Royce Micro-Cap Trust (NYSE: RMT) as of January 31, 2004

Royce Micro-Cap Trust (NYSE: RMT) as of January 31, 2004 


NEW YORK, Feb. 17  /PRNewswire-FirstCall/ -- 

  -- Only micro-cap closed-end fund
  -- Average weekly trading volume of approximately 245,000 shares
  -- Fund's adviser has more than 25 years of small- and micro-cap
     investment experience

  Closing Prices - January 31, 2004

  NAV   $ 14.00
  MKT   $ 13.45

  Total Return Performance
  Periods ended January 31, 2004           NAV            MKT

  1 Month*                               5.03%          6.75%
  One-Year                               66.02          75.86
  Three-Year Average Annual              16.38          19.94
  5-Year Average Annual                  17.30          20.54
  10-Average Annual                      14.66          13.64

   * Not annualized

  Portfolio Diagnostics

  Median Market Cap:                          $263 million
  Wtd. Average P/E Ratio:                     19.4x*
  Wtd. Average P/B Ratio:                     1.8x
  Wtd. Average Yield:     0.6%
  Net Assets Attributable to Common Stock:    $266 million
  Net Leverage:                               4%

  * Excludes 28% of portfolio holdings with zero or negative earnings as of
    1/31/04.



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.   Sapient Corporation                1.2%
    2.   Seneca Foods                               1.2
    3.   Juno Lightening                            1.2
    4.   Transaction Systems Architects Cl. A       1.2
    5.   Excel Technology                           1.1
    6.   Stein Mart                                 1.1
    7.   Covansys Corporation                       1.1
    8.   Delta Apparel                              1.0
    9.   Richardson Electronics                     1.0
  10.   BHA Group Holdings                   1.0

  Top Five Industries                         % of Net Assets
    1.  Technology                                   27%
    2.  Industrial Products                          16
    3.  Industrial Services                          15
    4.  Health                                       13
    5.  Natural Resources                            10


  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, Royce Micro-Cap Trust, [phone]



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

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