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: 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
Registrants telephone number, including area code: (212) 486-1445
Date of fiscal year end: 12/31/2007
Date of reporting period: 9/30/2007
Item 1 - Schedule of Investments
SCHEDULE OF INVESTMENTS | |||||||
ROYCE MICRO-CAP TRUST | |||||||
SEPTEMBER 30, 2007 (UNAUDITED) | |||||||
COMMON STOCKS - 108.0% |
|||||||
SHARES | VALUE | ||||||
Consumer Products - 4.9% |
|||||||
Apparel and Shoes - 1.6% |
|||||||
42,900 | $ | 201,630 | |||||
Hartmarx Corporation a |
70,000 | 343,000 | |||||
14,200 | 0 | ||||||
Steven Madden |
21,750 | 412,162 | |||||
13,900 | 259,513 | ||||||
171,400 | 389,078 | ||||||
19,700 | 346,720 | ||||||
Weyco Group |
120,000 | 3,769,200 | |||||
5,721,303 | |||||||
Collectibles - 0.2% |
|||||||
Topps Company (The) |
74,200 | 718,998 | |||||
Food/Beverage/Tobacco - 0.7% |
|||||||
76,800 | 2,548,992 | ||||||
Home Furnishing and Appliances - 0.4% |
|||||||
50,000 | 190,000 | ||||||
7,000 | 212,590 | ||||||
Lifetime Brands |
42,054 | 853,276 | |||||
10,000 | 71,500 | ||||||
1,327,366 | |||||||
Publishing - 0.3% |
|||||||
125,000 | 1,011,250 | ||||||
Sports and Recreation - 0.9% |
|||||||
70,000 | 344,400 | ||||||
Monaco Coach |
142,400 | 1,997,872 | |||||
9,000 | 44,640 | ||||||
Sturm, Ruger & Company a |
45,000 | 805,950 | |||||
3,192,862 | |||||||
Other Consumer Products - 0.8% |
|||||||
Cobra Electronics |
10,000 | 67,400 | |||||
100,000 | 1,105,000 | ||||||
Lazare Kaplan International a |
151,700 | 1,124,097 | |||||
86,400 | 580,608 | ||||||
2,877,105 | |||||||
Total |
17,397,876 | ||||||
Consumer Services - 4.3% |
|||||||
Direct Marketing - 0.2% |
|||||||
Dover Saddlery a |
10,200 | 62,220 | |||||
FTD Group |
55,000 | 818,400 | |||||
880,620 | |||||||
Leisure and Entertainment - 0.1% |
|||||||
5,000 | 49,050 | ||||||
25,000 | 105,000 | ||||||
20,000 | 127,000 | ||||||
281,050 | |||||||
Media and Broadcasting - 0.3% |
|||||||
100,000 | 591,000 | ||||||
69,750 | 629,842 | ||||||
1,220,842 | |||||||
Restaurants and Lodgings - 0.2% |
|||||||
800 | 13,848 | ||||||
91,200 | 315,552 | ||||||
29,600 | 208,088 | ||||||
537,488 | |||||||
Retail Stores - 3.0% |
|||||||
A.C. Moore Arts & Crafts a |
40,000 | 630,400 | |||||
200,000 | 2,262,000 | ||||||
Buckle (The) |
35,250 | 1,337,385 | |||||
19,200 | 342,720 | ||||||
Casual Male Retail Group a |
28,800 | 258,048 | |||||
Cato Corporation Cl. A |
68,100 | 1,391,964 | |||||
115,477 | 464,218 | ||||||
Deb Shops |
19,900 | 535,111 | |||||
Stein Mart |
168,900 | 1,285,329 | |||||
142,000 | 1,640,100 | ||||||
92,600 | 358,362 | ||||||
10,505,637 | |||||||
Other Consumer Services - 0.5% |
|||||||
Ambassadors Group |
15,000 | 571,500 | |||||
Ambassadors International |
6,100 | 149,633 | |||||
Collectors Universe |
23,200 | 326,656 | |||||
41,100 | 619,788 | ||||||
Renaissance Learning |
2,365 | 28,593 | |||||
1,696,170 | |||||||
Total |
15,121,807 | ||||||
Diversified Investment Companies - 1.6% |
|||||||
Closed-End Funds - 1.6% |
|||||||
ASA |
48,900 | 3,657,720 | |||||
Central Fund of Canada Cl. A |
207,000 | 2,034,810 | |||||
Total |
5,692,530 | ||||||
Financial Intermediaries - 10.2% |
|||||||
Banking - 3.1% |
|||||||
Abigail Adams National Bancorp |
160,500 | 2,168,355 | |||||
100,000 | 739,000 | ||||||
51,180 | 944,783 | ||||||
First National Lincoln |
40,200 | 606,216 | |||||
Lakeland Financial |
45,000 | 1,039,950 | |||||
Meta Financial Group |
44,800 | 1,785,280 | |||||
147,599 | 1,225,072 | ||||||
Peapack-Gladstone Financial |
27,600 | 703,800 | |||||
Queen City Investments a |
948 | 911,976 | |||||
Quest Capital |
30,000 | 76,610 | |||||
Sterling Bancorp |
32,869 | 460,166 | |||||
Sterling Financial |
7,779 | 209,333 | |||||
10,870,541 | |||||||
Insurance - 1.7% |
|||||||
AmCOMP a |
5,600 | 52,864 | |||||
American Safety Insurance Holdings a |
20,000 | 396,400 | |||||
124,000 | 781,200 | ||||||
First Acceptance a |
258,405 | 1,304,945 | |||||
Independence Holding |
33,534 | 683,423 | |||||
NYMAGIC |
65,400 | 1,818,774 | |||||
15,200 | 824,600 | ||||||
5,862,206 | |||||||
Real Estate Investment Trusts - 0.4% |
|||||||
Bimini Capital Management Cl. A |
249,000 | 328,680 | |||||
Capstead Mortgage |
104,900 | 1,078,372 | |||||
1,407,052 | |||||||
Securities Brokers - 2.6% |
|||||||
93,600 | 1,293,552 | ||||||
5,000 | 408,750 | ||||||
95,000 | 161,500 | ||||||
123,100 | 3,169,825 | ||||||
Sanders Morris Harris Group |
136,000 | 1,380,400 | |||||
38,733 | 2,240,317 | ||||||
6,500 | 94,315 | ||||||
30,000 | 350,100 | ||||||
9,098,759 | |||||||
Other Financial Intermediaries - 2.4% |
|||||||
Kohlberg Capital |
98,100 | 1,477,386 | |||||
MVC Capital |
226,200 | 4,191,486 | |||||
123,700 | 1,855,500 | ||||||
NGP Capital Resources |
68,080 | 1,104,938 | |||||
8,629,310 | |||||||
Total |
35,867,868 | ||||||
Financial Services - 4.5% |
|||||||
Information and Processing - 0.1% |
|||||||
27,200 | 81,056 | ||||||
Insurance Brokers - 0.2% |
|||||||
Crawford & Company Cl. A a |
50,000 | 276,000 | |||||
211,265 | 464,783 | ||||||
740,783 | |||||||
Investment Management - 3.3% |
|||||||
ADDENDA Capital |
131,700 | 2,664,057 | |||||
406,500 | 955,275 | ||||||
Epoch Holding Corporation a |
211,500 | 2,977,920 | |||||
Hennessy Advisors |
24,750 | 269,775 | |||||
580,400 | 2,605,996 | ||||||
Highbury Financial (Warrants) a |
533,900 | 298,984 | |||||
Sceptre Investment Counsel |
78,000 | 812,426 | |||||
Westwood Holdings Group |
31,900 | 1,094,489 | |||||
11,678,922 | |||||||
Other Financial Services - 0.9% |
|||||||
Alternative Asset Management Acquisition (Units) a |
250,000 | 2,487,500 | |||||
100,000 | 800,000 | ||||||
3,287,500 | |||||||
Total |
15,788,261 | ||||||
Health - 16.6% |
|||||||
Commercial Services - 2.7% |
|||||||
185,000 | 2,107,150 | ||||||
300,699 | 3,097,200 | ||||||
45,200 | 252,216 | ||||||
66,800 | 693,384 | ||||||
80,900 | 3,338,743 | ||||||
9,488,693 | |||||||
Drugs and Biotech - 6.5% |
|||||||
172,000 | 588,240 | ||||||
123,600 | 587,100 | ||||||
31,300 | 189,052 | ||||||
Cambrex Corporation |
16,000 | 174,240 | |||||
Caraco Pharmaceutical Laboratories a |
20,450 | 311,862 | |||||
21,000 | 198,240 | ||||||
Cell Genesys a |
58,000 | 221,560 | |||||
189,600 | 1,655,208 | ||||||
230,000 | 722,200 | ||||||
25,000 | 224,500 | ||||||
44,100 | 241,668 | ||||||
DUSA Pharmaceuticals a |
57,600 | 125,568 | |||||
Dyax Corporation a |
47,300 | 170,280 | |||||
163,200 | 784,992 | ||||||
275,600 | 840,580 | ||||||
Gene Logic a |
224,900 | 267,631 | |||||
294,700 | 1,320,256 | ||||||
Hi-Tech Pharmacal a |
77,530 | 920,281 | |||||
24,000 | 111,600 | ||||||
40,000 | 138,400 | ||||||
27,900 | 359,910 | ||||||
28,575 | 430,911 | ||||||
42,000 | 406,560 | ||||||
Maxygen a |
5,000 | 34,050 | |||||
69,500 | 791,605 | ||||||
25,000 | 1,303,750 | ||||||
2,700 | 35,937 | ||||||
40,000 | 177,600 | ||||||
239,000 | 489,950 | ||||||
36,000 | 68,040 | ||||||
Orchid Cellmark a |
78,000 | 436,020 | |||||
Origin Agritech a |
221,688 | 1,682,612 | |||||
Pharmacyclics a |
228,000 | 524,400 | |||||
25,000 | 725,750 | ||||||
21,000 | 296,310 | ||||||
72,000 | 809,280 | ||||||
47,000 | 575,750 | ||||||
118,800 | 647,460 | ||||||
67,100 | 342,210 | ||||||
282,000 | 648,600 | ||||||
483,000 | 719,670 | ||||||
145,800 | 654,642 | ||||||
128,000 | 995,840 | ||||||
22,950,315 | |||||||
Health Services - 1.7% |
|||||||
40,000 | 604,000 | ||||||
85,200 | 771,912 | ||||||
Bio-Imaging Technologies a |
19,100 | 135,992 | |||||
40,125 | 927,690 | ||||||
Gentiva Health Services a |
23,000 | 441,830 | |||||
11,900 | 292,859 | ||||||
88,600 | 209,096 | ||||||
18,000 | 494,280 | ||||||
63,900 | 418,545 | ||||||
On Assignment a |
41,100 | 383,874 | |||||
RehabCare Group a |
22,000 | 386,980 | |||||
41,000 | 685,110 | ||||||
U.S. Physical Therapy a |
10,000 | 148,000 | |||||
5,900,168 | |||||||
Medical Products and Devices - 5.5% |
|||||||
Allied Healthcare Products a |
273,500 | 1,848,860 | |||||
14,000 | 263,900 | ||||||
Anika Therapeutics a |
17,000 | 353,770 | |||||
Atrion Corporation |
4,000 | 500,000 | |||||
86,500 | 461,910 | ||||||
Caliper Life Sciences a |
50,000 | 287,000 | |||||
Cardiac Science a |
26,243 | 264,529 | |||||
3,900 | 109,161 | ||||||
18,700 | 490,127 | ||||||
Del Global Technologies a |
461,301 | 1,176,318 | |||||
32,666 | 132,624 | ||||||
113,100 | 1,815,255 | ||||||
Golden Meditech Company a |
24,100 | 11,098 | |||||
64,400 | 328,440 | ||||||
Kensey Nash a |
26,650 | 695,831 | |||||
125,250 | 2,963,415 | ||||||
Merit Medical Systems a |
8,700 | 112,926 | |||||
17,000 | 135,490 | ||||||
21,500 | 187,695 | ||||||
28,000 | 1,371,160 | ||||||
65,000 | 91,650 | ||||||
PLC Systems a |
105,200 | 55,756 | |||||
28,900 | 391,595 | ||||||
Shamir Optical Industry a |
7,500 | 90,075 | |||||
20,000 | 431,400 | ||||||
Thermage a |
97,300 | 688,884 | |||||
405,500 | 754,230 | ||||||
Utah Medical Products |
42,300 | 1,327,797 | |||||
6,100 | 119,072 | ||||||
Young Innovations |
66,050 | 1,889,691 | |||||
19,349,659 | |||||||
Personal Care - 0.2% |
|||||||
20,000 | 386,200 | ||||||
Nutraceutical International a |
15,000 | 228,150 | |||||
614,350 | |||||||
Total |
58,303,185 | ||||||
Industrial Products - 14.6% |
|||||||
Automotive - 1.0% |
|||||||
International Textile Group a |
85,000 | 493,000 | |||||
11,400 | 396,834 | ||||||
Noble International |
26,200 | 557,798 | |||||
73,600 | 571,136 | ||||||
Spartan Motors |
6,300 | 106,029 | |||||
Strattec Security a |
28,300 | 1,316,516 | |||||
Wescast Industries Cl. A |
12,900 | 177,681 | |||||
3,618,994 | |||||||
Building Systems and Components - 1.1% |
|||||||
AAON |
94,500 | 1,864,485 | |||||
LSI Industries |
65,112 | 1,336,098 | |||||
101,700 | 566,469 | ||||||
3,767,052 | |||||||
Construction Materials - 1.3% |
|||||||
Ash Grove Cement |
8,000 | 1,864,000 | |||||
Monarch Cement |
50,410 | 1,441,726 | |||||
Synalloy Corporation |
58,200 | 1,228,020 | |||||
4,533,746 | |||||||
Industrial Components - 2.0% |
|||||||
22,000 | 450,560 | ||||||
53,000 | 263,940 | ||||||
Deswell Industries |
105,300 | 1,042,470 | |||||
50,500 | 547,925 | ||||||
Ladish Company a |
10,000 | 554,800 | |||||
142,000 | 952,820 | ||||||
Powell Industries a |
46,800 | 1,773,252 | |||||
Tech/Ops Sevcon |
76,200 | 662,940 | |||||
II-VI a |
20,000 | 690,600 | |||||
6,939,307 | |||||||
Machinery - 4.0% |
|||||||
187,500 | 414,375 | ||||||
Alamo Group |
38,600 | 949,174 | |||||
40,200 | 2,309,490 | ||||||
Burnham Holdings Cl. A a |
95,000 | 1,415,500 | |||||
200,000 | 240,000 | ||||||
Gorman-Rupp Company |
4,218 | 139,869 | |||||
14,900 | 805,494 | ||||||
K-Tron International a |
5,800 | 551,000 | |||||
Keithley Instruments |
14,000 | 148,400 | |||||
LeCroy Corporation a |
2,000 | 14,920 | |||||
MTS Systems |
10,000 | 416,000 | |||||
Mueller (Paul) Company |
9,650 | 661,990 | |||||
Sun Hydraulics |
58,425 | 1,857,915 | |||||
Tennant Company |
88,200 | 4,295,340 | |||||
14,219,467 | |||||||
Metal Fabrication and Distribution - 0.9% |
|||||||
Encore Wire |
15,000 | 376,950 | |||||
8,020 | 684,667 | ||||||
Insteel Industries |
400 | 6,140 | |||||
NN |
114,300 | 1,121,283 | |||||
Olympic Steel |
7,000 | 190,120 | |||||
Samuel Manu-Tech |
2,500 | 32,700 | |||||
22,797 | 907,093 | ||||||
3,318,953 | |||||||
Paper and Packaging - 0.1% |
|||||||
23,200 | 199,520 | ||||||
Pumps, Valves and Bearings - 0.3% |
|||||||
CIRCOR International |
28,000 | 1,271,480 | |||||
Specialty Chemicals and Materials - 1.8% |
|||||||
Aceto Corporation |
323,619 | 2,912,571 | |||||
American Vanguard |
9,333 | 182,180 | |||||
Balchem Corporation |
33,750 | 688,838 | |||||
Hawkins |
118,167 | 1,701,605 | |||||
20,000 | 514,800 | ||||||
Park Electrochemical |
10,000 | 335,800 | |||||
6,335,794 | |||||||
Textiles - 0.1% |
|||||||
Unifi a |
100,000 | 275,000 | |||||
Other Industrial Products - 2.0% |
|||||||
Eastern Company (The) |
39,750 | 892,388 | |||||
Maxwell Technologies a |
37,400 | 434,962 | |||||
Peerless Manufacturing a |
84,400 | 2,025,600 | |||||
Quixote Corporation |
33,300 | 659,340 | |||||
Raven Industries |
73,000 | 2,923,650 | |||||
6,935,940 | |||||||
Total |
51,415,253 | ||||||
Industrial Services - 14.5% |
|||||||
Advertising and Publishing - 0.2% |
|||||||
20,000 | 305,000 | ||||||
Journal Register |
80,200 | 192,480 | |||||
48,200 | 336,918 | ||||||
834,398 | |||||||
Commercial Services - 5.4% |
|||||||
67,700 | 549,724 | ||||||
BB Holdings a |
390,000 | 1,655,724 | |||||
87,000 | 691,650 | ||||||
25,000 | 236,000 | ||||||
Carlisle Group a |
188,800 | 502,170 | |||||
196,500 | 786,000 | ||||||
Diamond Management & Technology Consultants |
138,100 | 1,270,520 | |||||
5,300 | 58,088 | ||||||
101,500 | 2,392,355 | ||||||
GP Strategies a |
35,000 | 388,500 | |||||
102,400 | 3,032,064 | ||||||
Gevity HR |
21,000 | 215,250 | |||||
11,220 | 248,747 | ||||||
55,000 | 707,300 | ||||||
55,200 | 502,872 | ||||||
OneSource Services a |
38,775 | 515,668 | |||||
43,300 | 517,868 | ||||||
31,300 | 213,466 | ||||||
480,000 | 1,171,200 | ||||||
80,500 | 1,420,020 | ||||||
Westaff a |
362,500 | 1,504,375 | |||||
Willdan Group a |
35,100 | 357,669 | |||||
18,937,230 | |||||||
Engineering and Construction - 3.1% |
|||||||
Cavco Industries a |
9,400 | 314,900 | |||||
Exponent a |
130,600 | 3,276,754 | |||||
199,000 | 1,645,730 | ||||||
HLS Systems International (Warrants) a |
183,100 | 600,568 | |||||
Hanfeng Evergreen a |
17,900 | 265,625 | |||||
70,500 | 634,500 | ||||||
56,400 | 858,972 | ||||||
65,000 | 1,664,650 | ||||||
71,800 | 132,830 | ||||||
Nobility Homes |
13,800 | 262,200 | |||||
Skyline Corporation |
32,100 | 965,568 | |||||
12,300 | 283,884 | ||||||
10,906,181 | |||||||
Food and Tobacco Processors - 1.8% |
|||||||
Cal-Maine Foods |
50,000 | 1,262,000 | |||||
Farmer Bros. |
42,400 | 1,054,912 | |||||
Galaxy Nutritional Foods a |
432,600 | 138,432 | |||||
ML Macadamia Orchards L.P. |
120,200 | 587,778 | |||||
Seneca Foods Cl. A a |
62,500 | 1,699,375 | |||||
Seneca Foods Cl. B a |
42,500 | 1,141,125 | |||||
Sunopta a |
20,280 | 293,857 | |||||
6,177,479 | |||||||
Industrial Distribution - 0.4% |
|||||||
Central Steel & Wire |
1,088 | 690,880 | |||||
Lawson Products |
19,500 | 678,795 | |||||
1,369,675 | |||||||
Printing - 1.3% |
|||||||
American Bank Note Holographics a |
242,200 | 1,211,000 | |||||
Bowne & Co. |
66,500 | 1,107,890 | |||||
Champion Industries |
23,500 | 141,235 | |||||
Courier Corporation |
27,950 | 984,120 | |||||
Ennis |
9,700 | 213,788 | |||||
Schawk |
38,900 | 877,973 | |||||
4,536,006 | |||||||
Transportation and Logistics - 2.0% |
|||||||
100,000 | 708,000 | ||||||
100,000 | 309,000 | ||||||
Forward Air |
50,700 | 1,509,846 | |||||
Frozen Food Express Industries |
92,000 | 619,160 | |||||
8,600 | 50,912 | ||||||
21,450 | 330,544 | ||||||
Patriot Transportation Holding a |
3,000 | 295,020 | |||||
Universal Truckload Services a |
134,200 | 2,947,032 | |||||
234,816 | 131,497 | ||||||
6,901,011 | |||||||
Other Industrial Services - 0.3% |
|||||||
Landauer |
21,300 | 1,085,448 | |||||
Team a |
4,400 | 120,472 | |||||
1,205,920 | |||||||
Total |
50,867,900 | ||||||
Natural Resources - 10.8% |
|||||||
Energy Services - 4.3% |
|||||||
CE Franklin a |
27,050 | 305,665 | |||||
55,000 | 2,714,250 | ||||||
Environmental Power a |
115,000 | 609,500 | |||||
2,800 | 123,620 | ||||||
16,400 | 186,140 | ||||||
Gulf Island Fabrication |
34,016 | 1,305,874 | |||||
55,400 | 2,695,764 | ||||||
43,500 | 601,605 | ||||||
40,000 | 132,000 | ||||||
Pason Systems |
209,200 | 3,129,640 | |||||
67,600 | 2,298,400 | ||||||
World Energy Solutions a |
859,400 | 941,784 | |||||
15,044,242 | |||||||
Oil and Gas - 1.6% |
|||||||
Bonavista Energy Trust |
44,600 | 1,301,254 | |||||
33,200 | 491,360 | ||||||
Cano Petroleum a |
45,200 | 335,384 | |||||
108,100 | 805,345 | ||||||
124,900 | 199,840 | ||||||
63,400 | 268,182 | ||||||
Nuvista Energy a |
121,000 | 1,672,699 | |||||
104,200 | 0 | ||||||
Pioneer Drilling a |
7,500 | 91,350 | |||||
291,200 | 218,400 | ||||||
5,500 | 49,280 | ||||||
5,433,094 | |||||||
Precious Metals and Mining - 3.6% |
|||||||
Allied Nevada Gold a |
79,700 | 398,500 | |||||
Aurizon Mines a |
197,000 | 819,520 | |||||
15,500 | 804,295 | ||||||
Central African Gold a |
89,790 | 74,403 | |||||
Chesapeake Gold a |
20,000 | 130,699 | |||||
Duluth Metals a |
157,500 | 444,955 | |||||
Endeavour Mining Capital |
337,000 | 3,259,377 | |||||
Endeavour Silver a |
50,000 | 166,500 | |||||
Entree Gold a |
177,900 | 444,750 | |||||
83,836 | 992,618 | ||||||
168,100 | 680,805 | ||||||
Kimber Resources a |
560,000 | 515,200 | |||||
186,300 | 827,172 | ||||||
Midway Gold a |
227,500 | 709,043 | |||||
Minefinders Corporation a |
36,000 | 384,120 | |||||
141,200 | 865,556 | ||||||
Northern Orion Resources a |
28,200 | 181,326 | |||||
Northgate Minerals a |
270,000 | 766,800 | |||||
11,100 | 104,229 | ||||||
50,000 | 230,000 | ||||||
12,799,868 | |||||||
Real Estate - 0.4% |
|||||||
HomeFed Corporation a |
11,352 | 718,014 | |||||
21,500 | 838,500 | ||||||
1,556,514 | |||||||
Other Natural Resources - 0.9% |
|||||||
PICO Holdings a |
45,700 | 1,898,835 | |||||
Pope Resources L.P. |
33,000 | 1,398,870 | |||||
3,297,705 | |||||||
Total |
38,131,423 | ||||||
Technology - 22.7% |
|||||||
Aerospace and Defense - 2.6% |
|||||||
13,800 | 317,538 | ||||||
Allied Defense Group (The) a |
42,400 | 333,688 | |||||
Astronics Corporation a |
26,400 | 1,150,248 | |||||
Ducommun a |
72,100 | 2,328,830 | |||||
HEICO Corporation |
41,600 | 2,053,376 | |||||
HEICO Corporation Cl. A |
24,160 | 954,320 | |||||
Integral Systems |
59,110 | 1,270,274 | |||||
45,800 | 723,640 | ||||||
9,131,914 | |||||||
Components and Systems - 2.9% |
|||||||
88,150 | 1,294,042 | ||||||
122,581 | 947,551 | ||||||
32,547 | 215,787 | ||||||
Excel Technology a |
91,900 | 2,292,905 | |||||
3,200 | 6,784 | ||||||
MOCON |
15,600 | 182,520 | |||||
2,600 | 42,172 | ||||||
30,000 | 373,500 | ||||||
Richardson Electronics |
241,350 | 1,653,248 | |||||
20,000 | 448,800 | ||||||
37,900 | 112,563 | ||||||
10,000 | 73,300 | ||||||
38,300 | 554,967 | ||||||
124,700 | 1,442,779 | ||||||
TransAct Technologies a |
78,600 | 480,246 | |||||
10,121,164 | |||||||
Distribution - 0.6% |
|||||||
Agilysys |
90,000 | 1,521,000 | |||||
40,000 | 377,200 | ||||||
26,000 | 405,860 | ||||||
2,304,060 | |||||||
Internet Software and Services - 1.7% |
|||||||
148,000 | 446,960 | ||||||
49,200 | 232,224 | ||||||
190,000 | 798,000 | ||||||
355,800 | 2,252,214 | ||||||
131,500 | 524,685 | ||||||
NIC |
26,800 | 185,992 | |||||
SkyTerra Communications a |
62,200 | 447,840 | |||||
Stamps.com a |
80,000 | 957,600 | |||||
5,845,515 | |||||||
IT Services - 4.6% |
|||||||
28,000 | 515,480 | ||||||
182,662 | 1,426,590 | ||||||
24,800 | 578,832 | ||||||
Computer Task Group a |
461,300 | 2,006,655 | |||||
273,400 | 2,343,038 | ||||||
58,000 | 502,860 | ||||||
500,000 | 3,355,000 | ||||||
Syntel |
54,300 | 2,257,794 | |||||
TriZetto Group (The) a |
145,200 | 2,542,452 | |||||
77,600 | 744,960 | ||||||
16,273,661 | |||||||
Semiconductors and Equipment - 3.1% |
|||||||
200,300 | 1,105,656 | ||||||
Cascade Microtech a |
55,037 | 545,967 | |||||
CEVA a |
9,800 | 88,102 | |||||
Cohu |
17,800 | 333,750 | |||||
Electroglas a |
281,700 | 647,910 | |||||
121,208 | 1,582,976 | ||||||
Ikanos Communications a |
18,200 | 101,374 | |||||
Intevac a |
40,550 | 616,360 | |||||
Jazz Technologies (Units) a |
205,000 | 779,000 | |||||
Jinpan International |
16,250 | 466,375 | |||||
34,000 | 304,980 | ||||||
NetList a |
77,200 | 159,804 | |||||
Nextest Systems a |
33,900 | 435,954 | |||||
25,000 | 247,000 | ||||||
29,750 | 339,448 | ||||||
20,000 | 65,200 | ||||||
Rudolph Technologies a |
12,500 | 172,875 | |||||
27,100 | 269,916 | ||||||
25,500 | 247,350 | ||||||
110,000 | 584,100 | ||||||
180,000 | 1,335,600 | ||||||
Zarlink Semiconductor a |
342,200 | 475,658 | |||||
10,905,355 | |||||||
Software - 4.6% |
|||||||
97,600 | 2,181,360 | ||||||
Aladdin Knowledge Systems a |
27,300 | 610,428 | |||||
70,000 | 304,500 | ||||||
48,300 | 605,199 | ||||||
170,000 | 663,000 | ||||||
66,000 | 595,980 | ||||||
19,000 | 282,530 | ||||||
Evans & Sutherland Computer a |
73,500 | 152,880 | |||||
51,000 | 894,540 | ||||||
35,000 | 410,200 | ||||||
59,500 | 1,229,270 | ||||||
429,300 | 635,364 | ||||||
Pegasystems |
330,200 | 3,929,380 | |||||
43,000 | 860,430 | ||||||
160,000 | 604,800 | ||||||
41,800 | 1,719,652 | ||||||
20,000 | 138,400 | ||||||
10,000 | 39,900 | ||||||
94,852 | 403,121 | ||||||
9,000 | 34,380 | ||||||
16,295,314 | |||||||
Telecommunications - 2.6% |
|||||||
Anaren a |
30,900 | 435,690 | |||||
Atlantic Tele-Network |
4,100 | 149,035 | |||||
Captaris a |
43,300 | 229,057 | |||||
Communications Systems |
10,700 | 112,350 | |||||
11,500 | 44,160 | ||||||
195,800 | 538,450 | ||||||
630,000 | 774,900 | ||||||
North Pittsburgh Systems |
23,200 | 551,232 | |||||
PC-Tel a |
69,600 | 528,264 | |||||
Performance Technologies a |
41,250 | 206,662 | |||||
42,820 | 451,323 | ||||||
REMEC a |
143,387 | 243,758 | |||||
62,082 | 291,785 | ||||||
UCN a |
180,800 | 723,200 | |||||
76,812 | 2,368,114 | ||||||
WJ Communications a |
247,400 | 321,620 | |||||
861,600 | 1,025,304 | ||||||
8,994,904 | |||||||
Total |
79,871,887 | ||||||
Miscellaneous e - 3.3% |
|||||||
Total |
11,534,562 | ||||||
TOTAL COMMON STOCKS |
|||||||
(Cost $263,497,006) |
379,992,552 | ||||||
PREFERRED STOCKS - 1.5% |
|||||||
Edge Petroleum 5.75% Ser. A Conv. |
69,000 | 3,307,170 | |||||
Seneca Foods Conv. a |
75,409 | 1,922,930 | |||||
TOTAL PREFERRED STOCKS |
|||||||
(Cost $4,393,607) |
5,230,100 | ||||||
REPURCHASE AGREEMENT - 7.9% |
|||||||
State Street Bank & Trust Company, |
|||||||
4.75% dated 9/28/07, due 10/1/07, |
|||||||
maturity value $27,784,994 (collateralized |
|||||||
by obligations of various U.S. Government |
|||||||
Agencies, valued at $29,580,000) |
|||||||
(Cost $27,774,000) |
27,774,000 | ||||||
PRINCIPAL | |||||||
AMOUNT | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED - 13.5% |
|||||||
U.S. Treasury Bonds |
|||||||
2.375%-8.125% due 8/15/19-1/15/27 |
$194,205 | 195,416 | |||||
U.S. Treasury Notes |
|||||||
0.875%-4.875% due 1/31/09-11/30/11 |
10,963 | 11,029 | |||||
U.S. Treasury Strip-Principal |
|||||||
due 11/15/09-11/15/21 |
25,767 | 25,767 | |||||
U.S. Treasury Strip-Interest |
|||||||
due 11/15/10 |
689 | 689 | |||||
Money Market Funds |
|||||||
State Street Navigator Securities Lending |
|||||||
Prime Portfolio (7 day yield-5.23%) |
47,414,968 | ||||||
TOTAL COLLATERAL RECEIVED FOR SECURITIES |
|||||||
LOANED |
|||||||
(Cost $47,647,869) |
47,647,869 | ||||||
TOTAL INVESTMENTS - 130.9% |
|||||||
(Cost $343,312,482) |
460,644,521 | ||||||
LIABILITIES LESS CASH |
|||||||
AND OTHER ASSETS - (13.8)% |
(48,653,665 | ) | |||||
PREFERRED STOCK - (17.1)% |
(60,000,000 | ) | |||||
NET ASSETS APPLICABLE TO |
|||||||
COMMON STOCKHOLDERS - 100.0% |
$ | 351,990,856 | |||||
Shares | Market Value | Cost of | Cost of | Realized | Dividend | Shares | Market Value | ||||||||||||||||||||||||||||||||
Affiliated Company | 12/31/2006 | 12/31/2006 | Purchases | Sales | Gain (Loss) | Income | 9/30/2007 | 9/30/2007 | |||||||||||||||||||||||||||||||
BKF Capital Group | 406,500 | 1,361,775 | - | - | - | - | 406,500 | 955,275 | |||||||||||||||||||||||||||||||
Highbury Financial | 580,400 | 3,383,732 | - | - | - | - | 580,400 | 2,605,996 | |||||||||||||||||||||||||||||||
$4,745,507 | - | - | $3,561,271 | ||||||||||||||||||||||||||||||||||||
Item 2 - Controls and Procedures
(a) The Registrants principal executive and principal financial officers have
concluded, based on their evaluation of the Registrants 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 Registrants 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 Registrants 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 Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrants 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/ Charles M. Royce
Charles
M. Royce
President, Royce Micro-Cap Trust, Inc.
Date: November 15, 2007
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: November 15, 2007
By:
/s/ John D. Diederich
John D.
Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 15, 2007