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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Micro-Cap Trust (MARKET: RMT | NAV: XOTCX)

    Closed-End Fund

    1. NAV as of 7/28/2010  $9.29
      Daily NAV change  -$0.11 (-0.01%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Managers

      Chris E. Flynn
      James J. Harvey

      Top 10 Positions As of Quarter-End 6/30/10
      % of Net Assets (Subject to Change)

      Kennedy-Wilson Holdings 2.7%
      Sapient Corporation 2.1%
      Seneca Foods Cl. B 1.8%
      iGATE Corporation 1.3%
      Tennant Company 1.3%
      Pegasystems 1.1%
      Epoch Holding Corporation 1.0%
      SFN Group 1.0%
      Richardson Electronics 0.9%
      Advisory Board (The) 0.9%
      Top 10 as % of Total 14.2%

      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 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      XOTCX -8.94% -1.57% 21.50% -10.18% 0.96% 7.32% 9.57% 9.77%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 6.97%
      Inception Date: 12/14/1993 

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

      1. Fund Statistics
        as of Quarter-End 6/30/2010

        Symbol: Market Price RMT
        Symbol: NAV XOTCX
        Fund Net Assets (Attributable to Common Stock) $239 million
        Number of Holdings 358
        Average Market Capitalization* $290 million
        Weighted Average P/E Ratio** 12.9x
        Weighted Average P/B Ratio 1.4x
        Portfolio Turnover 2009 30%
        Net Leverage† 16%
        Minimum Investment n/a
        Cusip Number 780915104
        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 (30% of portfolio holdings as of 6/30/2010).

        †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. Growth of Hypothetical $10,000 Invested 12/14/1993 As of Quarter-End 6/30/2010

        XOTCX vs Russell 2000

        Capital Structure:

        Publicly Traded Securities Outstanding at 12/31/09

        27.3 Million Shares of Common Stock
        • $243 Million (NAV)
        6.00% Cumulative Preferred Stock
        • $60 Million

    1. Growth of Hypothetical $10,000 Invested 12/14/1993 As of Quarter-End 6/30/2010

      XOTCX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 6/30/2010

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 6/30/2010

        Sector Name Gain/Loss*
      (in millions)
      1 Diversified Investment Companies $0.17
      2 Bonds & Preferreds $0.10
      3 Financial Services -$1.63
      4 Financial Intermediaries -$1.65
      5 Consumer Services -$1.71
      6 Health -$1.98
      7 Consumer Products -$2.19
      8 Natural Resources -$2.90
      9 Technology -$2.92
      10 Industrial Services -$3.87

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 6/30/2010

      Company Gain*
      (in millions)
      Thomas Weisel Partners Group $1.01
      iGATE Corporation $0.77
      Tennant Company $0.59
      Advisory Board (The) $0.59
      Virage Logic $0.54

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 6/30/2010

      Company Loss*
      (in millions)
      SFN Group -$1.09
      Willbros Group -$0.82
      NMT Medical -$0.80
      Natuzzi ADR -$0.64
      Cowen Group Cl. A -$0.58

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. 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 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      XOTCX -8.94% -1.57% 21.50% -10.18% 0.96% 7.32% 9.57% 9.77%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 6.97%
      Inception Date: 12/14/1993

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.


      Small-Cap Market Cycle Performance as of Quarter-End 6/30/10

      XOTCX

      View how RMT performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
      Number of Five-Year Average Annual Return Periods since RMT's Inception

      XOTCX

      Distribution History

      Our closed-end funds pay quarterly distributions to Preferred Stockholders. Please see Royce Closed-End Funds Suspend Managed Distribution Policy for details on distributions for Common Stockholders.

      5-Year Distribution History
      Record Date Payable Date Ordinary Income Return of Capital S/T Gains L/T Gains Total Reinvest Price
      3/06/09 3/04/09 $0.0000 $0.2200 $— $— $0.00 $—
      12/08/08 12/04/08 $0.0205 $0.0570 $— $0.1825 $0.20 $4.87
      9/08/08 9/04/08 $0.0228 $0.0636 $— $0.2036 $0.23 $9.48
      6/06/08 6/04/08 $0.0244 $0.0680 $— $0.2176 $0.24 $11.28
      3/06/08 3/04/08 $0.0260 $0.0723 $— $0.2317 $0.26 $10.45
      12/06/07 12/04/07 $0.0222 $— $0.0032 $0.3316 $0.36 $11.74
      9/06/07 9/04/07 $0.0206 $— $0.0029 $0.3065 $0.33 $13.25
      6/06/07 6/04/07 $0.0206 $— $0.0029 $0.3065 $0.33 $15.31
      3/06/07 3/02/07 $0.0206 $— $0.0029 $0.3065 $0.33 $14.89
      12/06/06 12/04/06 $0.0793 $— $0.1121 $0.4086 $0.60 $14.87
      9/06/06 9/01/06 $0.0423 $— $0.0598 $0.2179 $0.32 $14.07
      6/06/06 6/02/06 $0.0423 $— $0.0598 $0.2179 $0.32 $13.05
      3/06/06 3/02/06 $0.0410 $— $0.0579 $0.2111 $0.31 $14.46
      12/06/05 12/02/05 $0.0000 $— $0.0880 $0.8320 $0.92 $13.79
      9/06/05 9/01/05 $0.0000 $— $0.0297 $0.2803 $0.31 $14.32
      6/06/05 6/02/05 $0.0000 $— $0.0297 $0.2803 $0.31 $13.43
      3/07/05 3/03/05 $0.0000 $— $0.0297 $0.2803 $0.31 $13.89

      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 6/30/2010
        High $10.52 4/26/10
        Low $6.77 7/09/09
        Previous Month Ending 6/30/2010
        High $9.48 6/18/10
        Low $8.76 6/30/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $8.90
        2008 $6.39
        2007 $13.48
        2006 $14.77
        2005 $13.43
        2004 $14.34
        2003 $13.33
        2002 $9.39
        2001 $11.83
        2000 $10.14

  3. Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President, Co-Chief Investment Officer and Portfolio Manager

    Charles M. Royce is President, Co-Chief Investment Officer and Portfolio Manager 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

    • 47 Years of Experience
    • 37 Years at Royce

    Assistant Portfolio Managers

    Chris E. Flynn

    Chris E. Flynn

    • Assistant Portfolio Manager, Senior Analyst and Principal

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

    View Full Bio

    Education

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

    Experience

    • 26 Years of Experience
    • 17 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

    • 18 Years of Experience
    • 12 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 6/30/2010

      Fund Net Assets (Attributable to Common Stock) $239 million
      Number of Holdings 358
      Net Leverage† 16%
      Average Market Capitalization* $290 million
      Weighted Average P/E Ratio** 12.9x
      Weighted Average P/B Ratio 1.4x
      Portfolio Turnover 2009 30%

      †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 (30% of portfolio holdings as of 6/30/2010).

      Market Cap Exposure (In Millions)
      as of Quarter-End 6/30/2010

      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 6/30/2010
      % of Net Assets (Subject to Change)

      Kennedy-Wilson Holdings 2.7%
      Sapient Corporation 2.1%
      Seneca Foods Cl. B 1.8%
      iGATE Corporation 1.3%
      Tennant Company 1.3%
      Pegasystems 1.1%
      Epoch Holding Corporation 1.0%
      SFN Group 1.0%
      Richardson Electronics 0.9%
      Advisory Board (The) 0.9%
      Top 10 as % of Total 14.2%

      % of Net Assets Applicable to Common Stock Holders


      Portfolio Holdings
      as of Quarter-End 06/30/2010

      View the complete list of holdings for Royce Micro-Cap Trust for the quarter ended 06/30/2010. 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 6/30/2010
      % of Net Assets (Subject to Change)

      Industrial Products 24.5%
      Technology 19.1%
      Industrial Services 14.3%
      Natural Resources 12.1%
      Health 11.1%
      Financial Intermediaries 10.1%
      Financial Services 9.9%
      Consumer Products 9.4%
      Consumer Services 3.5%
      Diversified Investment Companies 1.3%
      Bonds & Preferreds 0.6%
      Treasuries, Cash & Cash Equivalents 9.2%

      % of Net Assets Applicable to Common Stock Holders

      Asset Allocation
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Royce Micro-Cap Trust Asset Allocation Royce Micro-Cap Trust Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 6/30/10

      Quarter Russell 2000 RMT Spread
      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 15 out of 23 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      Royce Micro-Cap Trust vs. Russell 2000

      RMT vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      XOTCX -8.94% -1.57% 21.50% -10.18% 0.96% 7.32% 9.57% 9.77%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 6.97%
      Inception Date: 12/14/1993

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

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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%


  7. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.

    8. Close [X]

    Download literature for Royce Micro-Cap Trust

  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.