On its 6.00% Cumulative Preferred Stock
Royce Funds
New York, November 22, 2006 -- Royce Micro-Cap Trust, Inc. has declared a cash dividend of $0.375 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. The dividend is to be paid on December 26, 2006 to stockholders of record at the close of business on December 6, 2006 (ex-dividend December 4, 2006).
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 76% of the distributions will be taxable at long-term capital gains rates (including qualified dividend income), 19% will be reported as net short-term capital gains and 5% will be reported as ordinary income. 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 (NYSE-RMT) and Preferred Stock are listed and traded on the New York Stock Exchange. 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 $500 million or less.
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