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: 3/31/2013

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 105.8%
Consumer Discretionary – 11.4%
Auto Components - 1.7%
China XD Plastics 1	102,400	$	409,600
China Zenix Auto International ADR 1	50,000		154,000
Drew Industries 2,3	102,700		3,729,037
Fuel Systems Solutions 1	76,000		1,251,720
Spartan Motors	79,200		420,552
			5,964,909
Distributors - 0.3%
Weyco Group	48,000		1,176,480
Diversified Consumer Services - 0.1%
Lincoln Educational Services	64,000		375,040
Spectrum Group International 1,4	6,925		14,889
			389,929
Household Durables - 3.7%
American Greetings Cl. A	75,700		1,218,770
Cavco Industries 1	3,091		147,039
Ethan Allen Interiors 3	81,600		2,686,272
Flexsteel Industries	172,500		4,267,650
Koss Corporation	73,400		375,074
Natuzzi ADR 1	409,800		905,658
Skullcandy 1	29,700		156,816
Universal Electronics 1	137,400		3,194,550
			12,951,829
Internet & Catalog Retail - 0.2%
CafePress 1	78,400		471,184
Geeknet 1	1,500		22,155
U.S. Auto Parts Network 1	140,900		169,080
			662,419
Leisure Equipment & Products - 0.2%
Arctic Cat 1	14,764		645,187
Leapfrog Enterprises Cl. A 1,3	32,800		280,768
			925,955
Media - 0.8%
Acquity Group ADR 1	14,000		88,900
Rentrak Corporation 1	101,400		2,228,772
Saga Communications Cl. A	8,400		388,584
			2,706,256
Specialty Retail - 2.8%
America’s Car-Mart 1,2,3	83,500		3,902,790
Destination Maternity	27,800		650,520
Lewis Group	57,000		400,630
Oriental Watch Holdings	372,400		121,374
Shoe Carnival 3	30,728		628,080
Stage Stores 3	11,700		302,796
Stein Mart 3	178,900		1,499,182
Systemax 3	84,000		831,600
West Marine 1	110,200		1,259,586
Wet Seal (The) Cl. A 1	87,679		264,790
			9,861,348
Textiles, Apparel & Luxury Goods - 1.6%
Crown Crafts	144,400		867,844
G-III Apparel Group 1,3	8,100		324,891
J.G. Boswell Company 4	2,490		2,101,560
Marimekko	25,300		364,522
Movado Group 3	49,274		1,651,665
True Religion Apparel 3	9,600		250,656
			5,561,138
Total			40,200,263
Consumer Staples – 2.9%
Food & Staples Retailing - 0.5%
Arden Group Cl. A	16,000		1,617,440
Food Products - 2.2%
Asian Citrus Holdings	1,060,000		546,212
Calavo Growers 3	30,323		872,696
Farmer Bros. 1	45,000		661,500
Griffin Land & Nurseries	70,274		2,111,734
Origin Agritech 1	121,488		221,108
Seneca Foods Cl. A 1,3	51,400		1,697,228
Seneca Foods Cl. B 1	42,500		1,394,000
Waterloo Investment Holdings 1,5	806,207		110,289
			7,614,767
Personal Products - 0.2%
Inter Parfums 3	33,900		828,177
Total			10,060,384
Energy – 4.1%
Energy Equipment & Services - 2.8%
Dawson Geophysical 1	53,213		1,596,390
Geospace Technologies 1,3	9,500		1,025,240
Global Geophysical Services 1	35,000		85,750
Gulf Island Fabrication	29,116		613,183
Heckmann Corporation 1,2,3	100,000		429,000
Lamprell 1	202,400		401,335
Matrix Service 1,3	30,800		458,920
North American Energy Partners 1	50,000		227,000
Pason Systems	139,200		2,428,138
Pioneer Energy Services 1,3	57,500		474,375
Tesco Corporation 1,3	50,000		669,500
Willbros Group 1	131,100		1,287,402
			9,696,233
Oil, Gas & Consumable Fuels - 1.3%
Approach Resources 1,3	12,000		295,320
Resolute Energy 1,3	102,100		1,175,171
Sprott Resource	149,800		672,430
StealthGas 1	64,500		773,355
VAALCO Energy 1,3	100,800		765,072
Warren Resources 1	290,000		930,900
			4,612,248
Total			14,308,481
Financials – 18.2%
Capital Markets - 6.4%
ASA Gold and Precious Metals	91,000		1,752,660
Cowen Group 1	600,600		1,693,692
Diamond Hill Investment Group	34,479		2,682,811
Equity Trustees	41,030		768,931
FBR & Co. 1	53,750		1,017,488
Fiera Capital	78,000		766,294
INTL FCStone 1,3	26,310		458,057
JZ Capital Partners	253,999		2,053,194
MVC Capital	151,200		1,939,896
NGP Capital Resources	172,901		1,229,326
Queen City Investments 4	948		948,237
Trust Company (The)	91,298		537,060
U.S. Global Investors Cl. A	128,586		471,911
Urbana Corporation 1	237,600		292,366
Virtus Investment Partners 1,2,3	28,000		5,215,840
Westwood Holdings Group 3	16,300		724,209
			22,551,972
Commercial Banks - 1.9%
Bank of N.T. Butterfield & Son	1,015,000		1,380,400
BCB Holdings 1	806,207		244,998
Chemung Financial	40,000		1,356,000
Fauquier Bankshares	140,200		1,695,018
First Bancorp	40,200		724,002
Peapack-Gladstone Financial	88,868		1,325,022
			6,725,440
Consumer Finance - 0.3%
Regional Management 1	51,400		1,038,280
Diversified Financial Services - 2.1%
Banca Finnat Euramerica	1,310,000		446,674
Bolsa Mexicana de Valores	300,000		859,332
GAIN Capital Holdings	25,000		111,500
HF2 Financial Management Cl. A 1	207,700		2,093,616
JSE	95,400		739,728
PICO Holdings 1,3	45,700		1,014,540
RHJ International 1	348,000		1,650,511
Warsaw Stock Exchange	52,900		636,684
			7,552,585
Insurance - 2.1%
Hallmark Financial Services 1	138,000		1,242,000
Independence Holding Company	105,380		1,072,768
National Western Life Insurance Cl. A 3	12,033		2,117,808
State Auto Financial 3	120,890		2,105,904
United Fire Group 3	38,603		983,219
			7,521,699
Real Estate Investment Trusts (REITs) - 0.5%
BRT Realty Trust 1	228,681		1,605,341
Real Estate Management & Development - 4.0%
Altisource Asset Management 1,4	5,500		742,500
Consolidated-Tomoka Land	57,629		2,261,938
E-House China Holdings ADR	134,039		623,281
Forestar Group 1,3	53,000		1,158,580
Kennedy-Wilson Holdings	372,300		5,774,373
Tejon Ranch 1,2,3	112,162		3,340,185
ZipRealty 1	25,000		91,250
			13,992,107
Thrifts & Mortgage Finance - 0.9%
Alliance Bancorp, Inc. of Pennsylvania	41,344		547,808
BofI Holding 1,2,3	75,962		2,725,516
			3,273,324
Total			64,260,748
Health Care – 6.8%
Biotechnology - 0.6%
Celsion Corporation 1	160,000		168,000
Chelsea Therapeutics International 1	710,000		1,448,400
Halozyme Therapeutics 1	81,622		470,959
3SBio ADR 1	15,000		228,000
			2,315,359
Health Care Equipment & Supplies - 3.4%
Allied Healthcare Products 1	133,371		353,433
AngioDynamics 1,3	170,000		1,943,100
Atrion Corporation	7,557		1,450,868
CryoLife	50,573		303,944
DynaVox Cl. A 1	20,000		10,820
Exactech 1	111,000		2,296,590
Invacare Corporation 3	42,500		554,625
Medical Action Industries 1	125,250		751,500
STRATEC Biomedical	14,000		627,568
Syneron Medical 1	69,200		707,224
Theragenics Corporation 1	202,377		329,875
Trinity Biotech ADR	40,000		675,200
Utah Medical Products	42,300		2,062,971
			12,067,718
Health Care Providers & Services - 1.8%
CorVel Corporation 1,3	20,000		989,800
Cross Country Healthcare 1	323,200		1,716,192
Gentiva Health Services 1,3	23,000		248,860
LHC Group 1	3,800		81,662
PDI 1	65,383		385,760
PharMerica Corporation 1,3	72,000		1,008,000
Psychemedics Corporation	67,300		802,889
U.S. Physical Therapy	35,857		962,760
			6,195,923
Health Care Technology - 0.1%
Computer Programs and Systems	5,000		270,550
Life Sciences Tools & Services - 0.4%
Affymetrix 1	150,000		708,000
Furiex Pharmaceuticals 1	23,758		890,450
			1,598,450
Pharmaceuticals - 0.5%
Hi-Tech Pharmacal 3	49,200		1,629,012
Total			24,077,012
Industrials – 28.5%
Aerospace & Defense - 2.6%
AeroVironment 1,3	23,200		420,616
Astronics Corporation 1	34,744		1,036,066
Breeze-Eastern Corporation 1	24,233		200,164
Ducommun 1	78,700		1,557,473
HEICO Corporation 2,3	65,625		2,848,781
Innovative Solutions and Support	177,828		876,692
Kratos Defense & Security Solutions 1	72,324		363,790
SIFCO Industries	45,800		843,178
Sparton Corporation 1	73,492		984,793
			9,131,553
Air Freight & Logistics - 0.6%
Forward Air 3	50,700		1,890,603
Pacer International 1	35,000		176,050
			2,066,653
Building Products - 4.5%
AAON 3	109,500		3,021,105
American Woodmark 1,3	72,000		2,450,160
Apogee Enterprises	57,900		1,676,205
Burnham Holdings Cl. A 4	121,000		2,093,300
Griffon Corporation 3	89,500		1,066,840
Trex Company 1,2,3	76,500		3,762,270
WaterFurnace Renewable Energy	117,300		1,870,611
			15,940,491
Commercial Services & Supplies - 1.9%
Acorn Energy	60,000		441,000
CompX International Cl. A	107,500		1,362,025
Heritage-Crystal Clean 1	113,301		1,710,845
Interface 3	27,000		518,940
Team 1,2,3	62,440		2,564,411
			6,597,221
Construction & Engineering - 2.9%
Comfort Systems USA 3	11,696		164,797
Integrated Electrical Services 1,6	998,500		6,370,430
Layne Christensen 1,3	32,200		688,436
MYR Group 1,3	102,600		2,519,856
Pike Electric 3	37,900		539,317
			10,282,836
Electrical Equipment - 2.1%
AZZ	16,494		795,011
Deswell Industries	544,371		1,377,258
Encore Wire 3	15,000		525,300
Global Power Equipment Group	36,000		634,320
Jinpan International	35,000		184,100
LSI Industries	79,812		557,088
Orion Energy Systems 1	100,000		248,000
Powell Industries 1,3	36,000		1,892,520
Preformed Line Products	16,000		1,119,520
			7,333,117
Industrial Conglomerates - 1.1%
Raven Industries 3	116,800		3,925,648
Machinery - 6.6%
Alamo Group	11,900		455,175
Armstrong Industrial	585,500		141,613
CIRCOR International 3	14,000		595,000
Columbus McKinnon 1	5,150		99,138
Douglas Dynamics	50,000		691,000
Eastern Company (The)	39,750		697,215
FAG Bearings India	27,200		735,676
Flow International 1	212,234		829,835
Foster (L.B.) Company 3	59,200		2,621,968
Graham Corporation	43,900		1,086,086
Hurco Companies 1	52,666		1,434,095
Kadant 1	15,500		387,500
NN 1	164,300		1,554,278
PMFG 1	223,245		1,377,422
Sarin Technologies	935,000		1,062,886
Semperit AG Holding	12,500		482,296
Standex International 3	10,200		563,244
Sun Hydraulics 3	115,787		3,764,235
Tennant Company 2,3	92,300		4,482,088
			23,060,750
Marine - 0.2%
Clarkson	33,000		779,706
Professional Services - 3.1%
Advisory Board (The) 1,2,3	53,300		2,799,316
CBIZ 1	47,000		299,860
Exponent 2,3	58,400		3,150,096
GP Strategies 1,3	13,785		328,910
Heidrick & Struggles International	157,768		2,358,632
JobStreet Corporation	50,000		45,212
Kforce 3	60,000		982,200
On Assignment 1,3	41,100		1,040,241
			11,004,467
Road & Rail - 1.9%
Frozen Food Express Industries 1	157,000		216,660
Marten Transport	15,500		312,015
Patriot Transportation Holding 1	111,681		3,106,965
Universal Truckload Services 1	134,200		3,130,886
			6,766,526
Trading Companies & Distributors - 0.7%
Aceto Corporation	72,219		799,465
Houston Wire & Cable	67,375		872,506
Lawson Products 1	50,269		883,729
			2,555,700
Transportation Infrastructure - 0.3%
Touax	47,000		1,054,322
Total			100,498,990
Information Technology – 23.9%
Communications Equipment - 1.0%
Bel Fuse Cl. A	67,705		934,329
ClearOne 1	25,000		216,750
Cogo Group 1	48,035		95,109
Extreme Networks 1	245,000		825,650
Globecomm Systems 1	49,200		590,892
Oplink Communications 1	40,351		661,757
PC-Tel	44,100		313,110
Sycamore Networks 4	101,000		36,360
			3,673,957
Computers & Peripherals - 1.0%
Intevac 1	180,000		849,600
Rimage Corporation 1	79,200		714,384
STEC 1	228,900		1,011,738
Super Micro Computer 1,3	45,754		516,563
TransAct Technologies	78,600		620,154
			3,712,439
Electronic Equipment, Instruments & Components - 8.4%
Agilysys 1	232,000		2,306,080
Broadway Industrial Group	886,800		243,086
Checkpoint Systems 1,3	60,300		787,518
Diploma	50,000		425,826
Domino Printing Sciences	80,000		776,743
DTS 1	85,522		1,422,231
Frequency Electronics	34,600		323,164
Hana Microelectronics	646,900		557,768
Hollysys Automation Technologies 1	235,200		2,867,088
Inficon Holding	3,600		1,061,835
LRAD Corporation 1	85,056		88,458
Maxwell Technologies 1	232,594		1,253,682
Mercury Systems 1	61,653		454,382
Mesa Laboratories	51,389		2,723,103
Methode Electronics 3	43,613		561,735
Newport Corporation 1,3	80,900		1,368,828
Parametric Sound 1	75,000		1,503,750
Park Electrochemical 3	14,200		359,828
PC Connection	52,100		851,835
Pulse Electronics 1	286,200		115,911
Richardson Electronics	300,900		3,568,674
Rogers Corporation 1,2,3	58,400		2,781,008
TTM Technologies 1,3	114,400		869,440
Vishay Precision Group 1	144,000		2,115,360
Zygo Corporation 1,3	15,100		223,631
			29,610,964
Internet Software & Services - 2.5%
Active Network 1	100,000		419,000
Bitauto Holdings ADR 1	50,000		497,500
comScore 1	155,000		2,600,900
Marchex Cl. B	95,000		399,950
RealNetworks 1	265,200		2,044,692
Stamps.com 1,3	26,200		654,214
Support.com 1	387,500		1,619,750
WebMediaBrands 1	75,000		123,000
World Energy Solutions 1	72,920		320,119
			8,679,125
IT Services - 4.8%
Cass Information Systems 3	29,150		1,225,466
Computer Task Group 2,3	178,800		3,824,532
CSE Global	1,332,800		929,473
Dynamics Research 1	102,000		607,920
eClerx Services	25,100		278,017
Forrester Research 3	61,700		1,952,805
Higher One Holdings 1	114,000		1,013,460
Innodata 1	233,832		806,721
Official Payments Holdings 1	333,414		1,890,457
Sapient Corporation 1,2,3	350,000		4,266,500
			16,795,351
Semiconductors & Semiconductor Equipment - 3.9%
Advanced Energy Industries 1,3	54,500		997,350
Alpha & Omega Semiconductor 1	136,735		1,214,207
Amtech Systems 1	86,700		312,987
ATMI 1	46,800		1,049,724
AXT 1	66,200		194,628
Exar Corporation 1,2,3	261,208		2,742,684
GSI Technology 1	34,471		227,164
Integrated Silicon Solution 1	27,467		251,872
Kulicke & Soffa Industries 1	78,400		906,304
LTX-Credence Corporation 1	72,200		436,088
Miraial	22,030		392,695
MoSys 1	442,275		2,083,115
Photronics 1	149,900		1,001,332
RDA Microelectronics ADR	66,000		610,500
Rubicon Technology 1	76,899		507,533
Rudolph Technologies 1,3	34,800		409,944
Silicon Motion Technology ADR	44,600		521,820
Ultra Clean Holdings 1	14,185		92,203
			13,952,150
Software - 2.3%
ACI Worldwide 1,3	69,600		3,400,656
Actuate Corporation 1	116,200		697,200
American Software Cl. A	120,996		1,006,687
BSQUARE Corporation 1	193,875		593,257
Envivio 1	550,000		935,000
Pegasystems 3	49,000		1,375,920
			8,008,720
Total			84,432,706
Materials – 7.9%
Chemicals - 3.0%
Balchem Corporation 2,3	63,375		2,784,698
Hawkins 3	29,697		1,186,395
Landec Corporation 1	75,610		1,094,077
OM Group 1,3	10,200		239,496
Quaker Chemical 2,3	76,600		4,520,932
Zoltek Companies 1	75,633		903,814
			10,729,412
Construction Materials - 0.7%
Ash Grove Cement 4	8,000		1,464,000
Monarch Cement	52,303		1,137,590
			2,601,590
Metals & Mining - 4.2%
AuRico Gold 1	91,250		573,963
Aurizon Mines 1	157,000		692,370
Central Steel & Wire 4	1,088		761,600
Comstock Mining 1	375,000		753,750
Crocodile Gold 1	980,000		221,883
Endeavour Mining 1	642,400		948,565
Exeter Resource 1	463,400		556,080
Geodrill 1	177,700		211,662
Golden Star Resources 1,2,3	468,700		749,920
Haynes International 3	22,701		1,255,365
Horsehead Holding Corporation 1,3	67,888		738,621
Kingsrose Mining	224,000		150,425
MAG Silver 1	74,750		709,378
Materion Corporation	50,000		1,425,000
Midway Gold 1	345,000		420,900
RTI International Metals 1,3	25,000		792,250
Scorpio Mining 1	136,000		93,715
Seabridge Gold 1,3	16,700		230,460
Synalloy Corporation	58,200		807,816
Universal Stainless & Alloy Products 1	25,000		908,750
Victoria Gold 1	1,100,000		189,497
Vista Gold 1	669,000		1,445,040
			14,637,010
Paper & Forest Products - 0.0%
Qunxing Paper Holdings 5	1,500,000		79,768
Total			28,047,780
Utilities – 0.1%
Independent Power Producers & Energy Traders - 0.1%
Alterra Power 1	450,000		137,324
China Hydroelectric ADS 1	73,100		202,487
Total			339,811
Miscellaneous 7 – 2.0%
Total			7,079,132
TOTAL COMMON STOCKS
(Cost $273,928,348)			373,305,307
PREFERRED STOCK – 0.4%
Seneca Foods Conv. 1,4
(Cost $578,719)	45,409		1,453,088
REPURCHASE AGREEMENT – 6.5%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $22,729,303 (collateralized
by obligations of various U.S. Government
Agencies, due 9/5/13, valued at $23,188,400)
(Cost $22,729,000)			22,729,000
TOTAL INVESTMENTS – 112.7%
(Cost $297,236,067)			397,487,395
LIABILITIES LESS CASH
AND OTHER ASSETS – (12.7)%			(44,745,413	)
NET ASSETS – 100.0%		$	352,741,982

1	Non-income producing.
2	At March 31, 2013, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $43,492,525.
3	All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at March 31, 2013. Total market value of pledged securities at March 31, 2013, was $135,776,732.
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 0.1% 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.
6	At March 31, 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 $298,073,554. At March 31, 2013, net unrealized appreciation for all securities was $99,413,841, consisting of aggregate gross unrealized appreciation of $126,454,596 and aggregate gross unrealized depreciation of $27,040,755. 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 March 31, 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		$	364,952,804		$	8,162,446		$	190,057		$	373,305,307
Preferred Stocks			–			1,453,088			–			1,453,088
Cash Equivalents			–			22,729,000			–			22,729,000

     For the three months ended March 31, 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 March 31, 2013, securities valued at $25,181,216 were transferred from Level 2 to Level 1 and securities valued at $36,360 were transferred from Level 1 to Level 2 within the fair value hierarchy.

     Level 3 Reconciliation:

		Realized and Unrealized
	Balance as of 12/31/12	Gain (Loss)	Balance as of 3/31/13
Common Stocks	$197,755	$(7,698)	$190,057

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 three months ended March 31, 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	3/31/13	3/31/13
Integrated Electrical Services	1,099,679	$	5,124,504	–	$	187,181	$	381,992	–	998,500	$	6,370,430
		$	5,124,504				$	381,992			$	6,370,430

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: May 28, 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: May 28, 2013

By:

/s/ John D. Diederich

John D. Diederich

Treasurer, Royce Micro-Cap Trust, Inc.

Date: May 28, 2013