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: 1414 Avenue of the Americas
New York, NY 10019

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
1414 Avenue of the Americas
New York, NY 10019

Registrant’s telephone number, including area code: (212) 486-1445

Date of fiscal year end: 12/31/2005

Date of reporting period: 9/30/2005

Item 1 - Schedule of Investments
Portfolio of Investments

ROYCE MICRO-CAP TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED)
COMMON STOCKS - 106.5%
	SHARES		VALUE
Consumer Products - 5.2%
Apparel and Shoes - 1.7%
Delta Apparel	146,400	$	2,094,984
Kleinert’s a,e	14,200		0
Steven Madden a,d	14,500		332,340
Marisa Christina a,d	76,600		55,152
Skechers U.S.A. Cl. A a,d	10,000		163,700
Stride Rite	10,000		128,200
Weyco Group	120,000		2,340,000
			5,114,376
Collectibles - 0.5%
Enesco Group a	127,600		207,988
Topps Company (The)	148,500		1,219,185
			1,427,173
Food/Beverage/Tobacco - 0.3%
CoolBrands International a	8,500		17,914
Green Mountain Coffee Roasters a	26,600		925,148
Nutrition 21 a,d	40,000		36,000
			979,062
Home Furnishing and Appliances - 0.5%
Lifetime Brands	52,554		1,410,550
Stanley Furniture Company	5,000		130,950
			1,541,500
Publishing - 0.1%
Educational Development	10,600		98,686
Sports and Recreation - 0.7%
Monaco Coach	73,900		1,089,286
National R.V. Holdings a	31,800		166,950
Sturm, Ruger & Company	95,000		874,000
			2,130,236
Other Consumer Products - 1.4%
Burnham Holdings Cl. A	79,500		1,848,375
Cobra Electronics a	10,000		83,200
Cross (A. T.) Company Cl. A a	100,000		479,000
JAKKS Pacific a	30,000		486,900
Lazare Kaplan International a	151,700		1,495,762
Sonic Solutions a,d	2,000		43,000
			4,436,237
Total			15,727,270
Consumer Services - 4.4%
Direct Marketing - 0.1%
J. Jill Group a	1,600		25,312
Sportsman’s Guide (The) a	6,000		163,800
ValueVision Media Cl. A a,d	5,000		56,750
			245,862
Leisure and Entertainment - 0.1%
IMAX Corporation a,d	25,000		260,750
Multimedia Games a	5,000		48,550
Singing Machine Company (The) a,d	5,000		1,950
TiVo a,d	20,000		109,800
			421,050
Media and Broadcasting - 0.3%
Outdoor Channel Holdings a,d	69,750		1,029,510
Restaurants and Lodgings - 0.1%
Benihana Cl. A a	800		14,392
California Pizza Kitchen a,d	2,100		61,404
			75,796
Retail Stores - 3.6%
Brookstone a	49,125		979,553
Buckle (The)	35,500		1,205,935
Cache a	4,400		67,012
Casual Male Retail Group a	2,000		13,760
Cato Corporation Cl. A	71,850		1,431,971
Charlotte Russe Holding a,d	3,800		50,616
Deb Shops	19,900		432,626
Dress Barn (The) a,d	12,160		276,762
Gander Mountain Company a,d	3,300		29,667
Kirkland’s a,d	44,300		337,123
La Senza Corporation	99,900		1,714,413
Party City a	40,000		676,800
Shoe Carnival a	11,000		175,010
Stein Mart	148,900		3,022,670
United Retail Group a	60,600		462,984
			10,876,902
Other Consumer Services - 0.2%
Ambassadors Group	15,000		334,500
Ambassadors International	6,100		85,462
Autobytel a,d	20,000		100,200
Rent-Way a,d	32,000		219,840
			740,002
Total			13,389,122
Diversified Investment Companies - 1.7%
Closed-End Mutual Funds - 1.7%
ASA Bermuda	81,500		3,813,385
Central Fund of Canada Cl. A	237,000		1,339,050
Total			5,152,435
Financial Intermediaries - 6.6%
Banking - 3.0%
Abigail Adams National Bancorp c	244,400		3,788,200
Arrow Financial	14,322		388,417
Bancorp (The) a	51,380		821,567
First National Lincoln	40,200		773,850
FirstBank NW	4,930		135,575
Lakeland Financial	22,500		930,375
Meta Financial Group	44,800		884,800
Queen City Investments a	948		788,736
Sterling Bancorp	21,780		490,268
			9,001,788
Insurance - 2.8%
American Safety Insurance Holdings a	10,000		172,400
Argonaut Group a,d	30,900		834,609
First Acceptance a	258,405		2,612,475
Independence Holding	33,534		610,319
NYMAGIC	65,400		1,591,182
Navigators Group a,d	37,200		1,388,304
Quanta Capital Holdings a	63,000		378,000
Wellington Underwriting	444,712		860,860
			8,448,149
Real Estate Investment Trusts - 0.3%
Bimini Mortgage Management Cl. A	79,000		892,700
Securities Brokers - 0.4%
First Albany	45,000		292,500
Sanders Morris Harris Group	21,000		343,350
Stifel Financial a	21,233		762,265
			1,398,115
Other Financial Intermediaries - 0.1%
Electronic Clearing House a	20,000		185,000
Total			19,925,752
Financial Services - 2.7%
Investment Management - 1.7%
Epoch Holding a	218,300		1,091,500
International Assets Holding a	169,000		1,385,800
MVC Capital	211,200		2,492,160
			4,969,460
Other Financial Services - 1.0%
Clark	20,900		351,747
MarketAxess Holdings a	123,700		1,682,320
MicroFinancial	10,000		39,000
PRG-Schultz International a,d	345,000		1,038,450
			3,111,517
Total			8,080,977
Health - 15.6%
Commercial Services - 2.2%
Discovery Partners International a	20,000		64,400
First Consulting Group a	274,700		1,593,260
ICON ADR a,b	800		40,000
PAREXEL International a,d	121,400		2,438,926
TriZetto Group (The) a,d	182,300		2,574,076
			6,710,662
Drugs and Biotech - 4.9%
AXM Pharma a,d	62,000		79,980
Antigenics a,d	70,000		379,400
Axonyx a,d	50,000		57,500
BioSource International a	80,000		1,007,200
CancerVax Corporation a,d	58,000		199,520
Cardiome Pharma a	56,000		492,240
Cell Genesys a,d	58,000		317,840
Cerus Corporation a	91,000		806,260
CollaGenex Pharmaceuticals a,d	25,000		248,000
Durect Corporation a,d	44,100		302,085
DUSA Pharmaceuticals a	29,700		314,820
Emisphere Technologies a,d	163,200		734,400
Gene Logic a	238,579		1,166,652
Genitope Corporation a,d	23,000		159,620
Geron Corporation a,d	6,000		61,620
Hi-Tech Pharmacal a,d	12,300		369,984
Hollis-Eden Pharmaceuticals a,d	44,000		281,160
ImmunoGen a	44,000		322,960
Mannkind Corporation a,d	42,000		574,980
Matrixx Initiatives a,d	20,000		284,400
Maxygen a	5,000		41,450
Momenta Pharmaceuticals a,d	65,500		1,784,875
Monogram Biosciences a,d	55,000		129,250
Myriad Genetics a,d	26,500		579,290
Nabi Biopharmaceuticals a,d	5,000		65,500
Nastech Pharmaceutical Company a,d	3,700		52,318
Neurogen Corporation a,d	4,000		27,520
Nuvelo a,d	52,000		499,200
Oncolytics Biotech a	41,000		157,850
Orchid Cellmark a,d	78,000		663,000
Pharmacyclics a,d	122,900		1,108,558
Pharmacopeia Drug Discovery a,d	25,000		89,500
SFBC International a,d	15,000		665,850
Sangamo BioSciences a	10,000		43,900
Senesco Technologies a,d	25,000		43,250
Theragenics Corporation a	30,000		88,500
VIVUS a,d	163,300		586,247
			14,786,679
Health Services - 2.0%
ATC Healthcare Cl. A a	35,000		15,750
Albany Molecular Research a,d	40,000		487,200
Bio-Imaging Technologies a,d	41,400		126,684
Covalent Group a	25,000		64,500
Gentiva Health Services a	26,000		471,120
HMS Holdings a	71,900		498,267
Horizon Health a,d	50,000		1,358,500
MedCath Corporation a,d	18,000		427,500
National Home Health Care	26,400		298,848
NovaMed a	50,000		342,025
On Assignment a	122,000		1,043,100
Quovadx a	5,000		15,150
RehabCare Group a	22,000		451,440
Sun Healthcare Group a	51,000		375,360
U.S. Physical Therapy a	10,000		181,600
			6,157,044
Medical Products and Devices - 5.9%
Adeza Biomedical a	22,000		383,020
Aksys a,d	100		211
Allied Healthcare Products a	253,500		1,351,155
AngioDynamics a,d	14,000		294,000
Anika Therapeutics a	24,000		283,680
Bruker BioSciences a	187,200		819,936
Caliper Life Sciences a	52,100		366,263
Cardiac Science a	29,947		321,032
CONMED Corporation a,d	3,900		108,732
Del Global Technologies a	168,279		412,284
EPIX Pharmaceuticals a,d	37,000		284,900
Endologix a	7,500		38,100
Exactech a,d	112,800		1,669,440
Kensey Nash a,d	28,000		858,480
Medical Action Industries a	83,500		1,432,860
Merit Medical Systems a	2,350		41,689
Molecular Devices a,d	25,500		532,695
NMT Medical a	116,500		1,283,830
Neurometrix a	25,000		744,250
OrthoLogic Corporation a	75,000		287,250
Orthofix International a	28,000		1,220,800
PLC Systems a	105,200		62,068
Possis Medical a,d	29,900		327,704
Schick Technologies a	25,000		657,500
Synovis Life Technologies a,d	23,000		247,250
Urologix a	100,000		424,000
Utah Medical Products	42,300		1,032,543
Young Innovations	61,450		2,326,497
			17,812,169
Personal Care - 0.6%
CCA Industries	44,040		396,360
Helen of Troy a,d	20,000		412,800
Lifeline Systems a,d	20,050		670,272
Nature’s Sunshine Products	5,000		116,200
Nutraceutical International a	20,000		284,400
			1,880,032
Total			47,346,586
Industrial Products - 15.6%
Automotive - 1.1%
IMPCO Technologies a,d	35,500		213,000
LKQ Corporation a,d	25,700		776,140
Spartan Motors	2,800		30,436
Strattec Security a,d	28,300		1,467,355
Wescast Industries Cl. A	37,900		834,289
			3,321,220
Building Systems and Components - 1.3%
AZZ a	45,600		937,080
Aaon a	47,500		873,050
Craftmade International	36,500		655,905
LSI Industries	64,812		1,231,428
Modtech Holdings a	16,048		155,987
			3,853,450
Construction Materials - 1.5%
Ash Grove Cement Company	8,000		1,408,000
Monarch Cement	50,410		1,260,250
Synalloy Corporation a	171,000		1,913,319
			4,581,569
Industrial Components - 1.7%
American Superconducter a,d	67,000		693,450
Bel Fuse Cl. A	52,600		1,551,700
C & D Technologies	83,000		781,030
Ladish Company a	10,000		174,400
Plug Power a,d	1,370		9,316
Powell Industries a,d	50,300		1,101,067
Scientific Technologies a	10,700		33,598
Tech/Ops Sevcon	76,200		453,390
II-VI a	20,000		354,800
Woodhead Industries	10,000		137,300
			5,290,051
Machinery - 3.8%
Alamo Group	68,500		1,357,670
Ampco-Pittsburgh	98,300		1,523,650
Astec Industries a	40,200		1,141,278
Hardinge	137,000		2,012,188
Hurco Companies a,d	56,100		917,235
Keithley Instruments	14,000		204,400
LeCroy Corporation a,d	40,100		595,485
Lindsay Manufacturing	10,000		220,100
MTS Systems	10,000		377,700
Mueller (Paul) Company	9,650		260,550
Pason Systems	121,200		2,833,735
			11,443,991
Metal Fabrication and Distribution - 1.7%
Aleris International a,d	4,075		111,859
Encore Wire a,d	15,000		243,900
Harris Steel Group	50,000		1,053,764
Haynes International a	16,800		403,200
Insteel Industries	46,000		703,340
Metals USA a,d	10,000		204,600
NN	159,300		1,910,007
Novamerican Steel a,d	2,500		93,375
Oregon Steel Mills a	12,000		334,800
Universal Stainless & Alloy Products a	7,700		129,360
			5,188,205
Paper and Packaging - 0.1%
Mod-Pac Corporation a,d	23,200		252,184
Pumps, Valves and Bearings - 0.6%
CIRCOR International	28,000		768,600
Gorman-Rupp Company	3,375		81,169
Sun Hydraulics	38,950		946,485
			1,796,254
Specialty Chemicals and Materials - 1.9%
Aceto Corporation	349,369		2,015,859
American Pacific a	36,000		212,976
Balchem Corporation	15,000		413,250
CFC International a,d	40,600		629,300
Hawkins	122,667		1,680,538
NuCo2 a,d	20,000		515,000
Park Electrochemical	10,000		266,500
			5,733,423
Textiles - 0.1%
Fab Industries a,e	56,400		112,800
Other Industrial Products - 1.8%
Color Kinetics a,d	50,000		750,000
Eastern Company (The)	26,500		576,375
Maxwell Technologies a	15,300		216,036
Myers Industries	32,276		375,693
Peerless Manufacturing a	42,200		715,290
Quixote Corporation	35,500		759,345
Raven Industries	73,000		2,135,250
			5,527,989
Total			47,101,136
Industrial Services - 14.7%
Advertising and Publishing - 0.4%
MDC Partners Cl. A a	60,000		432,000
NetRatings a,d	50,000		761,000
			1,193,000
Commercial Services - 6.2%
Administaff	10,000		397,400
American Bank Note Holographics a	267,200		1,549,760
Anacomp Cl. A a	26,000		279,500
BB Holdings	390,000		2,617,290
Bennett Environmental a	20,900		59,565
Collectors Universe a	34,500		438,150
CorVel Corporation a	28,450		681,662
Edgewater Technology a	18,339		87,477
Exponent a	68,300		2,143,937
Geo Group (The) a	51,200		1,356,800
iGATE Corporation a,d	273,400		992,442
Kforce a,d	55,000		566,500
Management Network Group a	40,000		103,600
NCO Group a,d	20,000		413,200
New Horizons Worldwide a	132,000		310,200
PDI a,d	65,200		998,212
RCM Technologies a,d	85,300		512,653
RemedyTemp Cl. A a,d	83,200		692,224
Renaissance Learning	3,040		54,112
SM&A a,d	31,300		275,753
Senomyx a	47,000		800,410
Stantec a	2,819		87,365
TRC Companies a	22,600		352,560
Volt Information Sciences a,d	60,500		1,229,360
Westaff a	362,500		1,663,875
			18,664,007
Engineering and Construction - 1.0%
Devcon International a	21,700		223,076
Insituform Technologies Cl. A a,d	80,300		1,388,387
Skyline Corporation	32,100		1,304,544
			2,916,007
Food and Tobacco Processors - 1.0%
ML Macadamia Orchards L.P.	120,200		691,150
Omega Protein a	9,600		73,056
Seneca Foods Cl. A a	62,500		1,112,500
Seneca Foods Cl. B a	42,500		743,750
Sunopta a,d	65,000		315,900
			2,936,356
Industrial Distribution - 1.1%
Central Steel & Wire	2,837		1,685,178
Elamex a	70,200		144,612
Lawson Products	19,500		716,040
Strategic Distribution a	59,690		671,513
			3,217,343
Printing - 0.9%
Bowne & Co.	66,500		950,285
Champion Industries	23,500		98,700
Courier Corporation	22,950		858,330
Ennis	9,700		162,960
Schawk	38,900		777,611
			2,847,886
Transportation and Logistics - 3.8%
AirNet Systems a	180,000		855,000
Atlas Air Worldwide Holdings a	15,500		492,125
Forward Air	65,700		2,420,388
Frozen Food Express Industries a	92,000		965,080
Hub Group Cl. A a,d	11,000		403,810
Knight Transportation	21,000		511,560
MAIR Holdings a,d	8,600		50,138
Marten Transport a,d	3,100		78,430
Pacific CMA a,d	200,000		144,000
Patriot Transportation Holding a	24,400		1,676,280
Pinnacle Airlines a,d	44,100		286,650
SCS Transportation a	41,000		644,110
Universal Truckload Services a	154,200		2,865,036
Vitran Corporation Cl. A a,d	5,500		89,210
			11,481,817
Other Industrial Services - 0.3%
Landauer	21,300		1,043,700
Team a	2,200		49,500
			1,093,200
Total			44,349,616
Natural Resources - 9.6%
Energy Services - 3.6%
Calfrac Well Services	1,000		34,022
Carbo Ceramics	18,750		1,237,313
Conrad Industries a	154,000		308,000
Dawson Geophysical a	3,400		102,850
Dril-Quip a,d	62,500		3,000,000
Enerflex Systems	5,000		117,850
Gulf Island Fabrication	46,500		1,336,875
GulfMark Offshore a,d	67,050		2,163,704
Input/Output a,d	118,500		945,630
Seitel a,d	100,000		152,000
Valley National Gases a	30,100		496,048
Willbros Group a,d	59,500		943,075
			10,837,367
Oil and Gas - 2.2%
ATP Oil & Gas a	21,300		699,492
Bonavista Energy Trust	88,000		2,816,000
Contango Oil & Gas Company a	10,000		120,400
Edge Petroleum a	3,500		92,365
Nuvista Energy a	121,000		2,008,861
Pioneer Drilling Company a,d	32,000		624,640
Savanna Energy Services a	2,500		59,076
VAALCO Energy a	83,000		335,320
			6,756,154
Precious Metals and Mining - 1.6%
Apex Silver Mines a	76,100		1,195,531
Aurizon Mines a	237,000		305,730
Brush Engineered Materials a	15,500		246,140
Cardero Resource a	5,000		16,516
Etruscan Resources a	675,900		970,971
Gammon Lake Resources a	25,000		203,750
Metallica Resources a	281,300		436,015
Minefinders Corporation a	116,000		566,080
Nevsun Resources a	5,000		10,450
Northern Orion Resources a,d	179,400		527,436
NovaGold Resources a,d	13,400		107,334
Spur Ventures a	18,350		23,204
Western Silver a	11,800		99,592
			4,708,749
Real Estate - 1.1%
HomeFed Corporation a	54,852		3,181,416
Kennedy-Wilson a	21,500		258,000
			3,439,416
Other Natural Resources - 1.1%
PICO Holdings a	68,000		2,389,520
Pope Resources L.P.	33,000		1,032,900
			3,422,420
Total			29,164,106
Technology - 25.5%
Aerospace and Defense - 2.5%
Allied Defense Group (The) a	58,400		1,316,920
Astronics Corporation a	26,400		254,760
Ducommun a	84,500		1,859,000
HEICO Corporation	41,600		965,120
HEICO Corporation Cl. A	24,160		430,048
Herley Industries a	81,000		1,509,030
Integral Systems	58,500		1,207,440
SIFCO Industries a	45,800		162,590
			7,704,908
Components and Systems - 5.3%
Advanced Photonix Cl. A a,d	147,900		440,742
Belden CDT	15,000		291,450
CSP a	122,581		875,229
Dot Hill Systems a,d	2,000		13,460
Excel Technology a	108,900		2,797,641
Giga-tronics a,d	3,200		13,472
InFocus Corporation a	148,000		510,600
Kronos a	17,375		775,620
Lowrance Electronics	91,000		2,310,490
Merix Corporation a	7,000		39,200
Metrologic Instruments a	2,900		52,751
Mobility Electronics a,d	1,000		10,660
MOCON	15,600		151,008
Neoware Systems a	2,600		43,524
OSI Systems a	28,000		442,400
Overland Storage a	47,400		386,310
Performance Technologies a,d	54,050		386,458
Plexus Corporation a	26,500		452,885
Printronix	20,300		317,695
REMEC a,d	59,006		73,166
Richardson Electronics	202,100		1,527,876
SafeNet a,d	11,781		427,768
SimpleTech a	220,700		1,092,465
TTM Technologies a,d	167,200		1,195,480
TransAct Technologies a	78,600		597,360
VarsityBooks.com a,d	72,200		360,386
WindsorTech a	183,900		321,825
Zomax a	20,000		64,200
			15,972,121
Distribution - 0.9%
Agilysys	90,000		1,515,600
Bell Industries a	85,700		228,819
Brightpoint a	18,000		344,520
Jaco Electronics a	30,900		117,420
Nu Horizons Electronics a	40,000		289,600
PC Mall a,d	21,800		124,696
Pomeroy IT Solutions a	6,900		78,384
			2,699,039
Internet Software and Services - 1.1%
Arbinet-thexchange a	22,200		159,840
CryptoLogic	19,900		349,444
Digitas a,d	98,840		1,122,823
eCOST.com a,d	7,242		13,036
EDGAR Online a,d	83,600		199,804
Inforte Corporation a	1,100		4,609
LookSmart a	20,000		16,600
MIVA a,d	10,000		60,300
NIC a	26,800		175,540
Packeteer a	5,000		62,750
Provide Commerce a	5,000		121,350
RealNetworks a	65,700		375,147
Register.com a,d	41,857		324,392
Stamps.com a	21,200		364,852
Stellent a,d	15,000		128,550
			3,479,037
IT Services - 4.8%
CIBER a,d	182,662		1,357,179
Computer Task Group a	381,100		1,410,070
Covansys Corporation a	227,500		3,630,900
DiamondCluster International a,d	179,000		1,356,820
Forrester Research a	105,500		2,196,510
Infocrossing a,d	20,000		183,800
Rainmaker Systems a	10,000		6,200
Sapient Corporation a,d	500,000		3,125,000
Syntel	54,300		1,058,307
Tier Technologies Cl. B a,d	6,800		58,820
			14,383,606
Semiconductors and Equipment - 1.9%
Advanced Energy Industries a	45,000		484,200
California Micro Devices a	41,700		321,924
Cascade Microtech a	2,000		26,920
CyberOptics Corporation a	41,800		582,274
ESS Technology a,d	25,000		88,750
Electroglas a,d	281,700		952,146
Exar Corporation a,d	41,208		577,737
Integrated Silicon Solution a	20,000		168,000
Intevac a,d	40,550		418,071
Netlogic Microsystems a,d	5,000		107,950
PDF Solutions a,d	29,000		481,400
Photronics a,d	29,750		577,150
QuickLogic Corporation a	20,000		70,400
Rudolph Technologies a,d	40,000		538,800
Semitool a	25,500		202,725
White Electronic Designs a	10,000		51,000
			5,649,447
Software - 5.1%
Aladdin Knowledge Systems a	27,300		575,757
ANSYS a,d	30,800		1,185,492
Applix a	20,000		125,800
BindView Development a	191,100		668,850
ILOG ADR a,b	35,000		603,400
Indus International a	19,200		51,264
InterVideo a,d	22,500		225,675
iPass a,d	190,000		1,022,200
JDA Software Group a,d	59,500		903,210
MSC.Software a,d	12,700		198,374
Majesco Entertainment Company a,d	2,500		3,325
MapInfo a	5,000		61,250
McDATA Corporation Cl. A a,d	18,200		95,363
MIND C.T.I.	20,000		58,200
Omnicell a	2,200		21,406
Pegasystems a,d	244,400		1,463,956
PLATO Learning a	121,142		921,891
SPSS a	44,300		1,063,200
SeaChange International a,d	5,000		31,800
Smith Micro Software a,d	35,000		234,850
TeleCommunication Systems Cl. A a,d	75,000		196,088
Transaction Systems Architects Cl. A a	140,100		3,901,785
Verity a	181,500		1,927,530
			15,540,666
Telecommunications - 3.9%
Anaren a	94,800		1,336,680
Brooktrout a,d	25,400		329,438
C-COR.net a,d	73,600		496,800
Captaris a	130,000		488,800
Carrier Access a	10,000		55,200
Catapult Communications a,d	5,000		91,700
Centillium Communications a	11,000		41,470
Channell Commercial a	48,000		453,624
Communications Systems	132,700		1,492,875
Ditech Communications a,d	70,000		471,800
Intervoice a,d	58,000		522,580
MetaSolv a	5,800		18,966
North Pittsburgh Systems	15,700		320,437
Novatel Wireless a,d	35,000		506,450
PC-Tel a	48,100		452,140
Powerwave Technologies a	20,315		263,897
Radyne ComStream a	61,100		648,271
SpectraLink Corporation	57,000		726,750
UCN a,d	62,000		120,900
ViaSat a,d	91,812		2,354,978
Yak Communications a,d	118,000		518,020
			11,711,776
Total			77,140,600
Miscellaneous - 4.9%
Total			14,855,618
TOTAL COMMON STOCKS
(Cost $213,418,415)			322,233,218
PREFERRED STOCK - 0.4%
Seneca Foods Conv. a	75,409		1,304,576
TOTAL PREFERRED STOCK
(Cost $943,607)			1,304,576
REPURCHASE AGREEMENT - 13.1%
State Street Bank & Trust Company, 3.30% dated 9/30/05, due 10/3/05, maturity value $39,780,937 (collateralized by obligations of various U.S. Government Agencies, valued at $40,764,688)
(Cost $39,770,000)			39,770,000
COLLATERAL RECEIVED FOR SECURITIES LOANED - 8.8%
U.S. Treasury Bonds
5.50%-8.00% due 11/15/21-8/15/28			12,270
U.S. Treasury Notes
5.75% due 11/15/05			40,876
Money Market Funds
State Street Navigator Securities Lending
Prime Portfolio			26,516,827
(Cost $26,569,973)			26,569,973
TOTAL INVESTMENTS - 128.8%
(Cost $280,701,995)			389,877,767
LIABILITIES LESS CASH AND OTHER ASSETS - (9.0)%			(27,158,498	)
PREFERRED STOCK - (19.8)%			(60,000,000	)
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%		$	302,719,269

a	Non-income producing.
b	American Depository Receipt.
c	At September 30, 2005, 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. The Fund effected the following transactions in shares of such companies during the period ended September 30, 2005:

Shares

Market Value

Cost of

Cost of

Realized

Dividend

Shares

Market Value

Affiliated Company

12/31/2004

12/31/2004

Purchases

Sales

Gain (Loss)

Income

9/30/2005

9/30/2005

Abigail Adams National Bancorp

-

-

$3,910,400

-

-

-

244,400

$3,788,200

d	A portion of these securities were on loan at September 30, 2005. Total market value of loaned securities at September 30, 2005 was $25,468,537.
e	Securities for which market quotations are no longer readily available represent 0.04% of net assets.
	These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.

INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $281,453,515. At September 30, 2005, net unrealized appreciation for all securities was $108,424,252, consisting of aggregate gross unrealized appreciation of $117,867,373 and aggregate gross unrealized depreciation of $9,443,121. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.

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 (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange or Nasdaq are valued at their last reported sales 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 bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Fund’s Board of Directors. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services.

Repurchase Agreements:

The Fund entered into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust Company (“SSB&T”), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held by SSB&T 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 SSB&T, including possible delays or restrictions upon the ability of the Fund to dispose of the underlying securities.

Securities Lending:

The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund is accepted in cash and is invested temporarily by the custodian. The collateral is equal to at least 100% of the current market value of the loaned securities.

Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders. 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, that the Registrant’s disclosure controls and procedures 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 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 Section 302 of the Sarbanes-Oxley Act of 2002 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.

The Royce Fund
By: /s/ Charles M. Royce

Charles M. Royce
President, Royce Micro-Cap Trust, Inc.
Date: November 28, 2005

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 28, 2005

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 28, 2005