UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-08030

Name of Fund: Royce Micro-Cap Trust, Inc.
Fund Address:   745 Fifth Avenue
  New York, NY 10151

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500

Date of fiscal year end: 12/31/2013

Date of reporting period: 9/30/2013


Item 1 – Schedule of Investments

SCHEDULE OF INVESTMENTS                  
ROYCE MICRO-CAP TRUST                  
SEPTEMBER 30, 2013 (UNAUDITED)                  
      SHARES         VALUE  

COMMON STOCKS – 103.2%

                  
                   

Consumer Discretionary – 11.3%

                  

Auto Components - 1.7%

                  

China Zenix Auto International ADR 1

     50,000       $ 185,000  

Drew Industries 2,3

     102,700         4,676,958  

Fuel Systems Solutions 1

     76,000         1,494,160  

Spartan Motors

     78,200         474,674  
             
 
                6,830,792  
             
 

Distributors - 0.4%

                  

Weyco Group

     59,600         1,687,872  
             
 

Diversified Consumer Services - 0.1%

                  

Lincoln Educational Services

     64,000         295,040  

Spectrum Group International 1,4

     6,925         13,712  
             
 
                308,752  
             
 

Household Durables - 3.2%

                  

Cavco Industries 1

     3,091         176,033  

Ethan Allen Interiors 3

     81,600         2,274,192  

Flexsteel Industries

     172,500         4,307,325  

Koss Corporation

     73,400         374,340  

Lifetime Brands

     66,100         1,010,669  

Natuzzi ADR 1

     85,718         154,292  

Universal Electronics 1

     129,400         4,662,282  
             
 
                12,959,133  
             
 

Internet & Catalog Retail - 0.0%

                  

Geeknet 1

     1,500         25,260  
             
 

Leisure Equipment & Products - 0.4%

                  

Arctic Cat

     8,364         477,166  

LeapFrog Enterprises Cl. A 1,3

     32,800         308,976  

Nautilus 1

     118,200         853,404  
             
 
                1,639,546  
             
 

Media - 1.0%

                  

Rentrak Corporation 1

     108,500         3,539,270  

Saga Communications Cl. A

     12,100         536,998  
             
 
                4,076,268  
             
 

Specialty Retail - 2.9%

                  

America’s Car-Mart 1,2,3

     83,500         3,766,685  

Cache 1

     123,700         737,252  

Destination Maternity

     45,900         1,459,620  

Lewis Group

     57,000         370,888  

Shoe Carnival 3

     30,728         829,963  

Stage Stores 3

     6,000         115,200  

Stein Mart 3

     178,900         2,454,508  

Systemax 3

     84,000         778,680  

West Marine 1

     101,600         1,239,520  
             
 
                11,752,316  
             
 

Textiles, Apparel & Luxury Goods - 1.6%

                  

Crown Crafts

     185,600         1,336,320  

G-III Apparel Group 1,3

     8,100         442,179  

J.G. Boswell Company 4

     2,490         2,178,750  

Marimekko

     25,300         361,438  

Movado Group 3

     44,374         1,941,363  
             
 
                6,260,050  
             
 

Total

               45,539,989  
             
 
                   

Consumer Staples – 2.6%

                  

Food & Staples Retailing - 0.4%

                  

Arden Group Cl. A

     12,000         1,560,000  
             
 

Food Products - 2.0%

                  

Armanino Foods of Distinction 4

     10,000         16,900  

Asian Citrus Holdings

     1,060,000         370,376  

Calavo Growers 3

     30,323         916,968  

Farmer Bros. 1

     65,700         989,442  

Griffin Land & Nurseries

     64,274         2,063,195  

Seneca Foods Cl. A 1,3

     51,400         1,546,626  

Seneca Foods Cl. B 1

     42,500         1,338,750  

SunOpta 1

     79,500         772,740  

Waterloo Investment Holdings 1,5

     806,207         117,464  
             
 
                8,132,461  
             
 

Personal Products - 0.2%

                  

Inter Parfums 3

     24,800         743,752  
             
 

Total

               10,436,213  
             
 
                   

Energy – 3.7%

                  

Energy Equipment & Services - 2.8%

                  

Dawson Geophysical 1

     53,213         1,727,826  

Geospace Technologies 1,3

     9,500         800,850  

Global Geophysical Services 1

     35,000         94,850  

Gulf Island Fabrication

     29,116         713,633  

Lamprell 1

     202,400         457,094  

Matrix Service 1,3

     54,800         1,075,176  

Newpark Resources 1

     64,500         816,570  

North American Energy Partners 1

     50,000         272,500  

Nuverra Environmental Solutions 1,2,3

     100,000         229,000  

Pason Systems

     125,000         2,755,934  

Pioneer Energy Services 1,3

     57,500         431,825  

Tesco Corporation 1,3

     50,000         828,500  

Willbros Group 1

     131,100         1,203,498  
             
 
                11,407,256  
             
 

Oil, Gas & Consumable Fuels - 0.9%

                  

Approach Resources 1,3

     12,000         315,360  

Harvest Natural Resources 1

     13,176         70,492  

Resolute Energy 1,3

     102,100         853,556  

Sprott Resource

     91,800         258,453  

StealthGas 1

     74,500         680,930  

VAALCO Energy 1,3

     100,800         562,464  

Warren Resources 1

     290,000         849,700  
             
 
                3,590,955  
             
 

Total

               14,998,211  
             
 
                   

Financials – 17.6%

                  

Capital Markets - 6.6%

                  

ASA Gold and Precious Metals

     156,000         2,067,000  

Aurelius

     40,500         1,312,231  

Cowen Group 1

     600,600         2,072,070  

Diamond Hill Investment Group

     30,979         3,313,204  

Equity Trustees

     41,030         681,329  

FBR & Co. 1

     53,750         1,441,038  

Fiera Capital

     78,000         870,074  

INTL FCStone 1,3

     26,310         538,040  

JZ Capital Partners

     253,999         1,887,405  

MVC Capital

     131,200         1,713,472  

NGP Capital Resources

     177,723         1,320,482  

Queen City Investments 4

     948         995,400  

Silvercrest Asset Management Group Cl. A 1

     96,000         1,308,480  

Sprott

     622,200         1,691,335  

U.S. Global Investors Cl. A

     651,254         1,862,586  

Urbana Corporation 1

     237,600         449,803  

Virtus Investment Partners 1,3

     15,200         2,472,128  

Westwood Holdings Group 3

     13,500         648,675  
             
 
                26,644,752  
             
 

Commercial Banks - 1.5%

                  

Bank of N.T. Butterfield & Son

     538,100         747,959  

BCB Holdings 1

     806,207         212,090  

Chemung Financial

     34,398         1,191,203  

Fauquier Bankshares

     140,200         1,788,952  

First Bancorp

     40,200         674,556  

Peapack-Gladstone Financial

     68,868         1,277,501  
             
 
                5,892,261  
             
 

Consumer Finance - 0.4%

                  

Regional Management 1

     51,400         1,634,520  
             
 

Diversified Financial Services - 2.0%

                  

Banca Finnat Euramerica

     1,310,000         504,555  

Bolsa Mexicana de Valores

     300,000         717,140  

GAIN Capital Holdings

     25,000         314,750  

HF2 Financial Management Cl. A 1

     207,700         2,114,386  

JSE

     95,400         817,151  

PICO Holdings 1,3

     45,700         989,862  

RHJ International 1

     348,000         1,826,673  

Warsaw Stock Exchange

     52,900         644,723  
             
 
                7,929,240  
             
 

Insurance - 2.1%

                  

Hallmark Financial Services 1

     138,000         1,224,060  

Independence Holding Company

     105,380         1,504,826  

National Western Life Insurance Cl. A 3

     12,033         2,427,899  

State Auto Financial 3

     109,264         2,287,988  

United Fire Group 3

     38,603         1,176,233  
             
 
                8,621,006  
             
 

Real Estate Investment Trusts (REITs) - 0.4%

                  

BRT Realty Trust 1

     228,681         1,637,356  
             
 

Real Estate Management & Development - 3.7%

                  

Altisource Asset Management 1

     4,950         2,601,175  

Consolidated-Tomoka Land

     55,750         2,145,818  

E-House China Holdings ADR

     122,439         1,122,766  

Forestar Group 1,3

     53,000         1,141,090  

Kennedy-Wilson Holdings

     238,200         4,420,992  

Tejon Ranch 1,2,3

     112,162         3,459,076  

ZipRealty 1

     25,000         136,750  
             
 
                15,027,667  
             
 

Thrifts & Mortgage Finance - 0.9%

                  

Alliance Bancorp, Inc. of Pennsylvania

     41,344         599,488  

BofI Holding 1,2,3

     49,162         3,188,647  
             
 
                3,788,135  
             
 

Total

               71,174,937  
             
 
                   

Health Care – 7.8%

                  

Biotechnology - 1.4%

                  

Celsion Corporation 1

     160,000         184,000  

Chelsea Therapeutics International 1

     560,000         1,685,600  

Geron Corporation 1

     220,066         737,221  

Halozyme Therapeutics 1

     81,622         901,107  

Idenix Pharmaceuticals 1

     221,000         1,151,410  

ZIOPHARM Oncology 1,2,3

     320,000         1,264,000  
             
 
                5,923,338  
             
 

Health Care Equipment & Supplies - 3.9%

                  

Allied Healthcare Products 1

     151,772         343,005  

AngioDynamics 1,3

     190,000         2,508,000  

Atrion Corporation

     11,657         3,016,598  

CryoLife

     41,973         293,811  

DynaVox Cl. A 1,4

     20,000         1,740  

Exactech 1

     111,000         2,236,650  

Invacare Corporation 3

     92,400         1,595,748  

Medical Action Industries 1

     125,250         831,660  

STRATEC Biomedical

     14,000         599,543  

Synergetics USA 1

     62,850         285,968  

Syneron Medical 1

     69,200         596,504  

Trinity Biotech ADR Cl. A

     40,000         870,400  

Utah Medical Products

     42,300         2,514,312  
             
 
                15,693,939  
             
 

Health Care Providers & Services - 1.9%

                  

Addus HomeCare 1

     34,400         996,568  

CorVel Corporation 1,3

     40,000         1,478,800  

Cross Country Healthcare 1

     323,200         1,958,592  

Gentiva Health Services 1,3

     23,000         276,920  

PDI 1

     65,383         315,146  

PharMerica Corporation 1,3

     40,000         530,800  

Psychemedics Corporation

     67,300         891,725  

U.S. Physical Therapy

     35,857         1,114,436  
             
 
                7,562,987  
             
 

Health Care Technology - 0.1%

                  

Computer Programs and Systems

     5,000         292,500  
             
 

Life Sciences Tools & Services - 0.5%

                  

Affymetrix 1

     150,000         930,000  

Furiex Pharmaceuticals 1

     23,758         1,045,114  
             
 
                1,975,114  
             
 

Total

               31,447,878  
             
 
                   

Industrials – 27.8%

                  
Aerospace & Defense - 3.0%                  

AeroVironment 1,3

     15,900         367,290  

Astronics Corporation 1

     12,444         618,591  

Breeze-Eastern Corporation 1

     24,233         238,695  

CPI Aerostructures 1

     64,609         748,818  

Ducommun 1

     128,700         3,691,116  

HEICO Corporation 2,3

     44,300         3,000,882  

Innovative Solutions and Support

     157,828         1,256,311  

Kratos Defense & Security Solutions 1

     72,324         598,843  

SIFCO Industries

     45,800         842,720  

Sparton Corporation 1

     35,700         910,350  
             
 
                12,273,616  
             
 

Air Freight & Logistics - 0.1%

                  

Pacer International 1

     35,000         216,650  
             
 

Building Products - 3.8%

                  

AAON 2,3

     108,450         2,880,432  

American Woodmark 1,3

     64,800         2,245,320  

Apogee Enterprises

     57,900         1,718,472  

Burnham Holdings Cl. A 4

     120,278         2,201,087  

Griffon Corporation 3

     89,500         1,122,330  

Trex Company 1,2,3

     58,500         2,897,505  

WaterFurnace Renewable Energy

     105,200         2,221,349  
             
 
                15,286,495  
             
 

Commercial Services & Supplies - 1.8%

                  

CompX International Cl. A

     107,500         1,395,350  

Heritage-Crystal Clean 1

     186,990         3,369,560  

Interface 3

     27,000         535,680  

Team 1,2,3

     53,040         2,108,340  
             
 
                7,408,930  
             
 

Construction & Engineering - 2.1%

                  

Ameresco Cl. A 1

     122,000         1,222,440  

Integrated Electrical Services 1,6

     998,500         4,053,910  

Layne Christensen 1,3

     21,900         437,124  

MYR Group 1,2,3

     102,600         2,493,180  

Pike Electric 3

     31,200         353,184  
             
 
                8,559,838  
             
 

Electrical Equipment - 2.0%

                  

Active Power 1

     5,526         16,081  

AZZ

     16,494         690,439  

Deswell Industries

     544,371         1,333,709  

Encore Wire 3

     15,000         591,600  

Global Power Equipment Group

     37,000         744,070  

Jinpan International

     35,000         253,750  

LSI Industries

     79,812         673,613  

Orion Energy Systems 1

     100,000         376,000  

Powell Industries 1,3

     35,750         2,191,117  

Preformed Line Products

     16,000         1,150,880  
             
 
                8,021,259  
             
 

Industrial Conglomerates - 1.0%

                  

Raven Industries 3

     116,800         3,820,528  
             
 

Machinery - 7.2%

                  

Alamo Group

     14,200         694,522  

American Railcar Industries

     50,415         1,977,780  

Armstrong Industrial

     585,500         184,347  

CIRCOR International 3

     14,000         870,520  

Columbus McKinnon 1

     5,150         123,755  

Douglas Dynamics

     50,000         736,500  

Eastern Company (The)

     39,750         642,758  

FAG Bearings India

     27,200         556,100  

Foster (L.B.) Company 3

     59,200         2,707,808  

Graham Corporation

     44,800         1,618,624  

Hurco Companies

     52,666         1,361,943  

Kadant

     28,000         940,520  

Luxfer Holdings ADR

     60,200         961,996  

NN

     164,300         2,556,508  

PMFG 1

     223,245         1,652,013  

Sarin Technologies

     935,000         1,173,827  

Semperit AG Holding

     12,500         574,961  

Standex International 3

     17,500         1,039,500  

Sun Hydraulics 3

     110,687         4,012,404  

Tennant Company 2,3

     73,800         4,575,600  
             
 
                28,961,986  
             
 

Marine - 0.4%

                  

Clarkson

     40,400         1,471,581  
             
 

Professional Services - 3.6%

                  

Advisory Board (The) 1,2,3

     48,000         2,855,040  

CBIZ 1

     47,000         349,680  

Exponent 2,3

     66,600         4,784,544  

GP Strategies 1,3

     18,185         476,811  

Heidrick & Struggles International

     167,768         3,197,658  

JobStreet Corporation

     100,000         70,256  

Kforce 3

     60,000         1,061,400  

RPX Corporation 1

     100,000         1,753,000  
             
 
                14,548,389  
             
 

Road & Rail - 1.9%

                  

Marten Transport

     23,250         398,738  

Patriot Transportation Holding 1

     111,681         3,778,168  

Universal Truckload Services

     134,200         3,577,772  
             
 
                7,754,678  
             
 

Trading Companies & Distributors - 0.6%

                  

Aceto Corporation

     72,219         1,128,061  

Houston Wire & Cable

     67,375         907,541  

Lawson Products 1

     50,269         518,273  
             
 
                2,553,875  
             
 

Transportation Infrastructure - 0.3%

                  

Touax

     53,197         1,374,581  
             
 

Total

               112,252,406  
             
 
                   

Information Technology – 21.0%

                  
Communications Equipment - 1.1%                  

Bel Fuse Cl. A

     67,705         1,172,650  

CalAmp Corporation 1

     37,000         652,310  

ClearOne 1

     25,000         202,750  

Extreme Networks 1

     245,000         1,278,900  

Oplink Communications 1

     35,251         663,424  

PC-Tel

     44,100         390,285  

Symmetricom 1

     4,700         22,654  
             
 
                4,382,973  
             
 

Computers & Peripherals - 0.8%

                  

Intevac 1

     180,000         1,054,800  

Qumu Corporation 1

     79,200         982,872  

TransAct Technologies

     78,600         1,028,874  
             
 
                3,066,546  
             
 

Electronic Equipment, Instruments & Components - 7.2%

                  

Agilysys 1

     232,000         2,765,440  

Domino Printing Sciences

     80,000         828,878  

DTS 1

     73,900         1,551,900  

Hollysys Automation Technologies 1

     189,600         2,834,520  

Inficon Holding

     3,600         1,154,420  

LRAD Corporation 1

     299,256         433,921  

Maxwell Technologies 1

     242,594         2,202,754  

Mesa Laboratories

     61,689         4,170,793  

Newport Corporation 1,3

     115,400         1,803,702  

Parametric Sound 1,2,3

     25,000         313,250  

PC Connection

     47,300         713,757  

Pulse Electronics 1

     28,620         111,618  

Richardson Electronics

     300,900         3,421,233  

Rogers Corporation 1,2,3

     58,400         3,473,632  

TTM Technologies 1,3

     114,400         1,115,400  

Vishay Precision Group 1

     144,000         2,095,200  

Zygo Corporation 1,3

     15,100         241,298  
             
 
                29,231,716  
             
 

Internet Software & Services - 2.9%

                  

Bitauto Holdings ADR 1

     50,000         806,000  

comScore 1

     124,000         3,592,280  

Marchex Cl. B

     95,000         691,600  

Mediabistro 1

     75,000         111,000  

RealNetworks 1

     265,200         2,270,112  

Stamps.com 1,3

     11,800         541,974  

Support.com 1

     465,263         2,535,683  

United Online

     105,000         837,900  

World Energy Solutions 1

     72,920         240,636  
             
 
                11,627,185  
             
 

IT Services - 3.5%

                  

Cass Information Systems 3

     29,150         1,555,735  

Computer Task Group 3

     206,000         3,328,960  

CSE Global

     554,700         397,936  

Dynamics Research 1

     102,000         775,200  

eClerx Services

     25,100         334,774  

Forrester Research 3

     61,700         2,268,092  

Hackett Group

     92,400         658,812  

Innodata 1

     303,640         786,428  

Official Payments Holdings 1

     113,414         943,604  

Sapient Corporation 1,2,3

     201,600         3,138,912  
             
 
                14,188,453  
             
 

Semiconductors & Semiconductor Equipment - 3.5%

                  

Advanced Energy Industries 1,3

     47,900         839,208  

Amtech Systems 1

     72,900         532,170  

ATMI 1

     46,800         1,241,136  

Entropic Communications 1

     295,247         1,293,182  

Exar Corporation 1,2,3

     233,208         3,127,319  

Integrated Silicon Solution 1

     27,467         299,116  

IXYS Corporation

     18,800         181,420  

Kopin Corporation 1

     825         3,325  

Kulicke & Soffa Industries 1

     72,200         833,910  

LTX-Credence Corporation 1

     36,800         242,144  

Miraial

     22,030         357,249  

MoSys 1

     292,275         1,087,263  

Photronics 1

     118,600         928,638  

RDA Microelectronics ADR

     55,400         847,066  

Rubicon Technology 1,2,3

     76,899         931,247  

Rudolph Technologies 1,3

     52,500         598,500  

Silicon Motion Technology ADR

     68,100         889,386  
             
 
                14,232,279  
             
 

Software - 2.0%

                  

ACI Worldwide 1,2,3

     48,700         2,632,722  

Actuate Corporation 1

     109,300         803,355  

American Software Cl. A

     118,796         1,014,518  

BSQUARE Corporation 1

     193,875         533,156  

Envivio 1

     550,000         1,727,000  

Pegasystems 3

     24,500         975,345  

SeaChange International 1

     32,800         376,216  
             
 
                8,062,312  
             
 

Total

               84,791,464  
             
 
                   

Materials – 6.1%

                  

Chemicals - 2.7%

                  

Balchem Corporation 2,3

     63,375         3,279,656  

Hawkins 3

     29,697         1,120,765  

KMG Chemicals

     33,400         734,466  

Landec Corporation 1

     75,610         922,442  

OM Group 1,3

     10,200         344,556  

Quaker Chemical 3

     63,000         4,602,150  
             
 
                11,004,035  
             
 

Construction Materials - 0.7%

                  

Ash Grove Cement 4

     8,000         1,512,000  

Monarch Cement

     52,303         1,308,621  
             
 
                2,820,621  
             
 

Metals & Mining - 2.7%

                  

AuRico Gold

     91,250         347,663  

Central Steel & Wire 4

     788         583,120  

Comstock Mining 1

     375,000         675,000  

Crocodile Gold 1

     490,000         40,435  

Endeavour Mining 1

     622,800         411,149  

Exeter Resource 1

     496,500         392,235  

Geodrill 1

     177,700         162,165  

Haynes International 3

     24,901         1,128,762  

Hecla Mining

     44,518         139,787  

Horsehead Holding Corporation 1,3

     42,888         534,384  

MAG Silver 1

     74,750         439,530  

Major Drilling Group International

     261,000         1,877,588  

Materion Corporation

     50,000         1,603,000  

Midway Gold 1

     345,000         329,475  

RTI International Metals 1,3

     25,000         801,000  

Universal Stainless & Alloy Products 1

     25,000         813,250  

Victoria Gold 1

     1,100,000         133,489  

Vista Gold 1

     802,929         370,150  
             
 
                10,782,182  
             
 

Paper & Forest Products - 0.0%

                  

Qunxing Paper Holdings 5

     1,500,000         19,340  
             
 

Total

               24,626,178  
             
 

Telecommunication Services – 0.3%

                  

Diversified Telecommunication Services - 0.3%

                  

Global Telecom & Technology 1

     207,660         1,110,981  
             
 

Total

               1,110,981  
             
 

Utilities – 0.1%

                  

Independent Power Producers & Energy Traders - 0.1%

                  

Alterra Power 1

     450,000         131,062  

China Hydroelectric ADS 1

     73,100         184,212  
             
 

Total

               315,274  
             
 

Miscellaneous 7 – 4.9%

                  

Total

               19,674,096  
             
 

TOTAL COMMON STOCKS

                  

(Cost $283,320,752)

               416,367,627  
             
 

PREFERRED STOCK – 0.3%

                  

Seneca Foods Conv. 1,4

                  

(Cost $578,719)

     45,409         1,226,043  
             
 

REPURCHASE AGREEMENT – 7.1%

                  

Fixed Income Clearing Corporation,

                  

0.00% dated 9/30/13, due 10/1/13,

                  

maturity value $28,856,000 (collateralized

                  

by obligations of various U.S. Government

                  

Agencies, 2.25%-2.625% due 12/31/14-1/31/15,

                  

valued at $29,433,965)

                  

(Cost $28,856,000)

               28,856,000  
             
 

TOTAL INVESTMENTS – 110.6%

                  

(Cost $312,755,471)

               446,449,670  
                   

LIABILITIES LESS CASH

                  

AND OTHER ASSETS – (10.6)%

               (42,924,340 )
             
 

NET ASSETS – 100.0%

             $ 403,525,330  
             
 
                   
1    Non-income producing.
2   
At September 30, 2013, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $43,934,289.
3   
All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at September 30, 2013. Total market value of pledged securities at September 30, 2013, was $129,033,226.
4   
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
5   
Securities for which market quotations are not readily available represent 0.0% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.
6   
At September 30, 2013, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.
7   
Includes securities first acquired in 2013 and less than 1% of net assets.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $313,502,192. At September 30, 2013, net unrealized appreciation for all securities was $132,947,478, consisting of aggregate gross unrealized appreciation of $155,908,837 and aggregate gross unrealized depreciation of $22,961,359. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:
 Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund's Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
  Level 1 –  
quoted prices in active markets for identical securities.
  Level 2 –  
other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.
  Level 3 –  
significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2013. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

        Level 1       Level 2       Level 3       Total
Common Stocks     $ 408,728,114     $ 7,502,709     $ 136,804     $ 416,367,627
Preferred Stocks       –       1,226,043       –       1,226,043
Cash Equivalents       –       28,856,000       –       28,856,000

For the nine months ended September 30, 2013, certain securities have transferred in and out of Level 1 and Level 2 measurements as a result of the fair value pricing procedures for international equities. The Fund recognizes transfers between levels as of the end of the reporting period. At September 30, 2013, securities valued at $1,740 were transferred from Level 1 to Level 2 and securities valued at $17,407,607 were transferred from Level 2 to Level 1 within the fair value hierarchy.

Level 3 Reconciliation:

      Balance as of 12/31/12     Realized and Unrealized
Gain (Loss)		       Balance as of 9/30/13
Common Stocks     $197,755     $(60,951)       $136,804

Repurchase Agreements:
 The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities.

Borrowings:
 The Fund has entered into a $45,000,000 revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund will be compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund will receive a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.

Transactions in Affiliated Companies:
 An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The Fund effected the following transactions in shares of such companies for the nine months ended September 30, 2013:

    Shares   Market Value   Cost of   Cost of   Realized   Dividend   Shares   Market Value
Affiliated Company   12/31/12   12/31/12   Purchases   Sales   Gain (Loss)   Income   9/30/13   9/30/13
Integrated Electrical Services   1,099,679   $5,124,504   –   $187,181   $381,992   –   998,500   $4,053,910
        $5,124,504           $381,992           $4,053,910

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).


Item 2 - Controls and Procedures
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 – Exhibits
Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Royce Micro-Cap Trust, Inc.
By:

/s/ Charles M. Royce
Charles M. Royce
President, Royce Micro-Cap Trust, Inc.
Date: November 19, 2013


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:

/s/ Charles M. Royce
Charles M. Royce
President, Royce Micro-Cap Trust, Inc.
Date: November 19, 2013

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 19, 2013