Royce Micro-Cap Trust (NYSE: RMT) As Of February 29, 2012

Royce Micro-Cap Trust (NYSE: RMT):

Closing Prices – February 29, 2012

NAV		$	10.78
MKT		$	9.47

Total Return Performance
Periods ended February 29, 2012				NAV				MKT
1 Month*				2.28%				3.27%
Year to Date*				9.33				7.98
One-Year				-2.85				-0.26
Three-Year Average Annual				34.31				34.42
Five-Year Average Annual				0.29				-4.36
10-Year Average Annual				7.84				7.54
*Not annualized

Portfolio Diagnostics
Wtd Average Geometric Market Cap:				$327 million
Wtd. Average P/E Ratio:				16.2x*
Wtd. Average P/B Ratio:				1.4x
Net Assets Applicable to Common Stock:				$366 million
Net Leverage:				2.7%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 2/29/12.

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			1.7%
2.		Epoch Holding Corp.			1.3
3.		Sapient Corp.			1.2
4.		America’s Car-Mart			1.1
5.		Tennant Company			1.0
6.		Raven Industries			1.0
7.		Seneca Foods Corp.			1.0
8.		Advisory Board (The)			0.9
9.		Charming Shoppes, Inc.			0.9
10.		Tejon Ranch			0.9
Top Five Sectors					% of Net Assets
1.		Industrials			26%
2.		Information Technology			21
3.		Financials			20
4.		Consumer Discretionary			13
5.		Materials			8

Recent Developments

Royce Micro-Cap Trust, Inc. (NYSE-RMT) has declared a quarterly distribution of $0.13 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 March 23, 2012 to stockholders of record at the close of business on March 6, 2012 (ex-dividend on March 2, 2012). The price of shares issued for reinvestment will be determined on March 13, 2012. Royce Micro-Cap Trust currently has a quarterly distribution policy for Common Stockholders, at the annual rate of 5%.

1 2 Next › Last »