Royce Micro-Cap Trust (NYSE: RMT) As Of October 31, 2011

Royce Micro-Cap Trust (NYSE: RMT) as of October 31, 2011

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

Closing Prices – October 31, 2011
NAV $ 10.07
MKT $ 8.59
Total Return Performance
Periods ended October 31, 2011		NAV		MKT
1 Month*		13.53%		12.43%
Year to Date*		-7.27		-8.47
One-Year		3.86		4.82
Three-Year Average Annual		15.12		13.80
Five-Year Average Annual		0.03		-3.50
10-Year Average Annual		8.52		8.57
*Not annualized
Portfolio Diagnostics
Wtd Average Geometric Market Cap:		$305 million
Wtd. Average P/E Ratio:		15.5x*
Wtd. Average P/B Ratio:		1.3x
Net Assets Applicable to Common Stock:		$343 million
Net Leverage:		4.9%
*Excludes 21% of portfolio holdings with zero or negative earnings as of 10/31/11.
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to common stock.
Portfolio Composition
Top 10 Positions		% of Net Assets
1. Kennedy-Wilson Holdings		2.0%
2. Sapient Corporation		1.5
3. Epoch Holding Corporation		1.4
4. Tennant Company		1.3
5. Charming Shoppes		1.2
6. Raven Industries		1.2
7. Richardson Electronics		1.1
8. Drew Industries		1.1
9. America’s Car-Mart		1.1
10. HEICO Corp.		1.1
Top Five Sectors		% of Net Assets
1. Industrials		26%
2. Information Technology		21
3. Financials		20
4. Consumer Discretionary		13
5. Materials		9

Recent Developments

Royce Micro-Cap Trust (NYSE: RMT) resumed a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%.

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