Royce Micro-Cap Trust (NYSE: RMT) As Of November 30, 2011

Royce Micro-Cap Trust (NYSE: RMT):

Closing Prices – November 30, 2011
NAV		$ 10.00
MKT		$ 8.42

Total Return Performance
Periods ended November 30, 2011			NAV			MKT
1 Month*			-0.70%			-1.98%
Year to Date*			-7.92			-10.28
One-Year			-0.09			-0.71
Three-Year Average Annual			21.78			22.60
Five-Year Average Annual			-0.67			-5.69
10-Year Average Annual			7.83			7.47
*Not annualized

Portfolio Diagnostics
Wtd Average Geometric Market Cap:			$308 million
Wtd. Average P/E Ratio:			16.0x*
Wtd. Average P/B Ratio:			1.3x
Net Assets Applicable to Common Stock:			$341 million
Net Leverage:			4.2%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 11/30/11.

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			1.8%
2. Epoch Holding Corp.			1.7
3. Sapient Corp.			1.5
4. Charming Shoppes			1.4
5. Tennant Company			1.4
6. Raven Industries			1.2
7. Vitrus Investment Partners			1.2
8. America’s Car-Mart			1.2
9. HEICO Corp.			1.1
10. Richardson Electronics			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, Inc. (NYSE-RMT) has declared a distribution of $0.14 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011). The price of shares issued for reinvestment will be determined on December 13, 2011.

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