4Q Distributions Declared for Royce Closed-End Funds

Royce Focus Trust, Inc. (Nasdaq - FUND) Declares Fourth Quarter Common Stock Distribution of $0.11 Per Share

CUSIP: 78080N108

Royce Focus Trust, Inc. (Nasdaq - FUND) has declared a distribution of $0.11 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.

The Fund has a policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 5% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter distribution being the greater of 1.25% of the rolling average or the minimum distribution required by IRS regulations.

Total distributions to Common Stockholders declared in 2011 were $0.41 per share. For Federal income tax purposes, approximately 64% of the 2011 distributions will be characterized as long-term capital gains, 5% as qualified dividend income and 31% as return of capital. Final characterization will be determined at year-end and reported on 1099s.

Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq National Market (Nasdaq - FUND) and whose shares of Preferred Stock are listed and traded on the New York Stock Exchange (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities.

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Royce Focus Trust, Inc. Declares Fourth Quarter Dividend on its 6.00% Cumulative Preferred Stock (NYSE – RFO.pra)

CUSIP: 78080N306

Royce Focus Trust, Inc. has declared a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (exdividend on December 2, 2011).

The Preferred Stock, which trades on the New York Stock Exchange under the symbol "RFO.pra", is rated 'aaa' by Moody’s and has an annual dividend rate of $1.50 per share.

For Federal income tax purposes, approximately 93% of the 2011 distributions will be characterized as long-term capital gains and 7% as qualified dividend income. Treatment of a portion of the dividends as qualified dividend income or long-term capital gains has the effect of providing individual preferred stockholders with a higher ordinary income tax-equivalent yield. Final characterization will be determined at year-end and reported on 1099s.

Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq National Market (Nasdaq - FUND) and whose shares of Preferred Stock are listed and traded on the New York Stock Exchange (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities.

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Royce Micro-Cap Trust, Inc. (NYSE-RMT) Declares Fourth Quarter Common Stock Distribution of $0.14 Per Share

CUSIP: 780915104

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.

The Fund has a policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 5% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter distribution being the greater of 1.25% of the rolling average or the minimum distribution required by IRS regulations.

Total distributions to Common Stockholders declared in 2011 were $0.53 per share. For Federal income tax purposes, approximately 23% of the 2011 distributions will be characterized as long-term capital gains, 8% as qualified dividend income and 69% as return of capital. Final characterization will be determined at year-end and reported on 1099s.

Royce Micro-Cap Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock and Preferred Stock (NYSE – RMT.pra) are listed and traded on the New York Stock Exchange. The Fund's investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalizations of $500 million or less.

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Royce Micro-Cap Trust, Inc. Declares Fourth Quarter Dividend on its 6.00% Cumulative Preferred Stock (NYSE-RMT.pra)

CUSIP: 780915302

Royce Micro-Cap Trust, Inc. has declared a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share. The dividend 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 Preferred Stock, which trades on the New York Stock Exchange under the symbol "RMT.pra", is rated 'aaa' by Moody’s and has an annual dividend rate of $1.50 per share.

For Federal income tax purposes, approximately 74% of the 2011 distributions will be characterized as long-term capital gains and 26% as qualified dividend income. Treatment of a portion of the dividends as qualified dividend income or long-term capital gains has the effect of providing individual preferred stockholders with a higher ordinary income tax-equivalent yield. Final characterization will be determined at year-end and reported on 1099s.

Royce Micro-Cap Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock (NYSE-RMT) and Preferred Stock are listed and traded on the New York Stock Exchange. The Fund's investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalizations of $500 million or less.

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Royce Value Trust, Inc. (NYSE - RVT) Declares Fourth Quarter Common Stock Distribution of $0.20 Per Share

CUSIP: 780910105

Royce Value Trust, Inc. (NYSE - RVT) has declared a distribution of $0.20 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.

The Fund currently has a policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 5% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter distribution being the greater of 1.25% of the rolling average or the minimum distribution required by IRS regulations.

Total distributions to Common Stockholders declared in 2011 were $0.78 per share. For Federal income tax purposes, approximately 36% of the 2011 distributions will be characterized as long-term capital gains,10% as qualified dividend income and 54% as return of capital. Final characterization will be determined at year-end and reported on 1099s.

Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock and Preferred Stock (NYSE – RVT.prb) are listed and traded on the New York Stock Exchange. The Fund’s primary investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

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Royce Value Trust, Inc. Declares Fourth Quarter Dividend on its 5.90% Cumulative Preferred Stock (NYSE - RVT.prb)

CUSIP: 780910402

Royce Value Trust, Inc. has declared a cash dividend of $0.36875 per share on its Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share. The dividendis to be paid on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (exdividend on December 2, 2011).

The Preferred Stock, which trades on the New York Stock Exchange under the symbol "RVT.prb", is rated 'aaa' by Moody’s and has an annual dividend rate of $1.475 per share.

For Federal income tax purposes, approximately 78% of the 2011 distributions will be characterized as long-term capital gains and 22% as qualified dividend income. Treatment of a portion of the dividends as qualified dividend income or long-term capital gains has the effect of providing individual preferred stockholders with a higher ordinary income tax-equivalent yield. Final characterization will be determined at year-end and reported on 1099s.

Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock (NYSE - RVT) and Preferred Stock are listed and traded on the New York Stock Exchange. The Fund’s primary investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

See the Distributions page for details
Download the Press Release