Royce Micro-Cap Trust (NYSE: RMT) as of December 31, 2011

• Only micro-cap closed-end fund
• Average weekly trading volume of approximately 281,000 shares
• Fund’s adviser has more than 35 years of small- and micro-cap investment experience

NEW YORK--(BUSINESS WIRE)--Royce Micro-Cap Trust (NYSE: RMT):

Closing Prices – December 31, 2011
NAV $ 9.86
MKT $ 8.77
Total Return Performance
Periods ended December 31, 2011		NAV	MKT
1 Month*		0.25%	5.90%
Year to Date*		-7.69	-4.99
One-Year		-7.69	-4.99
Three-Year Average Annual		20.22	20.67
Five-Year Average Annual		-0.94	-5.44
10-Year Average Annual		7.09	7.12
*Not annualized
Portfolio Diagnostics
Wtd Average Geometric Market Cap:	$304million
Wtd. Average P/E Ratio:	15.6x*
Wtd. Average P/B Ratio:	1.3x
Net Assets Applicable to Common Stock:	$339 million
Net Leverage:	5.0%
*Excludes 21% of portfolio holdings with zero or negative earnings as of 12/31/11.

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	1.8%
2.	Sapient Corp.	1.6
3.	Epoch Holding Corp.	1.6
4.	Charming Shoppes	1.3
5.	America’s Car-Mart	1.3
6.	Raven Industries	1.3
7.	Tennant Company	1.3
8.	Drew Industries	1.2
9.	Seneca Foods Cl. B	1.1
10.	Richardson Electronics	1.1
Top Five Sectors		% of Net Assets
1.	Industrials	27%
2.	Information Technology	21
3.	Financials	20
4.	Consumer Discretionary	14
5.	Materials	9

Recent Developments

Royce Micro-Cap Trust, Inc. (NYSE-RMT) paid 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, 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 determined on December 13, 2011, was $8.38.

Royce Micro-Cap Trust, Inc. paid 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 on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011).

Royce Micro-Cap Trust (NYSE: RMT) resumed a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%.

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) and 6.00% Cumulative Preferred Stock (RMTpra) 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 capitalization of $500 million or less.

Daily net asset values (NAVs) for Royce Micro-Cap Trust, Inc. are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XOTCX. For more information, please call The Royce Funds at [phone] or visit our website at www.roycefunds.com.