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: 9/30/2015

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS

ROYCE MICRO-CAP TRUST

SEPTEMBER 30, 2015 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 104.8%
Consumer Discretionary – 15.4%
Auto Components - 2.6%
Drew Industries 1,2	38,400	$	2,097,024
Fuel Systems Solutions 3	152,000		734,160
Global & Yuasa Battery	50,500		1,739,388
Motorcar Parts of America 3	50,000		1,567,000
Standard Motor Products	61,853		2,157,433
			8,295,005
Distributors - 0.8%
Core-Mark Holding Company	16,800		1,099,560
Weyco Group	59,600		1,611,584
			2,711,144
Diversified Consumer Services - 1.8%
American Public Education 3	73,200		1,716,540
Capella Education	1,300		64,376
Collectors Universe	90,500		1,364,740
Liberty Tax Cl. A 2	108,264		2,521,469
Lincoln Educational Services 3	266,700		136,017
			5,803,142
Hotels, Restaurants & Leisure - 0.0%
Nathan’s Famous	2,100		79,842
Household Durables - 2.6%
Cavco Industries 3	21,691		1,476,940
Ethan Allen Interiors 2	69,700		1,840,777
Flexsteel Industries 2	24,400		762,500
iRobot Corporation 1,2,3	15,000		437,100
Lifetime Brands 1,2	130,794		1,828,500
Skyline Corporation 3	183,400		528,192
Stanley Furniture 3	93,468		275,731
Universal Electronics 3	30,300		1,273,509
			8,423,249
Internet & Catalog Retail - 1.2%
Blue Nile 1,2,3	66,300		2,223,702
FTD Companies 3	48,700		1,451,260
			3,674,962
Leisure Products - 1.4%
Arctic Cat	11,500		255,070
LeapFrog Enterprises Cl. A 2,3	446,000		318,221
Nautilus 3	192,500		2,887,500
Smith & Wesson Holding Corporation 2,3	53,600		904,232
Sturm, Ruger & Co.	1,100		64,559
			4,429,582
Media - 1.3%
Rentrak Corporation 3	24,800		1,340,936
Sizmek 3	5,800		34,742
Value Line	169,000		2,617,810
			3,993,488
Specialty Retail - 1.7%
Aeropostale 3	165,000		102,300
America’s Car-Mart 1,2,3	18,100		598,929
Destination Maternity	190,600		1,757,332
Kirkland’s	7,900		170,166
Le Chateau Cl. A 3	685,000		189,921
Lewis Group	57,000		255,382
MarineMax 3	2,800		39,564
Shoe Carnival 2	31,628		752,746
Stage Stores 2	25,000		246,000
Systemax 1,2,3	74,000		554,260
TravelCenters of America LLC 3	2,900		29,957
West Marine 3	86,000		755,080
			5,451,637
Textiles, Apparel & Luxury Goods - 2.0%
Crown Crafts	159,359		1,308,337
Culp	32,900		1,055,103
J.G. Boswell Company 4	2,490		1,630,950
Movado Group 2	44,374		1,146,180
YGM Trading	1,422,000		1,287,657
			6,428,227
Total			49,290,278
Consumer Staples – 2.8%
Beverages - 0.2%
Crimson Wine Group 3,4	58,124		525,441
Food Products - 2.6%
Binggrae	18,078		1,147,397
Farmer Bros. 2,3	47,200		1,286,200
John B. Sanfilippo & Son	21,700		1,112,342
Landec Corporation 3	75,610		882,369
Limoneira Company	6,400		107,072
Seneca Foods Cl. A 3	51,400		1,354,390
Seneca Foods Cl. B 3	42,500		1,360,000
SunOpta 3	168,281		817,846
Waterloo Investment Holdings 3,5	806,207		306,358
			8,373,974
Total			8,899,415
Energy – 2.1%
Energy Equipment & Services - 0.9%
Canadian Energy Services & Technology	25,000		115,586
Dawson Geophysical 3	93,654		356,822
Geospace Technologies 1,2,3	9,500		131,195
Gulf Island Fabrication	103,216		1,086,865
Matrix Service 2,3	25,300		568,491
North American Energy Partners	50,000		109,000
Pioneer Energy Services 1,2,3	57,500		120,750
Tesco Corporation 2	58,000		414,120
			2,902,829
Oil, Gas & Consumable Fuels - 1.2%
Ardmore Shipping	15,500		187,240
Dorchester Minerals L.P.	94,127		1,361,076
Permian Basin Royalty Trust	266,333		1,627,295
Resolute Energy 1,2,3	102,100		39,615
StealthGas 3	132,203		593,591
			3,808,817
Total			6,711,646
Financials – 20.0%
Banks - 2.3%
Bank of N.T. Butterfield & Son	438,100		775,437
BCB Holdings 3	543,900		45,253
Blue Hills Bancorp	50,000		692,500
Bryn Mawr Bank	25,000		776,750
Chemung Financial 2	31,000		883,500
Fauquier Bankshares 2	140,200		2,164,688
First Bancorp (The)	40,200		767,820
Peapack-Gladstone Financial	53,606		1,134,839
			7,240,787
Capital Markets - 10.5%
ASA Gold and Precious Metals	206,150		1,612,093
BHF Kleinwort Benson Group 3	230,000		1,372,606
Cowen Group 3	100,000		456,000
Diamond Hill Investment Group 1,2	17,479		3,251,793
Dundee Corporation Cl. A 3	220,000		1,421,057
Equity Trustees	43,150		690,761
FBR & Co.	51,684		1,055,387
Fiera Capital Cl. A	78,000		696,710
Fifth Street Asset Management Cl. A	269,503		2,013,187
INTL FCStone 1,2,3	41,727		1,030,240
JZ Capital Partners	253,999		1,552,388
Medley Management Cl. A	163,400		1,081,708
MVC Capital 1,2	387,400		3,180,554
Newtek Business Services	58,500		961,155
OHA Investment	230,820		976,369
Queen City Investments 3,4	948		1,327,200
Silvercrest Asset Management
Group Cl. A	228,600		2,471,166
Sprott	1,268,333		2,252,491
U.S. Global Investors Cl. A	676,254		1,169,919
Urbana Corporation	237,600		357,869
Westwood Holdings Group 2	34,700		1,885,945
ZAIS Group Holdings Cl. A 1,2,3	292,160		2,752,147
			33,568,745
Consumer Finance - 0.6%
EZCORP Cl. A 1,2,3	201,000		1,240,170
J.G. Wentworth Company Cl. A 3	160,000		788,800
			2,028,970
Diversified Financial Services - 0.6%
Banca Finnat Euramerica	1,310,000		724,756
GAIN Capital Holdings	25,000		182,000
PICO Holdings 1,2,3	45,700		442,376
Warsaw Stock Exchange	52,900		531,364
			1,880,496
Insurance - 2.9%
eHealth 1,2,3	100,000		1,281,000
Hallmark Financial Services 3	114,000		1,309,860
Independence Holding Company	105,380		1,365,725
National Western Life Insurance Cl. A 1,2	7,033		1,566,249
State Auto Financial 1,2	97,264		2,218,592
United Fire Group 2	38,603		1,353,035
			9,094,461
Real Estate Investment Trusts (REITs) - 0.5%
BRT Realty Trust 3	230,331		1,633,047
Real Estate Management & Development - 2.6%
AV Homes 3	75,300		1,018,056
Forestar Group 1,2,3	53,000		696,950
FRP Holdings 1,2,3	88,381		2,663,803
Griffin Industrial Realty	47,746		1,180,759
Hopefluent Group Holdings	1,400,000		362,395
Marcus & Millichap 3	1,800		82,782
Tejon Ranch 1,2,3	112,162		2,446,253
Tejon Ranch (Warrants) 3	13,146		2,103
			8,453,101
Total			63,899,607
Health Care – 11.8%
Biotechnology - 1.8%
Aquinox Pharmaceuticals 3	18,622		262,011
ARIAD Pharmaceuticals 1,2,3	114,102		666,356
Celsion Corporation 3	115,555		192,977
ChemoCentryx 3	55,000		332,750
Fortress Biotech 3	147,400		383,240
Sangamo BioSciences 3	137,048		772,951
Zealand Pharma 3	141,100		3,109,565
			5,719,850
Health Care Equipment & Supplies - 4.6%
Allied Healthcare Products 3	21,471		24,692
Analogic Corporation	17,200		1,411,088
AngioDynamics 2,3	42,163		556,130
Atrion Corporation 2	9,994		3,747,350
Cerus Corporation 1,2,3	140,000		635,600
Cynosure Cl. A 3	1,500		45,060
Derma Sciences 3	74,958		353,052
Exactech 1,2,3	137,200		2,391,396
Inogen 3	5,400		262,170
Invacare Corporation 2	44,300		641,021
STRATEC Biomedical	14,000		814,153
Symmetry Surgical 3	2,975		26,478
Syneron Medical 3	69,200		494,780
TearLab Corporation 3	100,000		201,000
Trinity Biotech ADR Cl. A	81,600		933,504
Utah Medical Products	38,100		2,052,447
			14,589,921
Health Care Providers & Services - 3.7%
Aceto Corporation 2	93,519		2,567,096
Addus HomeCare 3	44,400		1,383,060
CorVel Corporation 1,2,3	40,000		1,292,000
Cross Country Healthcare 3	216,600		2,947,926
Landauer	32,343		1,196,368
National Research Cl. A	40,033		477,994
PharMerica Corporation 1,2,3	40,000		1,138,800
Psychemedics Corporation	37,500		377,625
U.S. Physical Therapy	12,600		565,614
			11,946,483
Health Care Technology - 0.6%
Computer Programs and Systems 2	24,000		1,011,120
HealthStream 3	24,227		528,391
Vocera Communications 3	33,100		377,671
			1,917,182
Pharmaceuticals - 1.1%
Agile Therapeutics 1,2,3	80,000		539,200
Lipocine 3	90,467		1,070,224
Repros Therapeutics 3	129,000		958,470
Theravance Biopharma 3	83,509		917,764
			3,485,658
Total			37,659,094
Industrials – 17.3%
Aerospace & Defense - 0.6%
Breeze-Eastern Corporation 3	24,233		338,777
CPI Aerostructures 3	15,700		138,317
FLYHT Aerospace Solutions 3	800,200		113,929
Innovative Solutions and Support 3	142,828		387,064
Kratos Defense & Security Solutions 3	72,324		305,207
SIFCO Industries	45,800		506,548
			1,789,842
Air Freight & Logistics - 0.2%
Frontier Services Group 3	4,229,086		762,292
Building Products - 1.8%
AAON 1,2	30,300		587,214
Apogee Enterprises	31,900		1,424,335
Burnham Holdings Cl. A 4	117,000		2,029,950
Insteel Industries	60,500		972,840
Patrick Industries 3	16,900		667,381
			5,681,720
Commercial Services & Supplies - 1.3%
CompX International Cl. A	107,500		1,181,425
Heritage-Crystal Clean 1,2,3	235,077		2,414,241
Team 2,3	17,500		562,100
			4,157,766
Construction & Engineering - 3.6%
Ameresco Cl. A 3	295,700		1,738,716
Integrated Electrical Services 3	570,682		4,405,665
Layne Christensen 1,2,3	50,000		325,000
MYR Group 1,2,3	96,800		2,536,160
Northwest Pipe 3	98,100		1,281,186
Orbit Garant Drilling 3	1,512,500		1,020,045
			11,306,772
Electrical Equipment - 1.0%
Encore Wire 2	18,400		601,128
Global Power Equipment Group	55,649		204,232
LSI Industries	99,012		835,661
Orion Energy Systems 3	100,000		180,000
Powell Industries	28,400		854,840
Preformed Line Products	17,243		640,578
			3,316,439
Industrial Conglomerates - 0.6%
Raven Industries 2	103,400		1,752,630
Machinery - 4.3%
ARC Group Worldwide 2,3	39,250		70,650
CIRCOR International 2	1,100		44,132
Columbus McKinnon	5,300		96,248
Douglas Dynamics	50,000		993,000
Eastern Company (The)	39,750		643,950
Foster (L.B.) Company 2	46,400		569,792
Graham Corporation 1,2	86,150		1,520,548
Hurco Companies	57,266		1,502,660
Kadant	34,300		1,338,043
Luxfer Holdings ADR	27,812		300,091
NN	113,900		2,107,150
Pfeiffer Vacuum Technology	21,000		2,419,989
Sun Hydraulics	8,200		225,254
Tennant Company 1,2	33,500		1,882,030
Twin Disc	7,000		86,870
			13,800,407
Marine - 0.1%
Clarkson	13,000		401,293
Professional Services - 2.1%
Acacia Research 2	116,300		1,056,004
CBIZ 3	47,000		461,540
Franklin Covey 2,3	68,400		1,098,504
Heidrick & Struggles International	73,468		1,428,953
Kforce 2	3,200		84,096
Mistras Group 3	4,100		52,685
Navigant Consulting 3	5,100		81,141
Resources Connection	60,160		906,611
RPX Corporation 3	104,900		1,439,228
			6,608,762
Road & Rail - 0.8%
Marten Transport	3,300		53,361
Patriot Transportation Holding 1,2,3	29,460		708,513
Universal Truckload Services 1,2	120,800		1,880,856
			2,642,730
Trading Companies & Distributors - 0.7%
Houston Wire & Cable	162,075		1,027,555
Lawson Products 3	47,769		1,034,199
MFC Industrial 3	70,000		200,200
			2,261,954
Transportation Infrastructure - 0.2%
Touax	53,197		745,048
Total			55,227,655
Information Technology – 24.3%
Communications Equipment - 1.3%
Alliance Fiber Optic Products	48,900		835,701
Applied Optoelectronics 1,2,3	7,500		140,850
Bel Fuse Cl. A	67,705		1,116,455
CalAmp Corporation 3	5,500		88,495
Ceragon Networks 3	29,700		46,332
ClearOne	25,000		294,500
Extreme Networks 3	320,000		1,075,200
KVH Industries 3	8,900		89,000
Oclaro 3	27,900		64,170
PCTEL	44,100		265,041
Sandvine Corporation 3	22,700		39,464
			4,055,208
Electronic Equipment, Instruments & Components - 8.7%
Agilysys 3	170,587		1,896,927
Deswell Industries	544,371		832,888
DTS 3	73,500		1,962,450
Fabrinet 3	2,200		40,326
FARO Technologies 1,2,3	60,000		2,100,000
HollySys Automation Technologies	80,200		1,401,896
Inficon Holding	3,600		1,006,444
LRAD Corporation 3	523,056		873,503
Mercury Systems 3	47,500		755,725
Mesa Laboratories 1,2	32,689		3,641,555
Newport Corporation 1,2,3	204,423		2,810,816
Orbotech 1,2,3	127,800		1,974,510
PC Connection	43,716		906,233
Perceptron 3	8,500		64,515
Richardson Electronics	330,900		1,949,001
Rofin-Sinar Technologies 3	71,100		1,843,623
Rogers Corporation 1,2,3	14,700		781,746
TTM Technologies 1,2,3	179,400		1,117,662
Vishay Precision Group 3	158,000		1,831,220
			27,791,040
Internet Software & Services - 4.1%
Care.com 1,2,3	390,854		2,008,989
Marchex Cl. B	95,000		382,850
QuinStreet 3	372,400		2,066,820
Qumu Corporation 3	161,800		634,256
RealNetworks 3	244,000		997,960
Reis	25,000		566,250
SciQuest 3	108,000		1,080,000
Stamps.com 3	10,800		799,308
Support.com 3	1,357,663		1,520,583
Textura Corporation 1,2,3	76,200		1,969,008
United Online 3	112,700		1,127,000
			13,153,024
IT Services - 2.0%
Cass Information Systems 2	29,150		1,432,140
Computer Task Group 2	280,133		1,734,023
Hackett Group (The)	153,000		2,103,750
Innodata 3	437,275		1,018,851
Sykes Enterprises 3	4,200		107,100
			6,395,864
Semiconductors & Semiconductor Equipment - 3.7%
Amtech Systems 3	140,600		604,580
Brooks Automation 1,2	131,200		1,536,352
Cascade Microtech 3	105,200		1,487,528
Exar Corporation 3	121,208		721,187
Intermolecular 3	260,000		491,400
IXYS Corporation	18,800		209,808
Kulicke & Soffa Industries 3	88,000		807,840
MoSys 1,2,3	402,275		599,390
Nanometrics 3	50,800		616,712
Nova Measuring Instruments 3	102,600		987,012
Photronics 3	243,500		2,206,110
Silicon Motion Technology ADR	32,700		893,037
Ultra Clean Holdings 3	57,000		327,180
Xcerra Corporation 3	26,200		164,536
			11,652,672
Software - 3.4%
American Software Cl. A	122,752		1,156,324
BSQUARE Corporation 3	98,675		652,242
Computer Modelling Group	276,500		2,347,504
ePlus 3	17,199		1,359,925
Gigamon 3	3,600		72,036
Model N 3	65,000		650,650
PSI 3	34,000		456,020
Rubicon Project 3	60,500		879,065
SeaChange International 3	274,000		1,726,200
TiVo 3	122,600		1,061,716
VASCO Data Security International 3	22,200		378,288
			10,739,970
Technology Hardware, Storage & Peripherals - 1.1%
Avid Technology 3	7,600		60,496
Intevac 3	251,700		1,157,820
Kortek	135,007		1,631,706
Kortek (Rights) 3,5	27,870		76,417
TransAct Technologies	78,600		716,046
			3,642,485
Total			77,430,263
Materials – 6.1%
Chemicals - 1.4%
Balchem Corporation 1,2	11,775		715,567
Chase Corporation	3		118
FutureFuel Corporation	102,000		1,007,760
Hawkins 2	19,866		764,841
Quaker Chemical 2	27,400		2,111,992
			4,600,278
Construction Materials - 0.7%
Ash Grove Cement 4	8,000		1,608,000
Monarch Cement 4	16,303		489,253
			2,097,253
Containers & Packaging - 0.5%
UFP Technologies 3	70,736		1,616,317
Metals & Mining - 3.5%
Alamos Gold Cl. A	46,044		170,444
Ampco-Pittsburgh	91,820		1,001,756
Central Steel & Wire 4	788		489,348
Comstock Mining 3	615,000		381,300
Exeter Resource 3	246,500		78,880
Haynes International 2	49,901		1,888,254
Hecla Mining	44,518		87,701
Horsehead Holding Corporation 1,2,3	11,900		36,176
Imdex 3	602,290		78,323
MAG Silver 3	96,050		683,876
Major Drilling Group International	686,857		2,290,381
Materion Corporation	50,000		1,501,000
Olympic Steel	100,000		995,000
Pretium Resources 3	90,000		544,923
Universal Stainless & Alloy Products 3	73,600		778,688
Victoria Gold 3	550,000		53,578
			11,059,628
Total			19,373,476
Telecommunication Services – 0.1%
Diversified Telecommunication Services - 0.1%
ORBCOMM 3	45,800		255,564
Total			255,564
Utilities – 0.3%
Gas Utilities - 0.1%
Shizuoka Gas	40,000		260,756
Independent Power & Renewable Electricity Producer - 0.0%
Alterra Power 3	450,000		141,626
Water Utilities - 0.2%
GWR Global Water Resources	106,000		523,447
Total			925,829
Miscellaneous 6 – 4.6%
Total			14,739,998
TOTAL COMMON STOCKS
(Cost $345,860,806)			334,412,825
PREFERRED STOCK – 0.4%
Seneca Foods Conv. 3,4
(Cost $578,719)	45,409		1,150,664
REPURCHASE AGREEMENT – 12.4%
Fixed Income Clearing Corporation,
0.00% dated 9/30/15, due 10/1/15,
maturity value $39,758,000 (collateralized
by obligations of various U.S. Government
Agencies, 2.00% due 10/31/21, valued at
$40,557,400)
(Cost $39,758,000)			39,758,000
TOTAL INVESTMENTS – 117.6%
(Cost $386,197,525)			375,321,489
LIABILITIES LESS CASH
AND OTHER ASSETS – (17.6)%			(56,126,531	)
NET ASSETS – 100.0%		$	319,194,958

1	At September 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $57,855,248.
2	All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at September 30, 2015. Total market value of pledged securities at September 30, 2015, was $94,445,690.
3	Non-income producing.
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 $387,104,512. At September 30, 2015, net unrealized depreciation for all securities was $11,783,023, consisting of aggregate gross unrealized appreciation of $64,114,285 and aggregate gross unrealized depreciation of $75,897,308. 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 September 30, 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	$304,542,859	$29,487,191	$382,775	$334,412,825
Preferred Stocks	–	1,150,664	–	1,150,664
Cash Equivalents	–	39,758,000	–	39,758,000
Level 3 Reconciliation:

			Realized and
			Unrealized
	Balance as of 12/31/14	Sales	Gain (Loss)	Balance as of 9/30/15
Common Stocks	$325,702	$1	$57,074	$382,775

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 September 30, 2015, the Fund has outstanding borrowings of $60,000,000. During the period ended September 30, 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: November 20, 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: November 20, 2015

By:

/s/ Peter K. Hoglund

Peter K. Hoglund

Treasurer, Royce Micro-Cap Trust, Inc.

Date: November 20, 2015