Royce Micro-Cap Trust (MARKET: RMT | NAV: XOTCX)
Closed-End Fund
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NAV as of 5/16/2012 $10.07
Daily NAV change -$0.06 (-0.59%)
- Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.
The Russell 2000 Index 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.
Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.
All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. 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.Current performance may be higher or lower than performance quoted. Current month-end performance information may be obtained at www.roycefunds.com.
The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies.This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money.
Distributor: Royce Fund Services, Inc.
NOT FDIC INSURED · MAY LOSE VALUE · NOT BANK GUARANTEED
Management Team
Portfolio Manager
- Charles M. Royce
- 49 Years of Experience;
- 39 Years at Royce
Assistant Portfolio Managers
- Chris E. Flynn
- 28 Years of Experience;
- 19 Years at Royce
- James J. Harvey
- 19 Years of Experience;
- 13 Years at Royce
Top 10 Positions
as of Quarter-End 3/31/2012
as of Month-End 4/30/2012
% of Net Assets (Subject to Change)Kennedy-Wilson Holdings 2.0% Epoch Holding Corporation 1.5% Sapient Corporation 1.4% Integrated Electrical Services 1.4% America's Car-Mart 1.3% Tennant Company 1.3% Advisory Board (The) 1.2% Raven Industries 1.2% Seneca Foods Cl. B 1.1% Charming Shoppes 1.1% Top 10 as % of Total 13.6% Kennedy-Wilson Holdings 2.1% Epoch Holding Corporation 1.7% Integrated Electrical Services 1.6% America's Car-Mart 1.4% Sapient Corporation 1.4% Tennant Company 1.3% Advisory Board (The) 1.2% Raven Industries 1.1% Charming Shoppes 1.1% Flexsteel Industries 1.1% Top 10 as % of Total 14.2% % of Net Assets Applicable to Common Stock Holders
Literature & Research
Special Closed-End Fund Info
How to Puchase Shares
Overview of the DRIP Plan
What is Preferred Stock?
SEC Filings
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.
1-Month* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception Inception Date RMT 0.11% 8.91% -2.76% 21.02% -3.47% 6.12% 9.99% 9.47% 12/14/1993 1Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception Inception Date XOTCX 11.37% 11.37% -3.48% 29.93% 0.30% 7.02% 9.92% 10.56% 12/14/1993 * Not Annualized -
Fund Statistics
as of Quarter-End 3/31/2012Fund Net Assets (Attributable to Common Stock) $309 million Symbol: Market Price RMT Symbol: NAV XOTCX Number of Holdings 323 Average Market Capitalization* $327 million Weighted Average P/E Ratio** 16.0x Weighted Average P/B Ratio 1.5x 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 2011 30% 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 3/31/2012).†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.
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Value of $10,000 Invested on 12/14/93
As of Quarter-End 3/31/2012 
Capital Structure:
Publicly Traded Securities Outstanding at 3/31/12
28 Million Shares of Common Stock
- $309 Million (NAV)
6.00% Cumulative Preferred Stock
- $60 Million
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Value of $10,000 Invested on 12/14/93
As of Quarter-End 3/31/2012
Calendar Year Total Returns
as of Quarter-End 3/31/2012
Performance Breakdown by Sector
for Quarter Ended 3/31/2012Sector Name Gain/Loss*
(in millions)1 Industrials $9.00 2 Information Technology $8.70 3 Financials $6.02 4 Consumer Discretionary $4.41 5 Health Care $1.77 6 Materials $1.02 7 Energy $0.85 8 Bonds & Preferreds $0.42 9 Consumer Staples $0.40 10 Utilities $0.16 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.
Top 5 Winners*
for Quarter Ended 3/31/2012Company Gain*
(in millions)Integrated Electrical Services $2.17 Kennedy-Wilson Holdings $1.36 Zoltek Companies $1.06 Trex Company $0.83 ACI Worldwide $0.81 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.
Top 5 Losers*
for Quarter Ended 3/31/2012Company Loss*
(in millions)Balchem Corporation -$0.65 Heckmann Corporation -$0.47 Universal Truckload Services -$0.41 PMFG -$0.37 HEICO Corporation -$0.36 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.
Special Closed-End Fund Info
How to Puchase Shares
Overview of the DRIP Plan
What is Preferred Stock?
SEC Filings 1-Month* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception Inception Date RMT 0.11% 8.91% -2.76% 21.02% -3.47% 6.12% 9.99% 9.47% 12/14/1993 1Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception Inception Date XOTCX 11.37% 11.37% -3.48% 29.93% 0.30% 7.02% 9.92% 10.56% 12/14/1993 * Not Annualized
Small-Cap Market Cycle Performance as of Quarter-End 3/31/12 
Absolute Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 3/31/12
Number of Five-Year Average Annual Return Periods Over the Last 10 Years
Relative Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 3/31/12
RMT Spread vs. Over the Last 10 Years
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 3/6/12 3/2/12 N/A $— $— $— $0.131 $9.31 12/6/11 12/2/11 $0.0143 $0.0620 $— $0.0637 $0.08 $8.38 9/6/11 9/1/11 $0.0143 $0.0620 $— $0.0637 $0.08 $8.19 6/6/11 6/2/11 $0.0133 $0.0575 $— $0.0592 $0.07 $9.24 3/7/11 3/3/11 $0.0123 $0.0531 $— $0.0546 $0.07 $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 1 Unallocated until 12/31/2012
Market Price Performance History Since Inception (12/14/1993)1
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.NAV History
Previous 12 Months Ending 4/30/2012 High $12.04 5/1/11 Low $8.39 10/3/11 Previous Month Ending 4/30/2012 High $11.00 4/2/12 Low $10.32 4/10/12 -
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
Portfolio Manager
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.
Education
- BA, Brown University
- MBA, Columbia University
Experience
- 49 Years of Experience
- 39 Years at Royce
Assistant Portfolio Managers
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.
Education
- BA, Columbia University,
- MBA, University of Chicago,
Experience
- 28 Years of Experience
- 19 Years at Royce
James J. Harvey
- Portfolio Manager
- CFA
James J. Harvey, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.
Education
- BS, State University of New York, Albany,
- MBA, New York University,
Experience
- 19 Years of Experience
- 13 Years at Royce
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Portfolio Statistics
as of Quarter-End 3/31/2012Fund Net Assets (Attributable to Common Stock) $309 million Number of Holdings 323 Net Leverage† 4% Average Market Capitalization* $327 million Weighted Average P/E Ratio** 16.0x Weighted Average P/B Ratio 1.5x Portfolio Turnover 2011 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 (21% of portfolio holdings as of 3/31/2012).Market Cap Exposure (In Millions)
as of Quarter-End 3/31/2012
Special Closed-End Fund Info
How to Puchase Shares
Overview of the DRIP Plan
What is Preferred Stock?
SEC Filings -
Kennedy-Wilson Holdings 2.0% Epoch Holding Corporation 1.5% Sapient Corporation 1.4% Integrated Electrical Services 1.4% America's Car-Mart 1.3% Tennant Company 1.3% Advisory Board (The) 1.2% Raven Industries 1.2% Seneca Foods Cl. B 1.1% Charming Shoppes 1.1% Top 10 as % of Total 13.6% Kennedy-Wilson Holdings 2.1% Epoch Holding Corporation 1.7% Integrated Electrical Services 1.6% America's Car-Mart 1.4% Sapient Corporation 1.4% Tennant Company 1.3% Advisory Board (The) 1.2% Raven Industries 1.1% Charming Shoppes 1.1% Flexsteel Industries 1.1% Top 10 as % of Total 14.2% % of Net Assets Applicable to Common Stock Holders
Portfolio Holdings
as of Quarter-End 3/31/2012View the complete list of holdings for Royce Micro-Cap Trust as of 3/31/2012. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.
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Portfolio Sector Breakdown
as of Quarter-End 3/31/2012
as of Month-End 4/30/2012
% of Net Assets (Subject to Change)Industrials 26.9% Information Technology 21.2% Financials 19.7% Consumer Discretionary 13.3% Materials 8.4% Health Care 6.0% Energy 5.0% Consumer Staples 3.3% Utilities 0.1% Bonds & Preferreds 0.4% Cash & Cash Equivalents 15.1% Industrials 27.3% Information Technology 20.9% Financials 20.6% Consumer Discretionary 13.4% Materials 8.8% Health Care 7.1% Energy 4.9% Consumer Staples 3.2% Utilities 0.1% Bonds & Preferreds 0.3% Cash & Cash Equivalents 13.0% % of Net Assets Applicable to Common Stock Holders
Asset Allocation
as of 3/31/2012
% of Net Assets (Subject to Change)
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Down Quarters
Performance Comparison 15 Years Ended 3/31/12Quarter 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 Royce Micro-Cap Trust outperformed the in 15 out of 24 down quarters.
Down Market Performance Comparison (In Percentages):
as of Quarter-End 3/31/2012
1-Month* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception Inception Date RMT 0.11% 8.91% -2.76% 21.02% -3.47% 6.12% 9.99% 9.47% 12/14/1993 1Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception Inception Date XOTCX 11.37% 11.37% -3.48% 29.93% 0.30% 7.02% 9.92% 10.56% 12/14/1993 * Not Annualized
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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%
Download literature for Royce Micro-Cap Trust
©
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.
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