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SIGNATURE SUSAN I. GRANT
TITLE COMPLIANCE OFFICER
<PAGE>
Ernst & Young LLP
The Board of Directors and Shareholders
Royce Micro-Cap Trust, Inc.
In planning and performing our audit of the financial statements of
Royce Micro-Cap Trust, Inc. for the year ended December 31, 1995,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Royce Micro-Cap Trust, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
February 12, 1996
<PAGE>
EXHIBIT (ITEM 77C)
ROYCE MICRO-CAP TRUST, INC.
FILE NO. 811-8030
At a Special Meeting of Stockholders held on November 28, 1995,
Fund stockholders approved changes in the Fund's fundamental
investment policies concerning the issuance of senior securities
and the borrowing of money and in its fundamental investment policy
concerning loans to permit the Fund to lend its portfolio
securities, as follows:
Votes Votes Cast Votes
Proposals Cast For Against Abstained
Change in investment 4,877,651 570,886 235,880
policy concerning
senior securities and
borrowing
Change in investment 5,100,759 390,614 193,043
policy concerning
portfolio securities
lending
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