Royce Micro-Cap Trust (NYSE: RMT) as of April 30, 2004

Royce Micro-Cap Trust (NYSE: RMT) as of April 30, 2004 


NEW YORK, May 17  /PRNewswire-FirstCall/ -- 

  -- Only micro-cap closed-end fund
  -- Average weekly trading volume of approximately 234,000 shares
  -- Fund's adviser has more than 25 years of small- and micro-cap
     investment experience

  Closing Prices - April 30, 2004

  NAV   $ 13.64
  MKT   $ 13.32

  Total Return Performance
  Periods ended April 30, 2004            NAV              MKT

  1 Month*                              -2.99%           -0.52%
  Year to Date*                          4.29             7.74
  One-Year                              58.72            71.01
  Three-Year Average Annual             16.59            21.78
  5-Year Average Annual                 17.91            20.58
  10-Average Annual                     14.70            15.55

  *Not annualized

  Portfolio Diagnostics

  Median Market Cap:                       $252 million
  Wtd. Average P/E Ratio:                  19.1x*
  Wtd. Average P/B Ratio:                  1.8x
  Wtd. Average Yield:                      0.6%
  Net Assets Applicable to Common Stock:   $266 million
  Net Leverage:                            2%

  *Excludes 26% of portfolio holdings with zero or negative earnings as of
  4/30/04.

  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.  U.S. Treasury Note (1.875% due 09/30/04)             1.6%
  2.  Juno Lighting                                        1.3
  3.  Stein Mart                                           1.1
  4.  Covansys                                             1.0
  5.  Seneca Foods                                         1.0
  6.  Excel Technology                                     1.0
  7.  Delta Apparel                                        1.0
  8.  BHA Group Holdings                                   1.0
  9.  Transaction Systems Architects Cl. A                 0.9
  10. Sapient                                              0.9


  Top Five Industries                               % of Net Assets
  1.  Technology                                          24.8%
  2.  Industrial Products                                 15.8
  3.  Industrial Services                                 14.9
  4.  Health                                              12.1
  5.  Natural Resources                                   11.0


  Recent Developments


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 $400 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
http://www.roycefunds.com/ 

DATASOURCE: Royce Micro-Cap Trust



CONTACT:  John D. Diederich, [phone], for Royce Micro-Cap Trust,

Inc.



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

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