MICROCAP FUND IND
N-23C-1, 1995-04-11
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                       SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.




STATEMENT BY REGISTERED  CLOSED-END INVESTMENT COMPANY WITH RESPECT TO PURCHASES
OF ITS OWN SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH



REPORT FOR CALENDAR MONTH ENDING MARCH 31, 1995



                            THE MICROCAP FUND, INC.
               (Name of registered closed-end investment company)



<TABLE>
                                                                                    Approximate Asset
                                                                                        Value or
                                               Number of                            approximate asset          Name of Seller
  Date of each         Identification           Shares             Price           coverage per share          or of Seller's
   Transaction           of Security           Purchased         per Share         at time of purchase             Broker

<S>    <C>                  <C>                   <C>               <C>                    <C>                     <C>  
     3/30/95            Common Stock             5,000             $5.00                  $8.08             Herzog, Heine & Geduld
</TABLE>




<TABLE>
<S>                                                                             <C>    <C> 
REMARKS:                                                                              The MicroCap Fund, Inc.
                                                                                      Name of Registrant

                                                                                By:   /s/    Kerry Dukes
                                                                                      Kerry Dukes
                                                                                      Managing Director
</TABLE>

Date of Statement:         April 10, 1995



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