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  2. Royce Micro-Cap Trust (MARKET: RMT | NAV: XOTCX)

    Closed-End Fund

     

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    1. NAV as of 2/3/2012  $11.09
      Daily NAV change  +$0.28 (+2.59%)

    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Managers

      Chris E. Flynn
      James J. Harvey

      Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Kennedy-Wilson Holdings 1.8%
      Sapient Corporation 1.6%
      Epoch Holding Corporation 1.6%
      Charming Shoppes 1.3%
      America's Car-Mart 1.3%
      Raven Industries 1.3%
      Tennant Company 1.3%
      Drew Industries 1.2%
      Seneca Foods Cl. B 1.1%
      Richardson Electronics 1.1%
      Top 10 as % of Total 13.5%

      % of Net Assets Applicable to Common Stock Holders

      Literature & Research

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

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    2. Royce Micro-Cap Trust (RMT) is a closed-end fund that invests primarily in companies with market capitalizations less than $500 million. Due to this sector’s size and limited research coverage, there is more opportunity to find pricing inefficiencies. Therefore, we believe that the potential for higher returns, commensurate with a higher level of risk, is greater than for any other sector of the domestic equity marketplace.

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      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      XOTCX 13.02% -7.69% -7.69% 20.22% -0.94% 7.09% 9.18% 10.05% 12/14/1993 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 7.64% N/A

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 12/31/2011

        Fund Net Assets (Attributable to Common Stock) $279 million
        Symbol: Market Price RMT
        Symbol: NAV XOTCX
        Number of Holdings 328
        Average Market Capitalization* $304 million
        Weighted Average P/E Ratio** 15.6x
        Weighted Average P/B Ratio 1.3x
        U.S. Investments
        (% of Net Assets applicable to Common Stockholders)        		 91.0%
        Non-U.S. Investments
        (% of Net Assets applicable to Common Stockholders)        		 14.0%
        Portfolio Turnover as of 6/30/2011 13%
        Net Leverage† 4%
        Minimum Investment n/a
        Cusip Number 780915104
        Fund Inception Date 12/14/1993
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (21% of portfolio holdings as of 12/31/2011).

        †Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to common stockholders.

      2. Value of $10,000 Invested on 12/14/93
        As of Quarter-End 12/31/2011

        XOTCX vs Russell 2000

        Capital Structure:

        Publicly Traded Securities Outstanding at 12/31/11

        28 Million Shares of Common Stock
        • $279 Million (NAV)
        6.00% Cumulative Preferred Stock
        • $60 Million

    1. Value of $10,000 Invested on 12/14/93
      As of Quarter-End 12/31/2011

      XOTCX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2011

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2011

        Sector Name Gain/Loss*
      (in millions)
      1 Industrials $9.85
      2 Consumer Discretionary $5.96
      3 Financials $5.18
      4 Information Technology $4.23
      5 Materials $2.77
      6 Energy $1.78
      7 Consumer Staples $1.22
      8 Health Care $1.03
      9 Utilities -$0.09
      10 Bonds & Preferreds -$0.17

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2011

      Company Gain*
      (in millions)
      Charming Shoppes $2.19
      Epoch Holding Corporation $1.70
      Virtus Investment Partners $0.99
      America's Car-Mart $0.94
      Sapient Corporation $0.86

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2011

      Company Loss*
      (in millions)
      Waterloo Investment Holdings -$0.52
      XenoPort -$0.34
      Richardson Electronics -$0.33
      BCB Holdings -$0.32
      Geeknet -$0.30

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      XOTCX 13.02% -7.69% -7.69% 20.22% -0.94% 7.09% 9.18% 10.05% 12/14/1993
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 7.64% N/A

      * Not Annualized


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/11

      XOTCX

      View how RMT performed during down markets.

      Absolute Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      Number of Five-Year Average Annual Return Periods Over the Last 10 Years

      XOTCX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RMT Spread vs. Russell 2000 Over the Last 10 Years

      XOTCX

      Distribution History

      Our closed-end funds pay quarterly distributions.

      5-Year Distribution History
      Record Date Payable Date Ordinary Income Return of Capital S/T Gains L/T Gains Total Reinvest Price
      12/6/11 12/2/11 $0.1400 $— $— $— $0.14 $8.38
      9/6/11 9/1/11 $0.1400 $— $— $— $0.14 $8.19
      6/6/11 6/2/11 $0.1300 $— $— $— $0.13 $9.24
      3/7/11 3/3/11 $0.1200 $— $— $— $0.12 $9.67
      12/6/10 12/2/10 $0.0630 $— $— $0.0170 $0.08 $9.40
      3/6/09 3/4/09 $0.0000 $0.2200 $— $— $0.00 $4.26
      12/8/08 12/4/08 $0.0205 $0.0570 $— $0.1825 $0.20 $4.87
      9/8/08 9/4/08 $0.0228 $0.0636 $— $0.2036 $0.23 $9.48
      6/6/08 6/4/08 $0.0244 $0.0680 $— $0.2176 $0.24 $11.28
      3/6/08 3/4/08 $0.0260 $0.0723 $— $0.2317 $0.26 $10.45
      12/6/07 12/4/07 $0.0222 $— $0.0032 $0.3316 $0.36 $11.74
      9/6/07 9/4/07 $0.0206 $— $0.0029 $0.3065 $0.33 $13.25
      6/6/07 6/4/07 $0.0206 $— $0.0029 $0.3065 $0.33 $15.31
      3/6/07 3/2/07 $0.0206 $— $0.0029 $0.3065 $0.33 $14.89

      Market Price Performance History Since Inception (12/14/1993)1

      Adjusted-Actual Market Price

      1Reflects the cumulative performance experience of a continuous common stockholder who reinvested all distributions as indicated and fully participated in the primary subscription of the Fund's 1994 rights offering.
      2Reflects the actual month-end market price movement of one share as it has traded on the NYSE and, prior to 12/1/03, on the Nasdaq.

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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $12.16 4/6/11
        Low $8.39 10/3/11
        Previous Month Ending 1/31/2012
        High $10.62 1/27/12
        Low $9.86 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $9.86
        2010 $11.34
        2009 $8.90
        2008 $6.39
        2007 $13.48
        2006 $14.77
        2005 $13.43
        2004 $14.34
        2003 $13.33
        2002 $9.39

  3. Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President and Co-Chief Investment Officer

    Charles M. Royce is President and Co-Chief Investment Officer of Royce & Associates, LLC and President of The Royce Funds, a position he has held since 1972.

    View Full Bio

    Education

    • BA, Brown University
    • MBA, Columbia University

    Experience

    • 49 Years of Experience
    • 39 Years at Royce

    Assistant Portfolio Managers

    Chris E. Flynn

    Chris E. Flynn

    • Portfolio Manager, Senior Analyst and Principal

    Chris E. Flynn is a Portfolio Manager, Senior Analyst and Principal for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Columbia University,
    • MBA, University of Chicago,

    Experience

    • 27 Years of Experience
    • 18 Years at Royce
    James J. Harvey

    James J. Harvey

    • Portfolio Manager
    • CFA

    James J. Harvey, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Albany,
    • MBA, New York University,

    Experience

    • 19 Years of Experience
    • 13 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 12/31/2011

      Fund Net Assets (Attributable to Common Stock) $279 million
      Number of Holdings 328
      Net Leverage† 4%
      Average Market Capitalization* $304 million
      Weighted Average P/E Ratio** 15.6x
      Weighted Average P/B Ratio 1.3x
      Portfolio Turnover as of 6/30/2011 13%

      †Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.
      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (21% of portfolio holdings as of 12/31/2011).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2011

      Royce Micro-Cap Trust

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

    2. Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Kennedy-Wilson Holdings 1.8%
      Sapient Corporation 1.6%
      Epoch Holding Corporation 1.6%
      Charming Shoppes 1.3%
      America's Car-Mart 1.3%
      Raven Industries 1.3%
      Tennant Company 1.3%
      Drew Industries 1.2%
      Seneca Foods Cl. B 1.1%
      Richardson Electronics 1.1%
      Top 10 as % of Total 13.5%

      % of Net Assets Applicable to Common Stock Holders


      Portfolio Holdings
      as of Quarter-End 12/31/2011

      View the complete list of holdings for Royce Micro-Cap Trust as of 12/31/2011. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

    3. Portfolio Sector Breakdown
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Industrials 26.7%
      Information Technology 20.9%
      Financials 20.0%
      Consumer Discretionary 13.5%
      Materials 8.8%
      Health Care 6.2%
      Energy 4.6%
      Consumer Staples 3.9%
      Utilities 0.1%
      Bonds & Preferreds 0.3%
      Treasuries, Cash & Cash Equivalents 16.4%

      % of Net Assets Applicable to Common Stock Holders

      Asset Allocation
      as of 12/31/2011
      % of Net Assets (Subject to Change)

      Royce Micro-Cap Trust Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/11

      Quarter Russell 2000 RMT Spread
      9/30/11 -21.9% -20.8% +1.1% 
      6/30/11 -1.6 -3.2 -1.6 
      6/30/10 -9.9 -8.9 +1.0 
      3/31/09 -15.0 -11.8 +3.2 
      12/31/08 -26.1 -33.7 -7.6 
      9/30/08 -1.1 -6.9 -5.8 
      3/31/08 -9.9 -10.6 -0.7 
      12/31/07 -4.6 -4.5 +0.1 
      9/30/07 -3.1 -3.5 -0.4 
      6/30/06 -5.0 -3.2 +1.8 
      3/31/05 -5.3 -1.8 +3.5 
      9/30/04 -2.9 -3.0 -0.1 
      3/31/03 -4.5 -6.4 -1.9 
      9/30/02 -21.4 -24.6 -3.2 
      6/30/02 -8.4 -5.8 +2.6 
      9/30/01 -20.8 -17.5 +3.3 
      3/31/01 -6.5 -0.2 +6.3 
      12/31/00 -6.9 -4.2 +2.7 
      6/30/00 -3.8 +2.1 +5.9 
      9/30/99 -6.3 -3.1 +3.2 
      3/31/99 -5.4 -12.1 -6.7 
      9/30/98 -20.1 -19.4 +0.7 
      6/30/98 -4.7 -1.8 +2.9 
      12/31/97 -3.3 -1.6 +1.7 
      3/31/97 -5.2 +0.6 +5.8 

      Royce Micro-Cap Trust outperformed the Russell 2000 in 16 out of 25 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      as of Quarter-End 12/31/2011

      RMT vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      XOTCX 13.02% -7.69% -7.69% 20.22% -0.94% 7.09% 9.18% 10.05% 12/14/1993 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 7.64% N/A

      * Not Annualized

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    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.44%
      Other expenses 0.12%
      Total annual Fund operating expenses 1.56%


  8. © Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.