MICROCAP FUND INC
N-23C-1, 1995-09-06
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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 ENDED AUGUST 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>  
     8/1/95           Common Stock              420          $4.875                  $6.86             Gilford Securities
     8/10/95          Common Stock              677          $4.750                  $6.86             Gilford Securities
     8/14/95          Common Stock            3,600          $4.813                  $6.86             Gilford Securities
                                              -----                                                                      

    Total                                     4,697
</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:         September 6, 1995



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