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: 12/31/2015

Date of reporting period: 3/31/2015

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS

ROYCE MICRO-CAP TRUST

MARCH 31, 2015 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 101.9%
Consumer Discretionary – 17.3%
Auto Components - 2.7%
Drew Industries 1	60,200	$	3,704,708
Fuel Systems Solutions 2	152,000		1,678,080
Global & Yuasa Battery	58,500		2,636,541
Motorcar Parts of America 2	50,000		1,389,500
Standard Motor Products	20,900		883,234
			10,292,063
Distributors - 0.8%
Core-Mark Holding Company	16,800		1,080,576
Weyco Group	59,600		1,782,040
			2,862,616
Diversified Consumer Services - 1.7%
American Public Education 2	59,300		1,777,814
Capella Education	1,300		84,344
Collectors Universe	83,100		1,874,736
Liberty Tax 2	68,000		1,892,440
Lincoln Educational Services 2	425,800		970,824
			6,600,158
Hotels, Restaurants & Leisure - 0.6%
Monarch Casino & Resort 2	31,997		612,423
MTY Food Group	53,100		1,451,440
Nathan’s Famous	2,100		113,715
			2,177,578
Household Durables - 3.1%
Cavco Industries 2	15,891		1,192,779
Ethan Allen Interiors 1	69,700		1,926,508
Flexsteel Industries 1	84,800		2,653,392
iRobot Corporation 1,2	15,000		489,450
Lifetime Brands	158,894		2,427,900
Skyline Corporation 2	183,400		638,232
Stanley Furniture 2	93,468		294,424
Universal Electronics 2	37,900		2,139,076
			11,761,761
Internet & Catalog Retail - 0.8%
Blue Nile 2	50,000		1,592,000
FTD Companies 2	48,700		1,458,078
			3,050,078
Leisure Products - 1.6%
Arctic Cat	11,500		417,680
LeapFrog Enterprises Cl. A 1,2,3	446,000		972,280
Nautilus 2	185,600		2,834,112
Smith & Wesson Holding Corporation 1,2	142,000		1,807,660
Sturm, Ruger & Co.	1,100		54,593
			6,086,325
Media - 1.1%
Rentrak Corporation 2	30,900		1,716,804
RR Media	6,600		50,556
Sizmek 2	5,800		42,108
Value Line	169,000		2,469,090
			4,278,558
Specialty Retail - 2.8%
Aeropostale 2	165,000		572,550
America’s Car-Mart 1,2,3	27,100		1,470,175
Destination Maternity	187,600		2,825,256
Kirkland’s 2	12,300		292,125
Le Chateau Cl. A 2	685,000		275,828
Lewis Group	57,000		363,025
Shoe Carnival 1	31,628		931,128
Stage Stores 1	25,000		573,000
Systemax 1,2	44,000		537,680
Tandy Leather Factory	21,133		186,393
TravelCenters of America LLC 2	106,363		1,854,971
West Marine 2	86,000		797,220
			10,679,351
Textiles, Apparel & Luxury Goods - 2.1%
Crown Crafts	161,259		1,252,982
Culp	60,300		1,613,025
J.G. Boswell Company 4	2,490		1,805,250
Movado Group 1,3	44,374		1,265,547
YGM Trading	1,262,000		2,033,671
			7,970,475
Total			65,758,963
Consumer Staples – 3.0%
Beverages - 0.1%
Crimson Wine Group 2,4	58,124		528,928
Food Products - 2.7%
Alico	15,900		815,034
Binggrae	18,078		1,338,935
Farmer Bros. 1,2	42,900		1,061,775
John B. Sanfilippo & Son	30,600		1,318,860
Landec Corporation 2	75,610		1,054,759
Limoneira Company	6,400		139,520
Seneca Foods Cl. A 2	51,400		1,532,234
Seneca Foods Cl. B 2	42,500		1,485,375
SunOpta 2	125,800		1,335,996
Waterloo Investment Holdings 2,5	806,207		306,359
			10,388,847
Personal Products - 0.2%
Inter Parfums 1	17,100		557,802
Total			11,475,577
Energy – 1.8%
Energy Equipment & Services - 0.7%
Canadian Energy Services & Technology	25,000		105,997
Dawson Geophysical 2	93,654		399,902
Geospace Technologies 1,2	9,500		156,845
Gulf Island Fabrication	29,116		432,664
Matrix Service 1,2	27,900		489,924
North American Energy Partners	50,000		145,500
Pioneer Energy Services 1,2	57,500		311,650
Tesco Corporation 1	58,000		659,460
			2,701,942
Oil, Gas & Consumable Fuels - 1.1%
Ardmore Shipping	8,500		85,595
Permian Basin Royalty Trust	406,333		3,287,234
Resolute Energy 1,2	102,100		57,523
StealthGas 2	74,500		487,975
			3,918,327
Total			6,620,269
Financials – 18.0%
Banks - 2.0%
Bank of N.T. Butterfield & Son	438,100		867,438
BCB Holdings 2	723,215		107,282
Blue Hills Bancorp 2	50,000		661,000
Bryn Mawr Bank	25,000		760,250
Chemung Financial 1	31,000		877,300
Fauquier Bankshares 1,3	140,200		2,335,732
First Bancorp (The)	40,200		701,490
Peapack-Gladstone Financial	53,606		1,157,889
			7,468,381
Capital Markets - 9.1%
ASA Gold and Precious Metals	206,150		2,077,992
BHF Kleinwort Benson Group 2	186,000		938,362
Cowen Group 2	323,900		1,684,280
Diamond Hill Investment Group 1,3	27,879		4,460,640
Equity Trustees	42,229		701,086
FBR & Co. 2	51,684		1,194,417
Fiera Capital Cl. A	78,000		848,636
INTL FCStone 1,2,3	25,727		764,864
JZ Capital Partners	253,999		1,557,908
Medley Management Cl. A	126,800		1,393,532
MVC Capital 1	387,400		3,672,552
Newtek Business Services	78,100		1,290,993
OHA Investment	230,820		1,216,421
Queen City Investments 4	948		1,023,963
Silvercrest Asset Management
Group Cl. A	228,600		3,257,550
Sprott	622,200		1,326,391
U.S. Global Investors Cl. A	651,254		2,080,757
Urbana Corporation	237,600		377,068
Westwood Holdings Group 1	34,700		2,092,410
ZAIS Group Holdings Cl. A 2	292,160		2,623,597
			34,583,419
Consumer Finance - 1.1%
EZCORP Cl. A 1,2,3	201,000		1,835,130
J.G. Wentworth Company Cl. A 2	160,000		1,662,400
Regional Management 2	51,400		758,664
			4,256,194
Diversified Financial Services - 0.7%
Banca Finnat Euramerica	1,310,000		772,328
GAIN Capital Holdings	25,000		244,250
PICO Holdings 1,2	45,700		740,797
Warsaw Stock Exchange	52,900		678,451
			2,435,826
Insurance - 2.1%
Hallmark Financial Services 2	114,000		1,208,400
Independence Holding Company	105,380		1,432,114
National Western Life Insurance Cl. A 1,3	7,033		1,788,492
State Auto Financial 1	97,264		2,362,543
United Fire Group 1	38,603		1,226,417
			8,017,966
Real Estate Investment Trusts (REITs) - 0.4%
BRT Realty Trust 2	230,331		1,644,564
Real Estate Management & Development - 2.6%
AV Homes 2	53,600		855,456
Forestar Group 1,2	53,000		835,810
FRP Holdings 1,2,3	88,381		3,217,068
Griffin Land & Nurseries	47,746		1,434,290
Hopefluent Group Holdings	1,400,000		410,320
Marcus & Millichap 2	2,700		101,196
Tejon Ranch 1,2,3	112,162		2,966,685
Tejon Ranch (Warrants) 2	13,146		10,517
			9,831,342
Total			68,237,692
Health Care – 10.4%
Biotechnology - 1.2%
Aquinox Pharmaceuticals 2	47,622		408,597
ARIAD Pharmaceuticals 1,2,3	114,102		940,200
Celsion Corporation 2	115,555		308,532
ChemoCentryx 2	70,000		528,500
Coronado Biosciences 2	234,400		902,440
Heron Therapeutics 2	59,147		860,589
Zealand Pharma 2	42,200		631,580
			4,580,438
Health Care Equipment & Supplies - 4.8%
Allied Healthcare Products 2	61,772		100,688
AngioDynamics 1,2,3	42,163		750,080
Atrion Corporation	11,671		4,032,447
Cerus Corporation 1,2,3	140,000		583,800
Cynosure Cl. A 2	3,300		101,211
Derma Sciences 2	74,958		634,894
Exactech 1,2,3	137,200		3,516,436
Inogen 2	5,400		172,746
Invacare Corporation 1	89,300		1,733,313
Meridian Bioscience	63,100		1,203,948
STRATEC Biomedical	14,000		686,452
Symmetry Surgical 2	2,975		21,807
Synergetics USA 1,2	71,235		383,957
Syneron Medical 2	69,200		856,696
TearLab Corporation 2	100,000		199,000
Trinity Biotech ADR Cl. A	55,800		1,074,150
Utah Medical Products	38,100		2,280,666
			18,332,291
Health Care Providers & Services - 3.1%
Aceto Corporation	72,219		1,588,818
Addus HomeCare 2	66,000		1,519,320
Bio-Reference Laboratories 1,2	9,500		334,780
CorVel Corporation 1,2	40,000		1,376,400
Cross Country Healthcare 2	240,700		2,854,702
National Research Cl. A	40,033		576,475
PharMerica Corporation 1,2,3	40,000		1,127,600
Psychemedics Corporation	83,200		1,381,120
U.S. Physical Therapy	23,857		1,133,208
			11,892,423
Health Care Technology - 0.3%
Computer Programs and Systems	5,000		271,300
HealthStream 2	24,227		610,520
Vocera Communications 2	33,100		328,352
			1,210,172
Pharmaceuticals - 1.0%
Agile Therapeutics 1,2,3	80,000		741,600
Lipocine 2	37,800		260,820
Repros Therapeutics 2	129,000		1,108,110
Theravance Biopharma 2	83,509		1,448,881
			3,559,411
Total			39,574,735
Industrials – 20.7%
Aerospace & Defense - 1.7%
Breeze-Eastern Corporation 2	24,233		249,357
CPI Aerostructures 2	91,194		1,112,567
Ducommun 1,2	89,100		2,307,690
FLYHT Aerospace Solutions 2	800,200		142,154
Innovative Solutions and Support 2	142,828		542,746
Kratos Defense & Security Solutions 2	72,324		399,952
SIFCO Industries	45,800		997,982
Sparton Corporation 1,2,3	35,700		874,650
			6,627,098
Building Products - 2.3%
AAON 1,3	30,300		743,259
American Woodmark 1,2,3	35,400		1,937,442
Apogee Enterprises	31,900		1,378,080
Burnham Holdings Cl. A 4	117,000		2,485,080
Insteel Industries	52,400		1,133,412
Patrick Industries 2	14,700		915,369
			8,592,642
Commercial Services & Supplies - 1.3%
CompX International Cl. A	107,500		1,225,500
Heritage-Crystal Clean 2	221,077		2,586,601
Horizon North Logistics	22,300		40,848
Intersections 1,2	88,900		303,149
Team 1,2,3	17,500		682,150
			4,838,248
Construction & Engineering - 3.2%
Ameresco Cl. A 2	295,700		2,188,180
Integrated Electrical Services 2	570,682		5,022,002
Layne Christensen 1,2	50,000		250,500
MYR Group 1,2,3	107,100		3,356,514
Orbit Garant Drilling 2	1,512,500		1,516,620
			12,333,816
Electrical Equipment - 1.1%
Encore Wire 1	15,000		568,200
Global Power Equipment Group	55,649		734,567
LSI Industries	99,012		806,948
Orion Energy Systems 2	100,000		314,000
Powell Industries	28,400		959,068
Preformed Line Products	17,243		726,447
Vicor 2	3,524		53,565
			4,162,795
Industrial Conglomerates - 0.5%
Raven Industries 1	93,400		1,910,964
Machinery - 5.8%
Alamo Group	14,200		896,446
ARC Group Worldwide 1,2,3	39,250		209,595
CIRCOR International 1	1,100		60,170
Columbus McKinnon	10,550		284,217
Douglas Dynamics	50,000		1,142,000
Eastern Company (The)	39,750		797,385
Foster (L.B.) Company 1	46,400		2,203,072
Graham Corporation 1,3	111,948		2,683,394
Hurco Companies	57,266		1,885,769
Kadant	18,200		957,502
Luxfer Holdings ADR	27,812		371,846
NN	136,000		3,410,880
Pfeiffer Vacuum Technology	21,000		1,787,494
PMFG 2	223,245		1,038,089
Sun Hydraulics	9,300		384,648
Tecumseh Products 2	265,000		749,950
Tennant Company 1	33,500		2,189,895
Twin Disc	5,200		91,884
Wabash National 2	52,500		740,250
			21,884,486
Marine - 0.3%
Clarkson	32,700		1,090,953
Professional Services - 2.4%
Acacia Research 1	58,800		629,160
CBIZ 2	47,000		438,510
Franklin Covey 2	65,000		1,251,900
Heidrick & Struggles International	98,268		2,415,428
ICF International 2	15,700		641,345
Kforce 1	71,000		1,584,010
Mistras Group 2	4,100		78,966
Navigant Consulting 2	5,100		66,096
Resources Connection	20,000		350,000
RPX Corporation 2	104,900		1,509,511
			8,964,926
Road & Rail - 1.1%
Marten Transport	3,300		76,560
Patriot Transportation Holding 2,3	29,460		735,616
Universal Truckload Services 1,3	134,200		3,379,156
			4,191,332
Trading Companies & Distributors - 0.8%
Houston Wire & Cable	162,075		1,576,990
Lawson Products 2	47,769		1,108,718
MFC Industrial 2	70,000		284,200
			2,969,908
Transportation Infrastructure - 0.2%
Touax	53,197		882,001
Total			78,449,169
Information Technology – 22.2%
Communications Equipment - 1.1%
Alliance Fiber Optic Products	45,300		789,126
Applied Optoelectronics 1,2	7,500		104,100
Bel Fuse Cl. A	67,705		1,241,710
CalAmp Corporation 2	5,500		89,045
Ceragon Networks 2	29,700		33,858
ClearOne	25,000		266,500
Extreme Networks 2	320,000		1,011,200
KVH Industries 2	8,900		134,568
Oclaro 2	27,900		55,242
PCTEL	44,100		352,800
Sandvine Corporation 2	22,700		65,597
			4,143,746
Electronic Equipment, Instruments & Components - 7.4%
Agilysys 2	170,587		1,678,576
Deswell Industries	544,371		1,001,643
DTS 2	85,400		2,909,578
Identiv 2	46,300		397,254
Inficon Holding	3,600		1,286,039
LRAD Corporation 2	401,756		944,127
Mercury Systems 2	5,700		88,635
Mesa Laboratories 1,3	38,489		2,778,906
Newport Corporation 1,2	200,023		3,812,438
Orbotech 1,2,3	127,800		2,048,634
PC Connection	43,716		1,140,550
Richardson Electronics	330,900		2,971,482
Rofin-Sinar Technologies 2	71,100		1,722,753
Rogers Corporation 1,2	14,700		1,208,487
TTM Technologies 1,2	179,400		1,616,394
Vishay Precision Group 2	154,000		2,453,220
			28,058,716
Internet Software & Services - 4.7%
Care.com 1,2	304,254		2,306,245
Frontier Services Group 2	14,895,286		2,288,584
GTT Communications 1,2,3	169,060		3,191,853
LivePerson 2	3,700		37,870
Marchex Cl. B	95,000		387,600
QuinStreet 2	334,600		1,990,870
RealNetworks 2	244,000		1,642,120
Reis	25,000		641,000
Stamps.com 2	10,800		726,732
Support.com 2	1,148,263		1,791,290
Textura Corporation 1,2	50,000		1,359,000
United Online 2	83,300		1,326,969
			17,690,133
IT Services - 1.5%
Cass Information Systems 1	29,150		1,636,481
Computer Task Group 1	189,900		1,388,169
Hackett Group (The)	170,000		1,519,800
Innodata 2	437,275		1,154,406
Sykes Enterprises 2	6,300		156,555
			5,855,411
Semiconductors & Semiconductor Equipment - 3.2%
Amtech Systems 2	120,700		1,349,426
Brooks Automation	122,700		1,427,001
Cascade Microtech 2	51,200		695,296
CEVA 2	14,107		300,761
Exar Corporation 2	180,208		1,811,090
Intermolecular 2	260,000		426,400
IXYS Corporation	18,800		231,616
Kulicke & Soffa Industries 2	54,700		854,961
MoSys 1,2,3	402,275		844,778
Nanometrics 2	50,800		854,456
Nova Measuring Instruments 2	71,800		827,136
Photronics 2	162,700		1,382,950
Rubicon Technology 1,2,3	76,899		302,982
Ultra Clean Holdings 2	70,500		504,075
Xcerra Corporation 2	22,400		199,136
			12,012,064
Software - 2.6%
American Software Cl. A	122,752		1,254,525
BroadSoft 2	17,000		568,820
BSQUARE Corporation 2	98,675		462,786
Envivio 2	489,376		866,196
ePlus 2	27,799		2,416,567
Gigamon 2	9,500		201,780
Kofax 2	97,000		1,062,150
Model N 2	65,000		777,400
PSI 2	22,000		283,910
Rubicon Project 2	10,500		188,160
SeaChange International 2	204,000		1,601,400
Zix Corporation 2	78,600		308,898
			9,992,592
Technology Hardware, Storage & Peripherals - 1.7%
Avid Technology 2	55,400		825,460
Intevac 2	251,700		1,545,438
Kortek	135,007		1,633,803
Qumu Corporation 2	161,800		2,168,120
TransAct Technologies	78,600		464,526
			6,637,347
Total			84,390,009
Materials – 6.2%
Chemicals - 2.0%
Balchem Corporation 1	11,775		652,100
Chase Corporation	13,503		590,486
FutureFuel Corporation	109,700		1,126,619
Hawkins 1	29,314		1,113,639
KMG Chemicals	58,300		1,558,359
Quaker Chemical 1	30,400		2,603,456
			7,644,659
Construction Materials - 0.6%
Ash Grove Cement 4	8,000		1,608,000
Monarch Cement 4	22,803		639,624
			2,247,624
Containers & Packaging - 0.3%
UFP Technologies 2	44,336		1,009,974
Metals & Mining - 3.3%
AuRico Gold	91,250		252,762
Central Steel & Wire 4	788		547,660
Comstock Mining 2	615,000		369,000
Exeter Resource 2	246,500		126,800
Haynes International 1,3	46,601		2,078,871
Hecla Mining	44,518		132,664
Horsehead Holding Corporation 1,2	11,900		150,654
Imdex 2	633,900		173,707
MAG Silver 2	96,050		590,707
Major Drilling Group International	460,857		2,499,773
Materion Corporation	50,000		1,921,500
Midway Gold 2	345,000		110,400
Olympic Steel	100,000		1,346,000
Pretium Resources 2	90,000		453,358
Universal Stainless & Alloy Products 2	74,800		1,961,256
			12,715,112
Paper & Forest Products - 0.0%
Qunxing Paper Holdings 2,5	1,500,000		0
Total			23,617,369
Telecommunication Services – 0.1%
Diversified Telecommunication Services - 0.1%
ORBCOMM 2	38,000		226,860
Total			226,860
Utilities – 0.2%
Gas Utilities - 0.1%
Shizuoka Gas	40,000		265,282
Independent Power & Renewable Electricity Producer - 0.0%
Alterra Power 2	450,000		124,354
Water Utilities - 0.1%
GWR Global Water Resources	106,000		521,401
Total			911,037
Miscellaneous 6 – 2.0%
Total			7,467,604
TOTAL COMMON STOCKS
(Cost $330,423,368)			386,729,284
PREFERRED STOCK – 0.3%
Seneca Foods Conv. 2,4	45,409		1,301,422
(Cost $578,719)			1,301,422
REPURCHASE AGREEMENT – 12.9%
Fixed Income Clearing Corporation,
0.00% dated 3/31/15, due 4/1/15,
maturity value $48,928,000 (collateralized
by obligations of various U.S. Government
Agencies, 1.875%-2.625% due 6/30/20-8/15/20,
valued at $49,906,950)
(Cost $48,928,000)			48,928,000
TOTAL INVESTMENTS – 115.1%
(Cost $379,930,087)			436,958,706
LIABILITIES LESS CASH
AND OTHER ASSETS – (15.1)%			(57,366,343	)
NET ASSETS – 100.0%		$	379,592,363

1	All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at March 31, 2015. Total market value of pledged securities at March 31, 2015, was $104,234,386.
2	Non-income producing.
3	At March 31, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $49,468,350.
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	Includes securities first acquired in 2015 and less than 1% of net assets.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $380,828,909. At March 31, 2015, net unrealized appreciation for all securities was $56,129,797, consisting of aggregate gross unrealized appreciation of $94,439,353 and aggregate gross unrealized depreciation of $38,309,556. 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 highest 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, 2015. 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		$355,343,987		$31,078,938		$306,359	$386,729,284
Preferred Stocks		–		1,301,422		–	1,301,422
Cash Equivalents		–		48,928,000		–	48,928,000
Level 3 Reconciliation:

			Unrealized
	Balance as of 12/31/14		Gain (Loss)	Balance as of 3/31/15
Common Stocks		$325,702	$(19,343)	$306,359

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 revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). As of March 31, 2015, the Fund has outstanding borrowings of $60,000,000. During the period ended March 31, 2015, the Fund borrowed an average daily balance of $60,000,000. 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 is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not 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 receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.

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/  Christopher D. Clark         
Christopher D. Clark
President, Royce Micro-Cap Trust, Inc.
Date: May 21, 2015

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/  Christopher D. Clark         
Christopher D. Clark
President, Royce Micro-Cap Trust, Inc.
Date: May 21, 2015

By:

/s/  Peter K. Hoglund             
Peter K. Hoglund
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 21, 2015