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

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


NEW YORK, Nov. 24  /PRNewswire-FirstCall/ -- Royce Micro-Cap Trust, Inc. has
declared a cash dividend of $0.279167 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 from the issuance date of October 16, 2003 to December 22,
2003.  The dividend is to be paid on December 23, 2003 to stockholders of record
at the close of business on December 8, 2003 (ex-dividend December 4, 2003).

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 16% of the distribution will be
reported as net short-term capital gains and 84% (including qualified dividend
income) will be taxable at long-term capital gains rates.  The treatment of a
portion of the dividends as long-term capital gains has the effect of providing
individual preferred stockholders with a higher ordinary income tax-equivalent
yield.

Royce Micro-Cap Trust, Inc. is a closed-end diversified management investment
company whose shares of Common Stock are currently listed and traded on the
Nasdaq National Market (Nasdaq - OTCM) but will begin trading on the New York
Stock Exchange on December 1, 2003 under the ticker symbol "RMT". The Fund's
shares of Preferred Stock are listed and traded on the New York Stock Exchange
(RMT.pra). The Fund's investment goal is long-term capital growth, which it
seeks by normally investing at least 80% of its assets in equity securities of
companies that, at the time of investment, have market capitalizations of $400
million or less.

For further information on The Royce Funds(SM), please visit our web site at:
http://www.roycefunds.com/. 

DATASOURCE: Royce Micro-Cap Trust, Inc.



CONTACT:  John D. Diederich of Royce Micro-Cap Trust, Inc.,

[phone]



Web site:  http://www.roycefunds.com/

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