UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08030

Name of Fund: Royce Micro-Cap Trust, Inc.
Fund Address: 1414 Avenue of the Americas
New York, NY 10019

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
1414 Avenue of the Americas
New York, NY 10019

Registrant’s telephone number, including area code: (212) 486-1445

Date of fiscal year end: 12/31/2005

Date of reporting period: 3/31/2005

Item 1 - Schedule of Investments

ROYCE MICRO-CAP TRUST
MARCH 31, 2005 (UNAUDITED)

COMMON STOCKS - 101.5%            
    SHARES   VALUE  
             
Consumer Products - 6.1%            
Apparel and Shoes - 3.1%            

Delta Apparel

   146,500     $4,336,400  

Kleinert’s a,c

   14,200     0  

Steven Madden a,d

   14,500     242,005  

Marisa Christina a,d

   76,600     75,834  

Oshkosh B’Gosh Cl. A

   37,000     1,128,500  

Skechers U.S.A. Cl. A a,d

   10,000     154,800  

Stride Rite

   10,000     133,000  

Weyco Group

   60,000     2,626,800  
       
 
          8,697,339  
       
 
Collectibles - 0.6%            

Enesco Group a,d

   37,400     248,710  

Topps Company (The)

   148,500     1,367,685  
       
 
          1,616,395  
       
 
Food/Beverage/Tobacco - 0.3%            

CoolBrands International a

   8,500     62,885  

Green Mountain Coffee Roasters a,d

   26,600     638,400  

Reliv International

   27,000     243,000  
       
 
          944,285  
       
 
Home Furnishing and Appliances - 0.4%            

Lifetime Hoan

   65,554     1,015,431  

Stanley Furniture Company

   2,500     118,200  
       
 
          1,133,631  
       
 
Publishing - 0.1%            

Educational Development

   10,600     111,300  
       
 
Sports and Recreation - 0.5%            

Monaco Coach

   73,900     1,193,485  

National R.V. Holdings a

   31,800     323,088  
       
 
          1,516,573  
       
 
Other Consumer Products - 1.1%            

Burnham Holdings Cl. A

   1,000     26,650  

Cobra Electronics a

   10,000     75,500  

Cross (A. T.) Company Cl. A a

   100,000     590,000  

JAKKS Pacific a

   30,000     644,100  

Lazare Kaplan International a

   151,700     1,730,897  

Sonic Solutions a,d

   2,000     30,100  
       
 
          3,097,247  
       
 
Total         17,116,770  
       
 
Consumer Services - 6.1%            
Direct Marketing - 0.3%            

J. Jill Group a,d

   3,100     42,656  

Sportsman’s Guide (The) a

   25,000     653,500  

ValueVision Media Cl. A a,d

   5,000     61,850  
       
 
          758,006  
       
 
Leisure and Entertainment - 0.1%            

IMAX Corporation a,d

   25,000     231,000  

Multimedia Games a,d

   5,000     38,800  

Singing Machine Company (The) a,d

   5,000     3,550  

Steiner Leisure a

   1,200     39,228  

TiVo a,d

   20,000     103,400  
       
 
          415,978  
       
 
Media and Broadcasting - 0.3%            

Outdoor Channel Holdings a

   69,750     993,938  
       
 
Restaurants and Lodgings - 0.1%            

Angelo and Maxie’s a

   3,333     1,367  

Benihana Cl. A a

   800     12,128  

BUCA a,d

   30,000     188,370  

California Pizza Kitchen a

   6,000     140,640  
       
 
          342,505  
       
 
Retail Stores - 4.9%            

Brookstone a

   51,750     839,385  

Buckle (The)

   36,500     1,274,215  

Cache a

   5,000     67,750  

Casual Male Retail Group a

   2,000     12,980  

Cato Corporation Cl. A

   57,000     1,838,250  

Charlotte Russe Holding a

   6,000     77,520  

Conn’s a,d

   26,000     488,800  

Deb Shops

   19,900     561,578  

Dress Barn (The) a,d

   53,660     977,685  

Gander Mountain Company a,d

   39,800     521,380  

La Senza Corporation

   99,900     1,156,107  

Party City a

   43,500     636,840  

Shoe Carnival a

   11,000     192,500  

Stein Mart a

   213,900     4,812,750  

United Retail Group a

   60,600     349,056  
       
 
          13,806,796  
       
 
Other Consumer Services - 0.4%            

Ambassadors Group

   7,500     250,650  

Ambassadors International

   6,100     85,589  

Autobytel a,d

   20,000     100,800  

Rent-Way a,d

   70,000     574,000  
       
 
          1,011,039  
       
 
Total         17,328,262  
       
 
Diversified Investment Companies - 1.6%            
Closed-End Mutual Funds - 1.6%            

ASA Bermuda

   81,500     3,176,055  

Central Fund of Canada Cl. A

   237,000     1,272,690  
       
 
Total         4,448,745  
       
 
Financial Intermediaries - 5.4%            
Banking - 1.7%            

Arrow Financial

   13,905     378,633  

Bancorp (The) a

   1,380     19,320  

First National Lincoln

   40,200     683,400  

FirstBank NW

   4,930     138,040  

Lakeland Financial

   22,500     865,125  

Meta Financial Group

   64,800     1,451,650  

Queen City Investments a

   948     687,300  

Sterling Bancorp

   21,780     528,601  
       
 
          4,752,069  
       
 
Insurance - 3.3%            

American Safety Insurance Holdings a

   5,000     74,500  

Argonaut Group a

   30,900     655,698  

China Finance a

   60,000     48,000  

First Acceptance a

   258,405     2,739,093  

Independence Holding

   33,534     604,618  

NYMAGIC

   65,400     1,549,980  

Navigators Group a

   37,200     1,232,994  

PXRE Group

   73,164     1,876,657  

Wellington Underwriting

   444,712     772,406  
       
 
          9,553,946  
       
 
Securities Brokers - 0.3%            

First Albany

   25,000     229,000  

Sanders Morris Harris Group

   21,000     379,680  

Stifel Financial a

   11,733     255,779  
       
 
          864,459  
       
 
Other Financial Intermediaries - 0.1%            

Electronic Clearing House a

   20,000     170,000  
       
 
Total         15,340,474  
       
 
Financial Services - 1.9%            
Investment Management - 1.0%            

Epoch Holding a

   218,300     1,036,925  

MVC Capital

   207,300     1,923,744  
       
 
          2,960,669  
       
 
Other Financial Services - 0.9%            

Clark

   20,900     323,532  

E-LOAN a,d

   116,200     307,930  

MicroFinancial

   10,000     46,500  

PRG-Schultz International a,d

   365,000     1,828,650  
       
 
          2,506,612  
       
 
Total         5,467,281  
       
 
Health - 12.3%            
Commercial Services - 2.2%            

Discovery Partners International a

   20,000     64,000  

First Consulting Group a,d

   274,700     1,428,440  

ICON ADR a,b

   800     30,016  

PAREXEL International a,d

   121,400     2,852,900  

TriZetto Group (The) a

   192,000     1,787,520  
       
 
          6,162,876  
       
 
Drugs and Biotech - 2.9%            

AXM Pharma a,d

   122,000     334,280  

Able Laboratories a,d

   2,200     51,612  

Axonyx a,d

   50,000     61,500  

BioSource International a

   187,900     1,367,912  

CancerVax Corporation a,d

   15,000     98,850  

Cardiome Pharma a

   15,000     93,000  

Cell Genesys a,d

   10,000     45,300  

Cerus Corporation a,d

   20,000     61,400  

Durect Corporation a,d

   44,100     160,524  

DUSA Pharmaceuticals a

   5,800     50,634  

Emisphere Technologies a,d

   163,200     598,944  

Gene Logic a

   234,900     737,586  

Geron Corporation a,d

   6,000     36,660  

Hi-Tech Pharmacal a

   32,300     709,954  

Hollis-Eden Pharmaceuticals a,d

   8,000     56,360  

ImmunoGen a,d

   20,000     104,600  

Life Sciences Research a

   59,900     761,928  

Matrixx Initiatives a,d

   23,000     259,670  

Maxygen a

   5,000     42,900  

Momenta Pharmaceuticals a,d

   35,000     296,450  

Myriad Genetics a,d

   26,500     487,335  

Nabi Biopharmaceuticals a

   5,000     62,400  

Nuvelo a

   11,000     71,500  

Oncolytics Biotech a,d

   5,000     20,095  

Orchid BioSciences a

   50,000     588,000  

SFBC International a

   15,000     528,600  

Sangamo BioSciences a

   10,000     40,000  

Theragenics Corporation a

   30,000     103,200  

VIVUS a,d

   163,300     488,267  
       
 
          8,319,461  
       
 
Health Services - 1.7%            

ATC Healthcare Cl. A a

   35,000     12,250  

Albany Molecular Research a

   50,000     514,000  

Bio-Imaging Technologies a,d

   41,400     124,200  

Covalent Group a

   25,000     57,500  

Gentiva Health Services a

   13,000     210,340  

HMS Holdings a

   66,900     495,060  

Horizon Health a

   25,000     1,062,500  

MedCath Corporation a,d

   18,000     527,400  

National Home Health Care

   21,400     247,812  

NovaMed a

   85,000     488,750  

On Assignment a

   26,100     133,110  

Quovadx a

   5,000     15,450  

RehabCare Group a,d

   22,000     631,620  

Sun Healthcare Group a

   10,000     66,300  

U.S. Physical Therapy a

   10,000     139,800  
       
 
          4,726,092  
       
 
Medical Products and Devices - 4.5%            

Adeza Biomedical a

   2,000     24,360  

Allied Healthcare Products a

   253,500     1,637,610  

Anika Therapeutics a

   9,000     115,200  

Caliper Life Sciences a

   2,100     13,545  

Candela Corporation a,d

   62,000     553,040  

CONMED Corporation a,d

   3,900     117,468  

Del Global Technologies a

   168,279     521,665  

Endologix a

   7,500     43,125  

Exactech a,d

   60,200     1,021,594  

Medical Action Industries a,d

   58,500     1,105,650  

Merit Medical Systems a,d

   3,550     42,564  

Molecular Devices a,d

   25,500     484,500  

NMT Medical a,d

   190,000     1,558,000  

Neurometrix a

   3,500     33,425  

OrthoLogic Corporation a

   20,000     101,200  

Orthofix International a

   28,000     1,096,200  

PLC Systems a

   105,200     56,808  

Possis Medical a

   31,000     259,470  

Quinton Cardiology Systems a

   4,800     39,792  

Schick Technologies a

   25,000     431,250  

Synovis Life Technologies a,d

   23,000     229,540  

Utah Medical Products

   42,300     930,600  

Young Innovations

   61,450     2,252,143  
       
 
          12,668,749  
       
 
Personal Care - 1.0%            

CCA Industries

   58,140     680,238  

Helen of Troy a,d

   20,000     547,600  

Inter Parfums

   40,500     583,200  

Lifeline Systems a

   20,900     633,688  

Nutraceutical International a

   20,000     317,200  

Nutrition 21 a,d

   40,000     51,200  
       
 
          2,813,126  
       
 
Total         34,690,304  
       
 
Industrial Products - 15.5%            
Automotive - 1.0%            

Commerical Vehicle Group a,d

   22,000     440,000  

IMPCO Technologies a,d

   15,500     83,313  

LKQ Corporation a,d

   59,700     1,198,179  

Spartan Motors

   2,800     28,140  

Strattec Security a

   3,300     176,814  

Wescast Industries Cl. A

   37,900     901,641  
       
 
          2,828,087  
       
 
Building Systems and Components - 2.0%            

Aaon a

   47,500     781,850  

Juno Lighting

   92,200     3,485,068  

LSI Industries

   67,812     761,529  

Modtech Holdings a,d

   74,700     634,950  
       
 
          5,663,397  
       
 
Construction Materials - 1.4%            

Ash Grove Cement Company

   8,000     1,164,000  

Monarch Cement

   50,410     1,134,225  

Synalloy Corporation a

   171,000     1,744,200  
       
 
          4,042,425  
       
 
Industrial Components - 1.2%            

Bel Fuse Cl. A

   52,600     1,275,550  

C & D Technologies

   3,000     30,150  

Plug Power a,d

   1,370     9,042  

Powell Industries a

   50,300     931,556  

Scientific Technologies a

   10,700     40,125  

Tech/Ops Sevcon

   76,200     486,156  

II-VI a

   20,000     348,800  

Woodhead Industries

   10,000     136,000  
       
 
          3,257,379  
       
 
Machinery - 2.0%            

Astec Industries a

   40,200     886,410  

Cascade Corporation

   13,400     469,000  

Hardinge

   77,000     1,035,650  

Hurco Companies a

   16,100     224,595  

Keithley Instruments

   14,000     225,820  

Lindsay Manufacturing

   10,000     190,800  

MTS Systems

   10,000     290,300  

Mueller (Paul) Company

   13,650     351,487  

Pason Systems

   62,100     1,942,951  
       
 
          5,617,013  
       
 
Metal Fabrication and Distribution - 2.3%            

Aleris International a

   35,270     879,986  

Encore Wire a,d

   15,000     153,000  

Haynes International a,d

   10,000     180,000  

Metals USA a,d

   56,000     1,097,040  

NN

   176,300     2,172,016  

Oregon Steel Mills a,d

   15,000     345,000  

Penn Engineering & Manufacturing

   56,600     1,021,630  

Penn Engineering & Manufacturing Cl. A

   30,800     557,480  

Universal Stainless & Alloy Products a

   7,700     108,108  
       
 
          6,514,260  
       
 
Paper and Packaging - 0.1%            

Mod-Pac Corporation a

   23,200     366,769  
       
 
Pumps, Valves and Bearings - 1.5%            

CIRCOR International

   10,000     246,500  

Gorman-Rupp Company

   3,375     72,427  

Sun Hydraulics

   131,550     3,954,393  
       
 
          4,273,320  
       
 
Specialty Chemicals and Materials - 2.4%            

Aceto Corporation

   286,169     2,123,374  

American Pacific a

   36,000     261,000  

Balchem Corporation

   15,000     348,750  

CFC International a,d

   55,600     1,229,316  

Hawkins

   122,667     1,469,551  

Insteel Industries a

   20,000     300,400  

Material Sciences a

   14,800     199,060  

NuCo2 a,d

   20,000     526,000  

Park Electrochemical

   10,000     202,600  

Titanium Metals a,d

   7,000     252,000  
       
 
          6,912,051  
       
 
Textiles - 0.1%            

Fab Industries a,c

   56,400     112,800  
       
 
Other Industrial Products - 1.5%            

Color Kinetics a,d

   50,000     504,000  

Eastern Company (The)

   26,500     585,650  

Harbin Electric a,d

   47,000     162,150  

Maxwell Technologies a

   15,300     140,301  

Myers Industries

   32,276     455,414  

Peerless Manufacturing a

   42,200     588,690  

Quixote Corporation

   36,500     790,955  

Raven Industries

   48,000     980,160  
       
 
          4,207,320  
       
 
Total         43,794,821  
       
 
Industrial Services - 13.5%            
Advertising and Publishing - 0.7%            

MDC Partners Cl. A a

   116,300     1,106,013  

NetRatings a,d

   50,000     762,500  
       
 
          1,868,513  
       
 
Commercial Services - 5.5%            

Administaff

   10,000     146,000  

American Bank Note Holographics a

   267,200     961,920  

Anacomp Cl. A a

   26,000     413,400  

Bennett Environmental a

   20,900     60,401  

Carlisle Holdings a

   390,000     2,585,856  

Collectors Universe a

   3,000     57,480  

CorVel Corporation a,d

   28,750     612,950  

Edgewater Technology a

   18,339     76,657  

Exponent a

   68,300     1,631,687  

Geo Group (The) a

   51,200     1,463,296  

iGATE Corporation a

   235,100     876,923  

Kforce a,d

   55,000     604,450  

Management Network Group a

   40,000     94,800  

NCO Group a,d

   20,000     391,000  

New Horizons Worldwide a

   132,000     528,132  

Pegasus Solutions a,d

   59,700     705,654  

Pemstar a,d

   220,900     260,662  

RemedyTemp Cl. A a

   83,200     819,520  

SM &A a,d

   31,300     258,538  

Sykes Enterprises a

   69,000     474,030  

TRC Companies a

   41,000     602,700  

Volt Information Sciences a

   36,600     883,890  

Westaff a

   362,500     1,163,625  
       
 
          15,673,571  
       
 
Engineering and Construction - 1.2%            

Comfort Systems USA a

   42,000     325,500  

Devcon International a

   21,700     294,057  

Insituform Technologies Cl. A a,d

   80,300     1,165,153  

Integrated Electrical Services a,d

   88,000     242,880  

Keith Companies a

   10,000     173,000  

Skyline Corporation

   32,100     1,235,529  
       
 
          3,436,119  
       
 
Food and Tobacco Processors - 1.0%            

ML Macadamia Orchards L.P.

   120,200     732,018  

Omega Protein a

   2,700     18,414  

Seneca Foods Cl. A a

   62,500     1,046,875  

Seneca Foods Cl. B a

   42,500     714,000  

Sunopta a,d

   38,000     193,800  
       
 
          2,705,107  
       
 
Industrial Distribution - 0.9%            

Central Steel & Wire

   1,200     672,000  

Elamex a

   70,200     126,360  

Lawson Products

   19,500     912,600  

Strategic Distribution a

   59,690     775,970  
       
 
          2,486,930  
       
 
Printing - 1.0%            

Bowne & Co.

   66,500     1,000,160  

Champion Industries

   23,500     96,350  

Courier Corporation

   15,300     802,332  

Ennis

   9,700     164,124  

Schawk

   38,900     709,925  
       
 
          2,772,891  
       
 
Transportation and Logistics -2.7%            

AirNet Systems a

   196,000     927,080  

Atlas Air Worldwide Holdings a,e

   33,000     891,000  

Forward Air

   43,800     1,865,004  

Frozen Food Express Industries a

   92,000     1,059,840  

Hub Group Cl. A a

   6,500     407,355  

Knight Transportation

   21,000     518,070  

MAIR Holdings a

   8,600     76,712  

Marten Transport a,d

   3,300     70,389  

Patriot Transportation Holding a

   28,400     1,478,788  

SCS Transportation a

   20,000     371,800  

Vitran Corporation Cl. A a

   5,500     81,675  
       
 
          7,747,713  
       
 
Other Industrial Services - 0.5%            

American Ecology

   5,000     59,150  

Landauer

   21,300     1,012,602  

Team a

   24,500     490,000  
       
 
          1,561,752  
       
 
Total         38,252,596  
       
 
Natural Resources - 12.0%            
Energy Services - 4.5%            

Calfrac Well Services a

   3,500     94,288  

Carbo Ceramics

   12,500     876,875  

Conrad Industries a

   154,000     212,520  

Dawson Geophysical a

   6,200     150,040  

Dril-Quip a,d

   64,500     1,982,730  

Enerflex Systems

   5,000     109,444  

Gulf Island Fabrication

   59,500     1,395,870  

GulfMark Offshore a,d

   68,450     1,773,539  

Input/Output a,d

   168,500     1,086,825  

Lufkin Industries

   36,000     1,738,440  

NATCO Group Cl. A a

   50,400     547,848  

Seitel a,d

   160,000     223,200  

Valley National Gases a

   30,100     493,038  

Veritas DGC a

   29,700     889,812  

Willbros Group a

   62,900     1,270,580  
       
 
          12,845,049  
       
 
Oil and Gas - 3.0%            

ATP Oil & Gas a

   29,300     634,052  

Bonavista Energy Trust

   88,000     2,191,726  

Contango Oil & Gas Company a,d

   10,000     83,500  

Delta Petroleum a,d

   13,000     189,020  

Edge Petroleum a

   3,500     57,960  

Gulfport Energy a,d

   362,176     2,028,186  

Hornbeck Offshore Services a

   4,500     112,770  

Nuvista Energy a

   121,000     1,185,245  

PetroQuest Energy a

   5,700     37,848  

Pioneer Drilling Company a

   65,800     906,066  

Pioneer Natural Resources Company

   14,543     621,277  

Savanna Energy Services a

   2,500     39,306  

VAALCO Energy a

   65,000     248,950  
       
 
          8,335,906  
       
 
Precious Metals and Mining - 1.5%            

Apex Silver Mines a,d

   76,100     1,219,122  

Aurizon Mines a

   50,000     53,000  

Brush Engineered Materials a

   15,500     294,965  

Cardero Resource a

   5,000     14,879  

Etruscan Resources a

   575,900     714,073  

Gammon Lake Resources a

   28,000     164,640  

MK Resources Company a

   513,800     847,770  

Metallica Resources a

   170,000     224,400  

Nevsun Resources a,d

   5,000     12,234  

Northern Orion Resources a

   161,500     468,350  

NovaGold Resources a,d

   13,400     111,354  

Spur Ventures a

   9,350     12,366  

Western Silver a

   11,800     107,734  
       
 
          4,244,887  
       
 
Real Estate - 1.4%            

HomeFed Corporation a

   69,352     3,675,656  

Kennedy-Wilson a,d

   21,500     189,200  
       
 
          3,864,856  
       
 
Other Natural Resources - 1.6%            

PICO Holdings a,d

   126,100     3,267,251  

Pope Resources L.P.

   33,000     1,207,470  
       
 
          4,474,721  
       
 
Total         33,765,419  
       
 
Technology - 25.4%            
Aerospace and Defense - 2.2%            

Allied Defense Group (The) a

   24,900     609,801  

Astronics Corporation a

   26,400     184,272  

Ducommun a

   84,500     1,690,000  

HEICO Corporation

   41,600     836,160  

HEICO Corporation Cl. A

   4,160     66,019  

Herley Industries a,d

   81,000     1,385,910  

Integral Systems

   58,500     1,343,160  

SIFCO Industries a

   45,800     203,810  
       
 
          6,319,132  
       
 
Components and Systems - 6.3%            

Advanced Photonix Cl. A a,d

   267,900     634,923  

AlphaSmart a

   16,200     59,292  

Belden CDT

   15,000     333,150  

CSP a

   122,581     1,044,390  

Dot Hill Systems a,d

   2,000     11,900  

Excel Technology a,d

   117,900     2,897,982  

Fargo Electronics a

   42,100     617,607  

Giga-tronics a

   3,200     13,088  

InFocus Corporation a

   107,000     614,180  

Kronos a,d

   17,375     888,036  

Lowrance Electronics

   91,000     2,212,210  

Merix Corporation a

   5,000     56,050  

Metrologic Instruments a,d

   1,900     42,712  

Mobility Electronics a,d

   1,000     6,990  

MOCON

   22,400     203,302  

Neoware Systems a

   2,600     27,118  

OSI Systems a,d

   25,000     437,750  

Performance Technologies a,d

   54,050     359,973  

Plexus Corporation a,d

   26,500     305,015  

Printronix

   23,300     375,130  

Radiant Systems a

   19,200     188,160  

REMEC a,d

   266,500     1,407,120  

Richardson Electronics

   202,100     2,075,567  

SafeNet a,d

   11,781     345,301  

SimpleTech a

   132,200     520,868  

TTM Technologies a,d

   100,000     1,046,000  

TransAct Technologies a

   78,600     786,786  

WindsorTech a

   115,000     310,500  

Zomax a

   20,000     59,600  
       
 
          17,880,700  
       
 
Distribution - 1.4%            

Agilysys

   90,000     1,769,400  

Bell Industries a

   85,700     247,673  

Brightpoint a,d

   25,000     468,250  

Jaco Electronics a

   31,400     96,712  

Nu Horizons Electronics a

   40,000     286,000  

PC Mall a,d

   68,000     844,560  

Pomeroy IT Solutions a

   6,900     102,810  
       
 
          3,815,405  
       
 
Internet Software and Services - 0.9%            

Digitas a,d

   98,840     998,284  

EDGAR Online a,d

   83,600     266,684  

FindWhat.com a

   10,000     103,700  

Intraware a

   47,400     31,284  

LookSmart a

   20,000     17,800  

NIC a,d

   26,800     127,836  

RealNetworks a,d

   65,700     379,746  

Register.com a

   41,857     245,701  

Stamps.com a

   21,200     351,920  

Stellent a,d

   15,000     126,150  
       
 
          2,649,105  
       
 
IT Services - 5.3%            

CIBER a,d

   182,662     1,327,953  

Computer Task Group a

   381,100     1,516,778  

Covansys Corporation a

   227,500     3,393,162  

DiamondCluster International a

   138,100     2,223,410  

Forrester Research a,d

   105,500     1,485,440  

Infocrossing a,d

   20,000     316,800  

Rainmaker Systems a

   10,000     6,000  

Sapient Corporation a,d

   500,000     3,672,500  

Syntel

   54,300     961,110  

Tier Technologies Cl. B a

   6,800     50,116  
       
 
          14,953,269  
       
 
Semiconductors and Equipment - 1.9%            

California Micro Devices a

   16,700     84,335  

Camtek a,d

   20,500     68,675  

CyberOptics Corporation a

   41,700     520,416  

ESS Technology a,d

   25,000     131,750  

Electroglas a,d

   281,700     1,112,715  

Exar Corporation a,d

   68,500     917,900  

Helix Technology

   9,500     146,965  

Inficon Holding ADR a,b

   10,000     99,478  

Integrated Silicon Solution a,d

   86,000     576,200  

Intevac a,d

   40,550     382,386  

Monolithic System Technology a

   5,000     29,250  

PDF Solutions a

   30,000     420,000  

Photronics a

   29,750     538,475  

QuickLogic Corporation a,d

   20,000     68,400  

Semitool a

   25,500     260,100  

White Electronic Designs a

   10,000     48,900  
       
 
          5,405,945  
       
 
Software - 4.0%            

Aladdin Knowledge Systems a

   27,300     620,529  

ANSYS a

   30,800     1,053,668  

Applix a

   20,000     120,500  

ILOG ADR a,b,d

   35,000     477,750  

Indus International a

   19,200     46,848  

Intervideo a

   24,500     269,500  

iPass a

   40,000     244,800  

JDA Software Group a,d

   59,500     835,380  

Kongzhong Corporation ADR a,b,d

   3,300     26,400  

MSC.Software a,d

   12,700     140,716  

MapInfo a

   5,000     60,200  

MIND C.T.I.

   10,000     38,900  

Pegasystems a,d

   211,600     1,138,408  

PLATO Learning a,d

   121,142     944,908  

SPSS a

   19,800     344,322  

Synplicity a,d

   2,500     14,025  

Transaction Systems Architects Cl. A a

   140,100     3,243,315  

Verity a

   181,500     1,715,175  
       
 
          11,335,344  
       
 
Telecommunications - 3.4%            

Anaren a,d

   94,800     1,149,924  

Brooktrout a

   26,100     293,625  

C-COR.net a,d

   44,000     267,520  

Captaris a

   60,000     243,000  

Centillium Communications a

   11,000     28,160  

Communications Systems

   163,400     1,862,760  

Computer Network Technology a,d

   14,000     64,680  

Extended Systems a

   90,000     434,790  

Glenayre Technologies a

   168,000     300,720  

MetaSolv a

   5,800     14,210  

North Pittsburgh Systems

   15,700     310,310  

PC-Tel a

   48,100     354,016  

Radyne ComStream a

   96,400     787,588  

SpectraLink Corporation

   57,000     804,840  

TeleCommunication Systems a,d

   105,000     280,350  

ViaSat a

   91,812     1,715,966  

Yak Communications a,d

   115,700     620,268  
       
 
          9,532,727  
       
 
Total         71,891,627  
       
 
Miscellaneous - 1.7%            
Total         4,830,931  
       
 
TOTAL COMMON STOCKS            

(Cost $179,405,761)

         286,927,230  
       
 
PREFERRED STOCKS - 0.5%            

Angelo and Maxie’s 10.00% Conv.

   6,991     16,219  

Seneca Foods Conv. a

   75,409     1,281,953  
       
 
TOTAL PREFERRED STOCKS            

(Cost $957,998)

         1,298,172  
       
 
             
REPURCHASE AGREEMENT - 19.7%            

State Street Bank & Trust Company, 2.30% dated 3/31/05, due 4/1/05, maturity value $55,804,565 (collateralized by Federal Home Loan Bank, 2.50% due 12/15/05, valued at $57,198,869)

            

(Cost $55,801,000)

         55,801,000  
       
 
COLLATERAL RECEIVED FOR SECURITIES LOANED - 9.1%            
U.S. Treasury Bonds            

8.125%-10.375% due 11/15/12-5/15/21

         2,046  
Money Market Funds            

State Street Navigator Securities Lending

            

Prime Portfolio

         25,566,456  
       
 

(Cost $25,568,502)

         25,568,502  
       
 
TOTAL INVESTMENTS - 130.8%            

(Cost $261,733,261)

         369,594,904  
             

LIABILITES LESS CASH AND OTHER ASSETS - (9.6)%

         (26,970,247 )
             
PREFERRED STOCK - (21.2)%         (60,000,000 )
       
 
             

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%

       $ 282,624,657  
       
 
             
a   Non-income producing.
     
b   American Depository Receipt.
     
c   Securities for which market quotations are no longer readily available represent 0.04% of net assets.
    These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.
     
d   A portion of these securities were on loan at March 31, 2005. Total market value of loaned securities at March 31, 2005 was $24,763,160.
     
e   When Issued.

INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $262,626,143.
At March 31, 2005, net unrealized appreciation for all securities was $106,968,761, consisting of aggregate gross unrealized appreciation of $114,068,793 and aggregate gross unrealized depreciation of $7,100,032. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.

    Valuation of investments:
    Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date.
    Securities that trade on an exchange or Nasdaq are valued at their last reported sales 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 bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Fund’s Board of Directors. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services.
     
    Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders.
    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, that the Registrant’s disclosure controls and procedures 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 controls over financial reporting during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.
     
Item 3 - Exhibits
     
  Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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 23, 2005

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 23, 2005

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 23, 2005