Royce Micro-Cap Trust (NYSE: RMT) as of November 30, 2003

Royce Micro-Cap Trust (NYSE: RMT) as of November 30, 2003 


NEW YORK, Dec. 10  /PRNewswire-FirstCall/ -- 

  -- Only micro-cap closed-end fund

  -- Average weekly trading volume of approximately 262,000 shares

  -- Fund's adviser has more than 25 years of small- and micro-cap
     investment experience

  Closing Prices - November 30, 2003

   NAV $ 13.20
   MKT $ 13.15

   Total Return Performance
   Periods ended November 30, 2003           NAV               MKT

   1 Month*                                 3.45%             5.71%
   YTD*                                    51.19             67.57
   One-Year                                44.11             58.91
   Three-Year Average Annual               19.18             25.03
   Five-Year Average Annual                15.68             18.43
   From Inception (12/14/93)
    Average Annual                         14.03             13.60

   *Not annualized

   Portfolio Diagnostics

   Median Market Cap:                      $261 million
   Wtd. Average P/B Ratio:                 1.7x
   Wtd. Average Yield:                     0.6%
   Net Assets Attributable to Common
    Stock:                                 $268 million
   Net Leverage:                           0%



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                       1.4%
    2.   Seneca Foods                              1.3
    3.   Excel Technology                          1.2
    4.   Transaction Systems Architects Cl. A      1.0
    5.   Stein Mart                                1.0
    6.   800 JR Cigar                              0.9
    7.   Carlisle Holdings                         0.9
    8.   Denison International ADR                 0.9
    9.   BHA Group Holdings                        0.9
   10.   Delta Apparel                             0.9

   Top Five Industries                     % of Net Assets
    1.  Technology                                 27%
    2.  Industrial Products                        16
    3.  Industrial Services                        13
    4.  Health                                     11
    5.  Consumer Products                          10

  Recent Developments


Royce Micro-Cap Trust began trading on the New York Stock Exchange effective
December 1, 2003 under the symbol "RMT".  The Fund previously traded on Nasdaq
under the symbol OTCM.

Royce Micro-Cap Trust, Inc. has declared a quarterly distribution of $0.24 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, 2003 to stockholders of record at the close of business on
December 8, 2003 (ex-dividend on December 4, 2003).  The price of shares issued
for reinvestment will be determined on December 15, 2003.

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.

The Fund has a policy of paying quarterly distributions on its Common Stock. 
Distributions are being made at the annual rate of 9% of the rolling average of
the prior four calendar quarter-end NAVs, with the fourth quarter distribution
being the greater of 2.25% of the rolling average or the minimum distribution
required by IRS regulations.

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 for Royce Micro-Cap Trust, [phone]



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

Copyright