed to stockholders in late August 2018. Copies
 of the Annual Report are available, and copies of the Semiannual Report will be
 available in late August, upon request, without charge, by writing to the Fund at
 745 Fifth Avenue, New York, New York 10151 or calling toll free at 1-800-221-4268.
 All publicly released material information is always disclosed by the Fund on its
 website at <u>www.roycefunds.com</u>.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Stockholder Proposals</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">Proposals
 of stockholders intended to be presented at the Fund&#146;s 2019 Annual Meeting
 of Stockholders must be received by the Fund by April 12, 2019 for inclusion in
 the Fund&#146;s Proxy Statement and form of Proxy for that meeting. The Fund&#146;s
 By-laws generally require advance notice be given to the Fund in the event a stockholder
 desires to nominate a person for election to the Board or to transact any other
 business from the floor at an annual meeting of stockholders. Notice of any such
 nomination or other business intended to be presented at the Fund&#146;s 2019 Annual
 Meeting of Stockholders must be in writing and received at the Fund&#146;s principal
 executive office between April 12, 2019 and May 12, 2019. Written proposals should
 be sent to the Secretary of the Fund, 745 Fifth Avenue, New York, New York 10151.</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b>Proxy Delivery</b></font></div>
<div align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2">If you and another
 stockholder share the same address, the Fund may only send one proxy statement unless
 you or the other stockholder(s) request otherwise. Call or write the Fund if you
 wish to receive a separate copy of the proxy statement and the Fund will promptly
 mail a copy to you. You may also call or write to the Fund if you wish to receive
 a separate proxy in the future, or if you receive multiple copies now, and wish
 to receive a single copy in the future. For such requests, please call 1-800-221-4268,
 or write the Fund at 745 Fifth Avenue, New York, New York 10151.</font></div>
<p align="justify" style="text-indent: 30px;"><font face="Times New Roman" size="2"><b>PLEASE FILL IN, DATE AND SIGN THE ENCLOSED
 PROXY AND RETURN IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>Secretary
</i></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Dated: August
 10, 2018</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">20</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="60%" valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>PROXY TABULATOR</b></i></b></i></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>P.O. BOX 9112</b></i></b></i></font></td>
<td rowspan="2" valign="top"><font face="Arial" size="1"><img src="e56324_internet.jpg"></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote by Internet</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>FARMINGDALE, NY 11735</b></i></b></i></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td NOWRAP valign="bottom" align="left"><font face="Arial" size="2">1) Read the Proxy Statement and have the proxy card
below at hand.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2) Go to website <b>www.proxyvote.com</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3) Follow the instructions provided on the website.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td rowspan="2" valign="top"><font face="Arial" size="1"><img src="e56324_telephone.jpg"></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote by Telephone</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1) Read the Proxy Statement and have the proxy card below at hand.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2) Call <b>1-800-690-6903</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3) Follow the instructions.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td rowspan="2" valign="top"><font face="Arial" size="1"><img src="e56324_mail.jpg"></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote by Mail</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1) Read the Proxy Statement.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2) Check the appropriate box on the proxy card below.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3) Sign and date the proxy card.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">4) Return the proxy card in the envelope provided.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td width="10%" nowrap valign="bottom" align="left"><font face="Arial" size="1">E49933-P12230</font></td>
<td valign="bottom" align="right"><font face="Arial" size="1">KEEP THIS PORTION FOR YOUR RECORDS</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="1">DETACH AND RETURN THIS PORTION ONLY</font></td>
</tr>
</table>
<br>
<br>
<table border="1" cellpadding="0" cellspacing="0" width="100%" rules="none" bordercolor="Black" frame="void">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td width="6%" valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="top" align="left" colspan="3"><font face="Arial" size="1"><b>The Board of Directors of the Fund recommends a vote FOR the proposal.</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="1"><b>For<br>
All</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="1"><b>Withhold
<br>All</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="1"><b>For All
<br>Except</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td rowspan="2" valign="top" align="left"><font face="Arial" size="1"><div align="justify">To withhold authority to vote for any individual nominee(s), mark &#147;For All Except&#148; and write the name(s) of the nominee(s) on the line below.</div></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="1">1.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="1">TO ELECT THE DIRECTOR NOMINEES OF ROYCE MICRO-CAP TRUST, INC.</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="wingdings" size="2"><img src="e56324_box.jpg"></font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="wingdings" size="2"><img src="e56324_box.jpg"></font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
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<p align="center"><font face="Arial" size="2"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</b><br>
The Proxy Statement is available at www.proxyvote.com.</font></p>
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ROYCE MICRO-CAP TRUST, INC.<br>745 Fifth Avenue<br>New York, New York 10151</font></td>
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<td valign="bottom" colspan="7" align="center"><font face="Arial" size="2">This Proxy is Solicited on Behalf of the Board of
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The undersigned hereby appoints Christopher D. Clark and John E. Denneen or either of them, acting in absence of the other, as Proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse, all shares of common stock of Royce Micro-Cap Trust, Inc. held of record by the undersigned on July 18, 2018 at the Annual Meeting of Stockholders of Royce Micro-Cap Trust, Inc. to be held on September 24, 2018, and at any postponement or adjournment thereof.</div></font></td>
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This Proxy, when properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this Proxy will be voted FOR Proposal 1.</div></font></td>
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PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</font></td>
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