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: 12/31/2012

Date of reporting period: 9/30/2012

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
SEPTEMBER 30, 2012 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 110.7%
Consumer Discretionary – 11.5%
Auto Components - 1.8%
China XD Plastics 1	102,400	$	388,096
China Zenix Auto International ADR	50,000		161,000
Drew Industries 1	115,000		3,474,150
Fuel Systems Solutions 1	76,000		1,306,440
Spartan Motors	41,000		205,000
Williams Controls	6,800		71,400
			5,606,086
Distributors - 0.4%
Weyco Group	48,000		1,168,800
Diversified Consumer Services - 0.1%
Lincoln Educational Services	64,800		272,160
Spectrum Group International 1,2	6,925		13,573
			285,733
Household Durables - 3.3%
Cavco Industries 1	3,091		141,846
Ethan Allen Interiors	81,600		1,788,672
Flexsteel Industries	172,500		3,570,750
Koss Corporation	73,400		366,266
Natuzzi ADR 1	409,800		934,344
Skullcandy 1,3	55,100		757,625
Universal Electronics 1	152,400		2,679,192
			10,238,695
Internet & Catalog Retail - 0.2%
Geeknet 1	1,500		29,025
NutriSystem	13,500		142,155
U.S. Auto Parts Network 1	140,900		487,514
			658,694
Leisure Equipment & Products - 0.2%
Leapfrog Enterprises Cl. A 1	48,400		436,568
Sturm, Ruger & Co.	3,200		158,368
			594,936
Media - 0.5%
Global Sources 1	24,355		159,769
Rentrak Corporation 1	87,000		1,472,910
			1,632,679
Specialty Retail - 3.1%
America’s Car-Mart 1,3	92,800		4,219,616
Le Chateau Cl. A 1	73,100		148,713
Lewis Group	57,000		489,735
Oriental Watch Holdings	545,100		181,371
Shoe Carnival	35,028		824,209
Stein Mart 1	178,900		1,522,439
Systemax 1	84,000		992,040
West Marine 1	86,000		914,180
Wet Seal (The) Cl. A 1	149,279		470,229
			9,762,532
Textiles, Apparel & Luxury Goods - 1.9%
G-III Apparel Group 1	16,300		585,170
J.G. Boswell Company 2	2,490		2,163,810
K-Swiss Cl. A 1,3	72,400		248,332
Marimekko	25,300		459,391
Movado Group	49,274		1,661,520
True Religion Apparel	28,500		607,905
			5,726,128
Total			35,674,283
Consumer Staples – 3.6%
Food & Staples Retailing - 0.5%
Arden Group Cl. A	16,000		1,552,320
Food Products - 2.9%
Asian Citrus Holdings	1,060,000		546,811
Binggrae	9,700		920,755
Calavo Growers	20,000		500,000
Farmer Bros. 1	41,400		393,714
Griffin Land & Nurseries 1	70,274		2,370,342
Origin Agritech 1,3	121,488		172,513
Seneca Foods Cl. A 1	51,400		1,534,804
Seneca Foods Cl. B 1	42,500		1,198,925
Waterloo Investment Holdings 1,4	806,207		117,142
Westway Group	220,000		1,361,800
			9,116,806
Personal Products - 0.2%
Inter Parfums	33,900		620,370
Total			11,289,496
Energy – 3.8%
Energy Equipment & Services - 2.8%
Dawson Geophysical 1	53,213		1,344,160
Geodrill 1	177,700		285,593
Geospace Technologies 1	7,130		872,783
Global Geophysical Services 1	35,000		192,850
Gulf Island Fabrication	29,116		811,463
Heckmann Corporation 1,3	200,000		840,000
Lamprell	202,400		359,519
North American Energy Partners 1	50,000		144,000
Pason Systems	139,200		2,323,540
Pioneer Energy Services 1	57,500		447,925
Tesco Corporation 1	50,000		534,000
Willbros Group 1	131,100		704,007
			8,859,840
Oil, Gas & Consumable Fuels - 1.0%
Approach Resources 1,3	12,000		361,560
Resolute Energy 1,3	40,000		354,800
Sprott Resource 1	172,600		693,490
VAALCO Energy 1	95,000		812,250
Warren Resources 1	290,000		881,600
			3,103,700
Total			11,963,540
Financials – 19.0%
Capital Markets - 7.1%
ASA Gold and Precious Metals	35,000		882,000
Cowen Group 1	223,700		603,990
Diamond Hill Investment Group	34,479		2,643,850
Duff & Phelps Cl. A	50,000		680,500
Epoch Holding Corporation	196,500		4,539,150
FBR & Co. 1	215,000		664,350
Fiera Capital	78,000		606,958
INTL FCStone 1	29,110		554,837
JZ Capital Partners	373,999		2,307,025
MVC Capital	151,200		1,935,360
NGP Capital Resources	168,764		1,258,979
Queen City Investments 2	948		948,948
SHUAA Capital 1	1,100,000		179,690
U.S. Global Investors Cl. A	91,500		559,980
Urbana Corporation 1	237,600		224,766
Virtus Investment Partners 1	35,000		3,010,000
Westwood Holdings Group	8,800		343,288
			21,943,671
Commercial Banks - 1.6%
BCB Holdings 1	806,207		192,025
Chemung Financial	40,000		950,800
Fauquier Bankshares	140,200		1,781,942
First Bancorp	40,200		705,510
Peapack-Gladstone Financial	88,868		1,452,103
			5,082,380
Consumer Finance - 0.3%
Regional Management 1,3	51,400		886,650
Diversified Financial Services - 1.3%
Banca Finnat Euramerica	1,310,000		444,422
Bolsa Mexicana de Valores	300,000		620,895
GAIN Capital Holdings	25,000		123,250
PICO Holdings 1	45,700		1,042,874
RHJ International 1	348,000		1,735,125
			3,966,566
Insurance - 2.7%
Hallmark Financial Services 1	136,095		1,107,813
Independence Holding	105,380		1,061,177
National Western Life Insurance Company Cl. A	14,033		2,010,227
State Auto Financial	139,264		2,282,537
United Fire Group	73,603		1,848,907
			8,310,661
Real Estate Investment Trusts (REITs) - 0.5%
BRT Realty Trust 1	228,681		1,486,426
Real Estate Management & Development - 4.6%
Consolidated-Tomoka Land	62,750		2,063,848
Forestar Group 1	143,000		2,382,380
Kennedy-Wilson Holdings	465,358		6,501,051
Tejon Ranch 1	110,162		3,309,266
ZipRealty 1,3	25,000		70,500
			14,327,045
Thrifts & Mortgage Finance - 0.9%
Alliance Bancorp, Inc. of Pennsylvania	41,344		512,666
BofI Holding 1	91,262		2,377,375
			2,890,041
Total			58,893,440
Health Care – 8.5%
Biotechnology - 1.6%
Acadia Pharmaceuticals 1,3	499,400		1,263,482
Celsion Corporation 1,3	310,000		1,680,200
Chelsea Therapeutics International 1,3	660,000		792,000
Keryx Biopharmaceuticals 1,3	264,203		745,053
3SBio ADR 1	45,880		595,981
			5,076,716
Health Care Equipment & Supplies - 4.3%
Allied Healthcare Products 1	184,968		484,616
AngioDynamics 1	165,000		2,013,000
Atrion Corporation	7,557		1,673,875
CryoLife	50,573		339,851
DynaVox Cl. A 1	20,000		10,560
Exactech 1	132,100		2,355,343
Medical Action Industries 1	125,250		437,123
STRATEC Biomedical	14,000		642,718
Syneron Medical 1	69,200		674,700
Theragenics Corporation 1,3	202,377		348,088
Trinity Biotech ADR	49,100		617,187
Utah Medical Products	42,300		1,437,777
Young Innovations	61,450		2,402,695
			13,437,533
Health Care Providers & Services - 1.7%
CorVel Corporation 1	20,000		895,000
Cross Country Healthcare 1	323,200		1,525,504
Gentiva Health Services 1	23,000		260,360
PDI 1	65,383		521,102
PharMerica Corporation 1	40,000		506,400
Psychemedics Corporation	67,300		817,695
U.S. Physical Therapy	31,857		880,209
			5,406,270
Life Sciences Tools & Services - 0.7%
Affymetrix 1,3	150,000		649,500
Furiex Pharmaceuticals 1	23,758		453,303
PAREXEL International 1	28,800		885,888
			1,988,691
Pharmaceuticals - 0.2%
Daewoong Pharmaceutical	357		12,206
Hi-Tech Pharmacal 1	16,400		543,004
			555,210
Total			26,464,420
Industrials – 28.2%
Aerospace & Defense - 2.6%
AeroVironment 1	39,200		920,024
Astronics Corporation 1	35,517		1,093,924
CPI Aerostructures 1	38,335		415,552
Ducommun 1	78,700		1,070,320
HEICO Corporation	65,625		2,539,031
Innovative Solutions and Support 1	173,241		689,499
Kratos Defense & Security Solutions 1	72,324		422,372
SIFCO Industries	45,800		833,560
			7,984,282
Air Freight & Logistics - 0.5%
Forward Air	50,700		1,541,787
Pacer International 1	35,000		139,300
			1,681,087
Building Products - 3.7%
AAON	109,500		2,156,055
American Woodmark 1	72,000		1,437,840
Apogee Enterprises	57,900		1,135,998
Burnham Holdings Cl. A 2	121,000		1,784,750
Griffon Corporation	89,500		921,850
Trex Company 1	90,000		3,070,800
WaterFurnace Renewable Energy	58,300		994,498
			11,501,791
Commercial Services & Supplies - 2.3%
Acorn Energy	60,000		535,200
CompX International Cl. A	107,500		1,631,850
Heritage-Crystal Clean 1	113,301		2,249,025
Interface Cl. A	27,000		356,670
Team 1	73,240		2,332,694
			7,105,439
Construction & Engineering - 2.8%
Comfort Systems USA	27,096		296,159
Integrated Electrical Services 1,5	1,122,500		5,107,375
Layne Christensen 1	36,000		705,960
MYR Group 1	102,600		2,046,870
Pike Electric 1	81,900		651,105
			8,807,469
Electrical Equipment - 2.3%
AZZ	19,294		732,786
Deswell Industries 3	544,371		1,486,133
Encore Wire	15,000		438,900
Fushi Copperweld 1	45,763		415,986
Global Power Equipment Group	36,000		665,640
Jinpan International	97,821		475,410
LSI Industries	79,812		537,933
Orion Energy Systems 1,3	100,000		196,000
Powell Industries 1	36,000		1,392,120
Preformed Line Products	16,000		868,960
			7,209,868
Industrial Conglomerates - 1.1%
Raven Industries	116,800		3,437,424
Machinery - 6.2%
Armstrong Industrial	1,085,500		256,515
Cascade Corporation	20,400		1,116,696
CIRCOR International	14,000		528,500
Columbus McKinnon 1	5,650		85,371
Eastern Company (The)	39,750		744,915
FAG Bearings India	27,200		928,162
Foster (L.B.) Company	66,200		2,140,908
FreightCar America	14,300		254,397
Graham Corporation	43,900		793,273
Hurco Companies 1	52,666		1,204,998
Industrea	394,854		509,930
NN 1	164,300		1,394,907
PMFG 1	223,245		1,806,052
Semperit AG Holding	12,500		488,319
Sun Hydraulics	116,687		3,100,374
Tennant Company	92,300		3,952,286
			19,305,603
Professional Services - 3.8%
Advisory Board (The) 1	82,800		3,960,324
CBIZ 1,3	47,000		282,940
eClerx Services	25,100		366,542
Exponent 1	58,400		3,334,056
GP Strategies 1	18,485		357,130
Heidrick & Struggles International	145,600		1,854,944
JobStreet Corporation	50,000		37,625
Kforce 1	60,000		707,400
On Assignment 1	41,100		818,712
			11,719,673
Road & Rail - 1.8%
Frozen Food Express Industries 1	157,000		309,290
Patriot Transportation Holding 1	111,681		3,113,666
Universal Truckload Services	134,200		2,143,174
			5,566,130
Trading Companies & Distributors - 0.6%
Aceto Corporation	72,219		682,470
Houston Wire & Cable	67,375		724,955
Lawson Products	50,269		347,861
			1,755,286
Transportation Infrastructure - 0.5%
Touax	47,000		1,534,092
Total			87,608,144
Information Technology – 22.4%
Communications Equipment - 1.3%
Bel Fuse Cl. A	67,705		1,183,483
ClearOne Communications 1	25,000		101,250
Cogo Group 1,3	48,035		99,432
Extreme Networks 1	295,000		985,300
Globecomm Systems 1	49,200		548,580
Oplink Communications 1	46,251		764,992
PC-Tel	44,100		310,905
			3,993,942
Computers & Peripherals - 1.3%
Imation Corporation 1	72,312		404,224
Rimage Corporation	79,200		534,600
STEC 1	201,900		1,362,825
Super Micro Computer 1	81,654		982,298
TransAct Technologies 1	78,600		570,636
			3,854,583
Electronic Equipment, Instruments & Components - 7.3%
Agilysys 1,3	180,000		1,548,000
Broadway Industrial Group	886,800		263,757
Checkpoint Systems 1	52,300		433,044
Diploma	50,000		383,757
Domino Printing Sciences	80,000		715,033
DTS 1,3	23,300		542,424
Frequency Electronics 1	34,600		295,830
Hana Microelectronics	963,700		654,364
Hollysys Automation Technologies 1	265,800		2,594,208
Inficon Holding	3,600		760,957
Maxwell Technologies 1	107,594		873,663
Mercury Computer Systems 1	71,956		764,173
Mesa Laboratories	48,267		2,335,157
Methode Electronics	118,613		1,151,732
Multi-Fineline Electronix 1	19,400		437,470
Newport Corporation 1	80,900		894,754
Parametric Sound 1,3	75,000		486,750
Park Electrochemical	14,200		352,586
Pulse Electronics 1	150,000		123,000
Richardson Electronics	300,900		3,571,683
Rogers Corporation 1	58,400		2,473,824
TTM Technologies 1	114,400		1,078,792
			22,734,958
Internet Software & Services - 1.5%
Bitauto Holdings ADR 1	50,000		224,500
Marchex Cl. B	95,000		362,900
RealNetworks 1	160,000		1,331,200
Stamps.com 1	22,600		522,964
Support.com 1	417,500		1,766,025
WebMediaBrands 1	75,000		171,750
World Energy Solutions 1	72,920		305,535
			4,684,874
IT Services - 4.5%
Cass Information Systems	26,500		1,112,205
Computer Task Group 1	211,800		3,426,924
CSE Global	1,332,800		944,863
Dynamics Research 1	124,469		852,613
Forrester Research	54,900		1,579,473
Innodata 1	183,832		744,519
Official Payments Holdings 1	333,414		1,643,731
Sapient Corporation 1	350,000		3,731,000
			14,035,328
Semiconductors & Semiconductor Equipment - 4.4%
Advanced Energy Industries 1	64,500		794,640
Alpha & Omega Semiconductor 1	194,800		1,677,228
Amtech Systems 1,3	107,800		353,584
AXT 1	46,600		157,508
BCD Semiconductor Manufacturing ADR 1	174,614		626,864
Exar Corporation 1	341,208		2,729,664
GSI Technology 1	39,471		195,382
Integrated Silicon Solution 1	53,700		497,262
LTX-Credence Corporation 1	72,200		415,150
Miraial	22,030		372,907
MoSys 1	442,275		1,786,791
O2Micro International ADR 1	80,000		299,200
Photronics 1	186,900		1,003,653
RDA Microelectronics ADR	83,200		883,584
Rubicon Technology 1,3	76,899		736,692
Rudolph Technologies 1	34,800		365,400
Silicon Motion Technology ADR 1,3	60,300		891,234
			13,786,743
Software - 2.1%
ACI Worldwide 1	69,600		2,941,296
Actuate Corporation 1	96,400		677,692
American Software Cl. A	102,196		833,919
BSQUARE Corporation 1	193,875		616,523
Pegasystems	49,000		1,422,960
			6,492,390
Total			69,582,818
Materials – 9.2%
Chemicals - 3.0%
Balchem Corporation	63,375		2,327,764
C. Uyemura & Co.	10,300		364,275
Hawkins	29,697		1,233,910
Landec Corporation 1	60,300		690,435
Quaker Chemical	80,800		3,770,936
Zoltek Companies 1	95,633		735,418
			9,122,738
Construction Materials - 0.7%
Ash Grove Cement 2	8,000		1,108,000
Monarch Cement	52,303		1,150,666
			2,258,666
Metals & Mining - 5.3%
AuRico Gold 1	91,250		636,925
Aurizon Mines 1	47,000		247,220
Central Steel & Wire 2	1,088		783,360
Comstock Mining 1,3	325,000		1,062,750
Endeavour Mining 1	642,400		1,450,644
Golden Star Resources 1,3	640,000		1,260,800
Haynes International	30,001		1,564,552
Horsehead Holding Corporation 1	67,888		634,074
Kingsrose Mining	224,000		273,017
MAG Silver 1	74,750		910,455
Midway Gold 1	345,000		565,800
Richmont Mines 1	93,100		443,156
RTI International Metals 1	96,000		2,298,240
Scorpio Mining 1	136,000		156,322
Seabridge Gold 1	16,700		323,980
Synalloy Corporation	58,200		803,160
Universal Stainless & Alloy Products 1	25,000		928,750
Victoria Gold 1	1,000,000		289,899
Vista Gold 1	498,000		1,807,740
			16,440,844
Paper & Forest Products - 0.2%
Pope Resources L.P.	12,205		635,636
Qunxing Paper Holdings 4	1,500,000		79,855
			715,491
Total			28,537,739
Utilities – 0.1%
Independent Power Producers & Energy Traders - 0.1%
Alterra Power 1	450,000		238,023
China Hydroelectric ADS 1,3	73,100		118,422
Total			356,445
Miscellaneous 6 – 4.4%
Total			13,534,238
TOTAL COMMON STOCKS
(Cost $264,524,000)			343,904,563
PREFERRED STOCK – 0.4%
Seneca Foods Conv. 1,2
(Cost $578,719)	45,409		1,248,747
REPURCHASE AGREEMENT – 8.3%
Fixed Income Clearing Corporation,
0.12% dated 9/28/12, due 10/1/12,
maturity value $25,875,259 (collateralized
by obligations of various U.S. Government
Agencies, 0.375% due 11/15/14, valued at
$26,393,606)
(Cost $25,875,000)			25,875,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 4.4%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0161%)
(Cost $13,564,397)			13,564,397
TOTAL INVESTMENTS – 123.8%
(Cost $304,542,116)			384,592,707
LIABILITIES LESS CASH
AND OTHER ASSETS – (4.5)%			(13,847,112	)
PREFERRED STOCK – (19.3)%			(60,000,000	)
NET ASSETS APPLICABLE TO COMMON
STOCKHOLDERS – 100.0%		$	310,745,595

1	Non-income producing.
2	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
3	All or a portion of these securities were on loan at September 30, 2012. Total market value of loaned securities at September 30, 2012, was $12,801,196.
4	Securities for which market quotations are not readily available represent 0.1% 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.
5	At September 30, 2012, 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.
6	Includes securities first acquired in 2012 and less than 1% of net assets applicable to Common Stockholders.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $305,420,266. At September 30, 2012, net unrealized appreciation for all securities was $79,172,441, consisting of aggregate gross unrealized appreciation of $106,509,433 and aggregate gross unrealized depreciation of $27,336,992. 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, 2012. 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	$	336,905,125	$	6,802,441	$	196,997	$	343,904,563
Preferred Stocks		–		1,248,747		–		1,248,747
Cash Equivalents		13,564,397		25,875,000		–		39,439,397
Level 3 Reconciliation:

					Realized and
	Balance as of				Unrealized	Balance as of
	12/31/11	Purchases	Transfers Out	Sales	Gain (Loss)	9/30/12
Common Stocks	$347,895	–	–	–	$(150,898)	$196,997

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.

Securities Lending:
The Fund loans securities through a lending agent to qualified institutional investors for the purpose of realizing additional income. Collateral for the Fund on all securities loaned is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral maintained is at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending. The Fund’s securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.

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, 2012:

	Shares	Market Value	Cost of	Cost of	Realized	Dividend	Shares	Market Value
Affiliated Company	12/31/11	12/31/11	Purchases	Sales	Gain (Loss)	Income	9/30/12	9/30/12
Integrated Electrical
Services	1,122,500	$2,155,200	–	–	–	–	1,122,500	$5,107,375
		$2,155,200			–	–		$5,107,375

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 20, 2012

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 20, 2012

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 20, 2012