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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891836-02-000474.txt : 20020924
<SEC-HEADER>0000891836-02-000474.hdr.sgml : 20020924
<ACCEPTANCE-DATETIME>20020924171119
ACCESSION NUMBER:		0000891836-02-000474
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20020924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE MICRO CAP TRUST INC /MD/
		CENTRAL INDEX KEY:			0000912147
		IRS NUMBER:				133739778
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08030
		FILM NUMBER:		02771300

	BUSINESS ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, INC.
		STREET 2:		1414 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2124084587

	MAIL ADDRESS:	
		STREET 1:		ROYCE MICRO-CAP TRUST, INC.
		STREET 2:		1414 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE OTC MICRO CAP FUND INC
		DATE OF NAME CHANGE:	19930917
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>sc0280.htm
<DESCRIPTION>SCHEDULE 14
<TEXT>
<HTML>
<HEAD>
<TITLE>
Schedule 14A
</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER>
<FONT SIZE=-2>As filed with the Securities and Exchange Commission on September 24, 2002</FONT>
</P>
<BR>&nbsp;

<CENTER>
<B>SCHEDULE 14A<BR>
(Rule 14a-101)<BR>
Information required in Proxy Statement<BR><BR>

Schedule 14A Information</B><BR>

<FONT SIZE=-1>Proxy Statement Pursuant to Section 14(a) of the<BR>
Securities Exchange Act of 1934</FONT>
</CENTER>

<P>
Filed by Registrant&nbsp;&nbsp;&nbsp;[X]<BR>
Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]
</P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=100%>Check the appropriate box:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=95%>Preliminary Proxy Statement</TD>
</TR>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=95%>Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))</TD>
</TR>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=95%>Definitive Proxy Statement</TD>
</TR>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[X]</TD>
     <TD WIDTH=95%>Definitive Additional Materials</TD>
</TR>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=95%>Soliciting Material Pursuant to &#145;SS&#146;240.14a-11(c) or
&#145;SS&#146;240.14a-12</TD>
</TR>
</TABLE>
<BR>

<CENTER>
               <FONT SIZE=+1><B>ROYCE MICRO-CAP TRUST, INC.</B></FONT><BR>
      <FONT SIZE=-2>(Name of Registrant as Specified In Its Charter)</FONT><BR><BR>

                                 Not Applicable
<HR SIZE=1 NOSHADE WIDTH=40%>
<FONT SIZE=-2>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT>
</CENTER>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=100%>Payment of Filing Fee (Check the appropriate box):</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[X]</TD>
     <TD WIDTH=95%>No fee required</TD>
</TR>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=95%>Fee computed on table
below per Exchange Act Rules 14a-6(i)(1) and 0-11</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=5%>(1)</TD>
     <TD WIDTH=90%>Title of each class of
securities to which transaction applies:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=5%>(2)</TD>
     <TD WIDTH=90%>Aggregate number of securities to which transaction applies:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=5%>(3)</TD>
     <TD WIDTH=90%>Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11(set forth the amount on which the filing fee is
calculated and state how it was determined):</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=5%>(4)</TD>
     <TD WIDTH=90%>Proposed maximum aggregate value of transaction:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=5%>(5)</TD>
     <TD WIDTH=90%>Total fee paid:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=95%>Fee paid previously with preliminary materials.</TD>
</TR>
<TR VALIGN=TOP>
     <TD WIDTH=5%>[&nbsp;&nbsp;&nbsp;]</TD>
     <TD WIDTH=95%>
Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>(1)</TD>
     <TD WIDTH=90%>Amount Previously Paid:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>(2)</TD>
     <TD WIDTH=90%>Form, Schedule or Registration Statement No.:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>(3)</TD>
     <TD WIDTH=90%>Filing Party:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>(4)</TD>
     <TD WIDTH=90%>Date Filed:</TD>
</TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%>_____________________________________________________________</TD>
</TR>
</TABLE>

<PAGE>

<P><FONT SIZE=+2><B>ROYCE MICRO-CAP TRUST, INC.</B></FONT></P>
<P ALIGN=RIGHT>
                                                 1414 Avenue of the Americas<BR>
                                                    New York, New York 10019<BR>
                                                              (212) 355-7311<BR>
                                                             (800)  221-4268</P>

<BR><BR>

<P>September 23, 2002</P>

<P>Dear Stockholder:</P>

<P><B>I am writing on behalf of Royce Micro-Cap Trust&#146;s Board of Directors
to ask you to help us defend your Fund from attack by a foreign raider and its
undisclosed principal. The raider and its undisclosed principal want to replace
a majority of your Fund&#146;s Board of Directors in order to carry out a
program to liquidate their holdings by means that would have significant adverse
effects on long-term investors and could destroy the Fund.</B></P>

<P>The raider, Laxey Partners Limited and its affiliates (&#147;Laxey&#148;),
claims to own 2.9% of the outstanding shares of your Fund&#146;s Common Stock,
which were acquired less than six months ago for the account of an
<B>unidentified</B> institutional investor.</P>

<P ALIGN=CENTER><FONT SIZE=+1><B>Does the Laxey agenda make sense?</B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%><B>NO! Your Fund&#146;s  current  Board of Directors has
                   demonstrated  its ability to manage your Fund in a
                   manner that has produced outstanding returns for
                   stockholders.</B></TD>
     <TD WIDTH=5%>&nbsp;</TD></TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=+1><B>What can you do to stop them?</B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%><B>VOTE for your current Directors by signing, dating and
                      sending in the White Proxy Card <U>today</U>. You should
                      disregard any proxy cards received from Laxey.</B></TD>
     <TD WIDTH=5%>&nbsp;</TD></TR>
</TABLE>

<P>Laxey would have you replace six of your Fund&#146;s eight current directors
at the Annual Stockholders Meeting scheduled for September 30, 2002 with
Laxey&#146;s own internal officers/employees (all foreign residents), none of
whom has any experience overseeing a U.S. fund. Why is Laxey suddenly interested
in having its people control your Fund? Certainly NOT to further your best
interests as long-term Fund stockholders. We believe that the undisclosed
investor behind Laxey has a large position in the Fund and wants to use your
Fund&#146;s assets, rather than the public markets, to reduce or eliminate that
position. You should therefore expect Laxey&#146;s nominees to dedicate
themselves to implementing this institutional investor&#146;s own exit strategy,
which will result in:</P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%><B>&#149;</B></TD>
     <TD WIDTH=95%><B>a large cost to the Fund from the forced liquidation of
portfolio  positions,  that all long-term  stockholders  will have to
suffer, and</B><BR><BR></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=5%>&#149;</TD>
     <TD WIDTH=95%><B>a significant tax burden on the Fund&#146;s long-term
stockholders.</B></TD>
</TR>
</TABLE>

<P>Moreover, Laxey&#146;s meritless proposal will cause your Fund to spend up to
$110,000 in proxy solicitation fees alone to defend against it.</P>

<P><B><U>We urge you to protect your investment by voting the White Proxy Card to
re-elect the current Board of Directors</U>.</B></P>


<PAGE>

<P>As you might expect, Laxey is completely silent about the Fund&#146;s
long-term performance under its current management, which has been excellent on
both an absolute and relative basis. Through August 31, 2002, the Fund&#146;s
Market Value cumulative total returns, including reinvested distributions, were
as follows:</P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=18%>
<BR><BR>
<B>The Fund</B><BR>
Russell 2000<BR>
S&amp;P 500
</TD>
     <TD WIDTH=18% ALIGN=CENTER>
<BR>
<U>1 Year</U><BR>
<B>-0.9%</B><BR>
- -15.4%<BR>
- -18.0%
</TD>
     <TD WIDTH=18% ALIGN=CENTER>
<BR>
<U>3 Year</U><BR>
<B>55.8%</B><BR>
- -5.0%<BR>
- -27.8%
</TD>
     <TD WIDTH=18% ALIGN=CENTER>
<BR>
<U>5 Year</U><BR>
<B>55.3%</B><BR>
- -1.7%<BR>
9.1%
</TD>
     <TD WIDTH=18% ALIGN=CENTER>
Since Inception<BR>
<U>12/4/93</U><BR>
<B>134.5%</B><BR>
76.4%<BR>
131.5%
</TD>
     <TD WIDTH=5%>&nbsp;</TD>
</TR>
</TABLE>


<P>We are quite pleased with this performance since we have just come through
the worst bear market since the 1970&#145;s. From the market peak in the Spring
of 2000 to the end of August, the Fund is up more than 20% while the Russell
2000 is down over 30%. We are very proud of these results and expect that you
are too.</P>

<P>In addition, the Fund&#146;s under 6% average market discount over the past
three months is the lowest it has been since the Fund&#146;s first year of
operation. The only commitment Laxey makes for its nominees is to offer
stockholders 98% of then current net asset value, at a time when the Fund has
been trading relatively close to this point for months! Laxey offers no other
reason for voting for its nominees. <B>Laxey&#146;s proposal is designed to
benefit it and its undisclosed principal by allowing them to liquidate their
large Fund stockholdings, notwithstanding the significant adverse consequences
to long-term stockholders and the possible destruction of your Fund.</B></P>

<P><B>YOUR BOARD OF DIRECTORS IS COMMITTED TO PRESERVING YOUR FUND. AGAIN, WE
URGE YOU TO PROTECT YOUR INVESTMENT BY VOTING THE WHITE PROXY CARD TO RE-ELECT
THE CURRENT BOARD OF DIRECTORS.</B></P>

<P>If you have any questions regarding this vital matter, please call the Fund
at 1-800-221-4268, or the Fund&#146;s proxy solicitor, Georgeson Shareholder
Communications, at 1-877-847-1382.</P>

<P><B>Thank you for your consideration and support as you protect your
investment.</B></P>

<P>Sincerely,<BR><BR>

/s/ Charles M. Royce<BR>
For the Board of Directors of<BR>
Royce Micro-Cap Trust, Inc.</P>


<P><B>P.S. I would be glad to talk to you about any of the points in this
letter. Please call me directly at 1-800-348-1414. Your Fund&#146;s officers and
Directors and their families share your long-term investment goals, as evidenced
by their ownership as a group of approximately 1,400,000 shares ($14,000,000) of
the Fund&#146;s Common Stock.</B></P>

<PAGE>

<P><FONT SIZE=+2><B>ROYCE MICRO-CAP TRUST, INC.</B></FONT></P>
<P ALIGN=RIGHT>
                                                 1414 Avenue of the Americas<BR>
                                                    New York, New York 10019<BR>
                                                              (212) 355-7311<BR>
                                                              (800) 221-4268</P>

<BR><BR>

<P>September 23, 2002</P>

<P>Dear Preferred Stockholder:</P>

<P><B>I am writing on behalf of Royce Micro-Cap Trust&#146;s Board of Directors
to ask you to help us defend the Fund from attack by a foreign raider and its
undisclosed principal. The raider and its undisclosed principal want to replace
all six of the Fund&#146;s Directors who are elected by both the Preferred and
Common Stockholders voting together as a single class, in order to carry out a
program to liquidate their Common Stock holdings by means that would have
significant adverse effects on you as a Preferred Stockholder.</B></P>

<P>The raider, Laxey Partners Limited and its affiliates (&#147;Laxey&#148;),
claims to own 2.9% of the outstanding shares of the Fund&#146;s Common Stock,
which were acquired less than six months ago for the account of an
<B>unidentified</B> institutional investor.</P>

<P ALIGN=CENTER><FONT SIZE=+1><B>Does the Laxey agenda make sense for you?</B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%><B>NO! It could require the Fund to redeem all or a
                      significant amount of your Preferred Stock and thus
                      deprive you of your tax-advantaged dividend income and
                      give you a potential loss on the redemption.</B></TD>
     <TD WIDTH=5%>&nbsp;</TD></TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=+1><B>What can you do to stop them?</B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%>&nbsp;</TD>
     <TD WIDTH=90%><B>VOTE for your current Directors by signing, dating and
                      sending in the White Proxy Card <U>today</U>. You should
                      disregard any proxy cards received from Laxey.</B></TD>
     <TD WIDTH=5%>&nbsp;</TD></TR>
</TABLE>

<P>Laxey would have you replace six of the Fund&#146;s eight current directors
who are elected by both the Preferred and Common Stockholders voting together as
a single class at the Annual Stockholders Meeting scheduled for September 30,
2002 with Laxey&#146;s own internal officers/employees (all foreign residents),
none of whom has any experience overseeing a U.S. fund. Why is Laxey suddenly
interested in having its people control the Fund? Certainly NOT to further your
best interests as Preferred Stockholders. We believe that the undisclosed
investor behind Laxey has a large position in the Fund&#146;s Common Stock and
wants to use the Fund&#146;s assets, rather than the public markets, to reduce
or eliminate that position. You should therefore expect Laxey&#146;s nominees to
dedicate themselves to implementing this institutional investor&#146;s own exit
strategy, which will result in:</P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0  WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%><B>&#149;</B></TD>
     <TD WIDTH=95%><B>Redemption of all or a significant amount of your Preferred
Stock in order to enable the Fund to open-end or continue to meet required asset
maintenance/coverage tests,</B><BR><BR></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=5%>&#149;</TD>
     <TD WIDTH=95%><B>Loss of your tax-advantaged dividend income, and</B><BR><BR></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=5%>&#149;</TD>
     <TD WIDTH=95%><B>Potential loss on redemption equal to the difference between
the Preferred Stock&#146;s market price and the fixed redemption price of $25.00
per share.</B></TD>
</TR>
</TABLE>

<P>Moreover, Laxey&#146;s meritless proposal will cause the Fund to spend up to
$110,000 in proxy solicitation fees alone to defend against it.</P>

<PAGE>

<P><B>THE DIRECTORS ARE COMMITTED TO PRESERVING THE FUND. WE URGE YOU TO PROTECT
YOUR INVESTMENT BY VOTING THE WHITE PROXY CARD TO RE-ELECT ALL OF THE
DIRECTORS.</B></P>

<P>If you have any questions regarding this vital matter, please call the Fund
at 1-800-221-4268, or the Fund&#146;s proxy solicitor, Georgeson Shareholder
Communications, at 1-877-847-1382.</P>

<P><B>Thank you for your consideration and support as you protect your
investment.</B></P>

<P>Sincerely,<BR><BR>

/s/ Charles M. Royce<BR>
For the Board of Directors of<BR>
Royce Micro-Cap Trust, Inc.</P>


<P><B>P.S. I would be glad to talk to you about any of the points in this letter.
Please call me directly at 1-800-348-1414.</B></P>

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