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 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: 12/31/2008
Date of reporting period: 3/31/2008
Item 1 - Schedule of Investments
SHARES | VALUE | |||||||
COMMON STOCKS 115.5% | ||||||||
Consumer Products 6.8% | ||||||||
Apparel, Shoes and Accessories 2.2% | ||||||||
90,000 | $ | 240,300 | ||||||
Fredericks of Hollywood Group b |
121,804 | 341,051 | ||||||
Hartmarx Corporation b |
70,000 | 204,400 | ||||||
14,200 | 0 | |||||||
Lazare Kaplan International b |
151,700 | 1,274,280 | ||||||
17,400 | 290,754 | |||||||
6,400 | 139,712 | |||||||
Steven Madden b |
4,232 | 72,494 | ||||||
6,200 | 115,010 | |||||||
Weyco Group |
120,000 | 3,560,400 | ||||||
Yamato International |
40,000 | 212,035 | ||||||
6,450,436 | ||||||||
Collectibles 0.1% | ||||||||
41,000 | 289,050 | |||||||
Food/Beverage/Tobacco 0.9% | ||||||||
76,800 | 2,430,720 | |||||||
20,000 | 213,600 | |||||||
2,644,320 | ||||||||
Health, Beauty and Nutrition 0.1% | ||||||||
24,400 | 367,708 | |||||||
Home Furnishing and Appliances 2.4% | ||||||||
American Woodmark |
100,000 | 2,056,000 | ||||||
Cobra Electronics |
10,000 | 38,100 | ||||||
7,000 | 168,000 | |||||||
Flexsteel Industries |
213,500 | 2,877,980 | ||||||
Lifetime Brands |
42,054 | 375,963 | ||||||
Natuzzi ADR b |
387,800 | 1,434,860 | ||||||
6,950,903 | ||||||||
Household Products/Wares 0.2% | ||||||||
100,000 | 685,000 | |||||||
Sports and Recreation 0.8% | ||||||||
46,000 | 175,720 | |||||||
Monaco Coach |
142,400 | 1,349,952 | ||||||
Nautilus b |
50,000 | 164,500 | ||||||
Steinway Musical Instruments b |
10,000 | 285,200 | ||||||
Sturm, Ruger & Company b |
45,000 | 370,800 | ||||||
2,346,172 | ||||||||
Other Consumer Products 0.1% | ||||||||
50,000 | 171,500 | |||||||
Total | 19,905,089 | |||||||
Consumer Services 5.0% | ||||||||
Direct Marketing 0.3% | ||||||||
Alloy b |
88,552 | 650,857 |
20,228 | 104,984 | |||||||
755,841 | ||||||||
Leisure and Entertainment 0.4% | ||||||||
Ambassadors Group |
22,000 | 415,580 | ||||||
6,100 | 45,201 | |||||||
5,000 | 35,950 | |||||||
GameTech International b |
17,500 | 103,425 | ||||||
IMAX Corporation b |
25,000 | 174,250 | ||||||
45,800 | 276,632 | |||||||
20,000 | 175,200 | |||||||
1,226,238 | ||||||||
Media and Broadcasting 0.2% | ||||||||
100,000 | 459,000 | |||||||
Online Commerce 0.3% | ||||||||
FTD Group |
55,000 | 738,100 | ||||||
26,000 | 276,380 | |||||||
1,014,480 | ||||||||
Restaurants and Lodgings 0.4% | ||||||||
39,700 | 447,419 | |||||||
6,100 | 79,971 | |||||||
Cosi b |
71,500 | 205,205 | ||||||
Famous Daves of America b |
33,300 | 317,682 | ||||||
67,000 | 177,550 | |||||||
Noble Romans b |
60,200 | 80,066 | ||||||
1,307,893 | ||||||||
Retail Stores 3.2% | ||||||||
A.C. Moore Arts & Crafts b |
59,000 | 402,380 | ||||||
200,000 | 2,518,000 | |||||||
Buckle (The) |
23,500 | 1,051,155 | ||||||
45,500 | 413,595 | |||||||
Cache b |
19,200 | 216,768 | ||||||
Casual Male Retail Group b |
2,000 | 8,400 | ||||||
Cato Corporation Cl. A |
68,100 | 1,017,414 | ||||||
75,000 | 251,250 | |||||||
Freds Cl. A |
11,500 | 117,875 | ||||||
16,600 | 256,304 | |||||||
New York & Company b |
77,600 | 445,424 | ||||||
223,291 | 1,254,895 | |||||||
142,000 | 989,740 | |||||||
126,500 | 428,835 | |||||||
9,372,035 | ||||||||
Other Consumer Services 0.2% | ||||||||
9,200 | 95,036 | |||||||
25,200 | 296,100 | |||||||
10,000 | 148,700 | |||||||
539,836 | ||||||||
Total | 14,675,323 | |||||||
Diversified Investment Companies 2.3% | ||||||||
Closed-End Funds 2.3% | ||||||||
ASA |
48,900 | 4,015,179 | ||||||
Central Fund of Canada Cl. A |
207,000 | 2,604,060 | ||||||
Total | 6,619,239 | |||||||
Financial Intermediaries 10.3% |
Banking - 6.2% | ||||||||
Alliance Bancorp, Inc. of Pennsylvania |
50,420 | 453,780 | ||||||
B of I Holding b |
100,000 | 601,000 | ||||||
Bancorp (The) b |
50,000 | 604,000 | ||||||
BB Holdings b |
390,000 | 2,031,823 | ||||||
CFS Bancorp |
60,000 | 862,200 | ||||||
Chemung Financial |
40,000 | 1,070,000 | ||||||
CNB Financial |
30,000 | 426,000 | ||||||
Commercial National Financial |
20,000 | 321,000 | ||||||
Fauquier Bankshares |
160,800 | 2,894,400 | ||||||
Financial Institutions |
50,000 | 947,500 | ||||||
First National Lincoln |
40,200 | 609,030 | ||||||
89,900 | 272,397 | |||||||
HopFed Bancorp |
49,000 | 616,420 | ||||||
Lakeland Financial |
45,000 | 1,019,250 | ||||||
LCNB Corporation |
18,535 | 240,028 | ||||||
Meta Financial Group |
44,800 | 776,832 | ||||||
Nexity Financial b |
34,000 | 228,480 | ||||||
Peapack-Gladstone Financial |
29,000 | 784,160 | ||||||
Queen City Investments b |
948 | 957,480 | ||||||
Quest Capital |
30,000 | 59,038 | ||||||
Sterling Bancorp |
32,869 | 510,456 | ||||||
Sterling Financial |
7,779 | 121,430 | ||||||
W Holding Company |
300,000 | 357,000 | ||||||
Wilber Corporation |
94,550 | 841,495 | ||||||
114,200 | 576,710 | |||||||
18,181,909 | ||||||||
Insurance 2.0% | ||||||||
American Physicians Service Group |
10,000 | 195,800 | ||||||
American Safety Insurance Holdings b |
20,000 | 342,000 | ||||||
124,000 | 621,240 | |||||||
First Acceptance b |
258,405 | 736,454 | ||||||
Independence Holding |
95,800 | 1,141,936 | ||||||
15,200 | 826,880 | |||||||
NYMAGIC |
85,400 | 1,939,434 | ||||||
5,803,744 | ||||||||
Real Estate Investment Trusts 0.2% | ||||||||
Vestin Realty Mortgage II |
74,230 | 657,678 | ||||||
Securities Brokers 1.9% | ||||||||
Broadpoint Securities Group b |
95,000 | 173,850 | ||||||
123,600 | 876,324 | |||||||
5,000 | 382,550 | |||||||
International Assets Holding b |
7,700 | 192,192 | ||||||
Sanders Morris Harris Group |
186,000 | 1,517,760 | ||||||
38,733 | 1,739,112 | |||||||
Thomas Weisel Partners Group b |
40,100 | 265,462 | ||||||
30,000 | 255,600 | |||||||
5,402,850 | ||||||||
Total | 30,046,181 | |||||||
Financial Services 8.4% | ||||||||
Diversified Financial Services 1.2% | ||||||||
Advanta Corporation Cl. B |
50,100 | 352,203 | ||||||
86,455 | 587,894 | |||||||
123,700 | 1,229,578 | |||||||
47,951 | 1,527,239 | |||||||
3,696,914 | ||||||||
Information and Processing 0.1% | ||||||||
46,100 | 402,914 | |||||||
Insurance Brokers 0.3% | ||||||||
50,000 | 225,000 | |||||||
Health Benefits Direct b |
160,015 | 158,415 | ||||||
Western Financial Group |
148,000 | 602,699 | ||||||
986,114 | ||||||||
Investment Management 4.7% | ||||||||
ADDENDA Capital |
131,700 | 3,389,852 | ||||||
BKF Capital Group b |
387,000 | 735,300 | ||||||
Cockleshell b |
465,300 | 540,223 | ||||||
Epoch Holding Corporation |
211,500 | 2,533,770 | ||||||
Evercore Partners Cl. A |
20,900 | 370,975 | ||||||
Hennessy Advisors |
24,750 | 195,525 | ||||||
MVC Capital |
226,200 | 3,447,288 | ||||||
Sceptre Investment Counsel |
78,000 | 744,703 | ||||||
UTEK Corporation b |
30,200 | 302,000 | ||||||
Westwood Holdings Group |
38,280 | 1,443,156 | ||||||
13,702,792 | ||||||||
Special Purpose Acquisition Corporation 1.6% | ||||||||
Alternative Asset Management Acquisition (Units) b |
250,000 | 2,490,000 | ||||||
General Finance b |
44,200 | 312,494 | ||||||
Prospect Acquisition (Units) b |
50,000 | 477,500 | ||||||
Shellshock b |
47,200 | 62,294 | ||||||
Shermen WSC Acquisition b |
220,000 | 1,234,200 | ||||||
4,576,488 | ||||||||
Specialty Finance 0.5% | ||||||||
MRU Holdings b |
119,100 | 258,447 | ||||||
NGP Capital Resources |
68,080 | 1,117,874 | ||||||
1,376,321 | ||||||||
Total | 24,741,543 | |||||||
Health 13.5% | ||||||||
Commercial Services 1.4% | ||||||||
36,200 | 153,126 | |||||||
129,400 | 3,377,340 | |||||||
PDI b |
66,800 | 562,456 | ||||||
4,092,922 | ||||||||
Drugs and Biotech 4.2% | ||||||||
22,300 | 202,038 | |||||||
53,600 | 325,888 | |||||||
420,000 | 638,400 | |||||||
Barrier Therapeutics b |
31,300 | 106,733 | ||||||
200,000 | 922,000 | |||||||
Cambrex Corporation b |
16,000 | 110,880 | ||||||
Caraco Pharmaceutical Laboratories b |
14,650 | 262,968 | ||||||
21,000 | 176,400 | |||||||
78,000 | 183,300 | |||||||
Cerus Corporation b |
109,600 | 632,392 | ||||||
25,000 | 414,250 | |||||||
44,100 | 231,525 | |||||||
92,600 | 232,426 | |||||||
Dyax Corporation b |
47,300 | 222,783 | ||||||
163,200 | 272,544 | |||||||
401,000 | 637,590 | |||||||
196,700 | 49,175 |
Genoptix b |
10,000 | 250,100 | ||||||
140,000 | 246,400 | |||||||
Hi-Tech Pharmacal b |
29,430 | 266,341 | ||||||
24,000 | 85,920 | |||||||
80,000 | 161,600 | |||||||
10,000 | 59,700 | |||||||
73,400 | 802,262 | |||||||
Neuralstem b |
40,000 | 102,000 | ||||||
36,000 | 63,360 | |||||||
78,000 | 222,300 | |||||||
Origin Agritech b |
147,488 | 778,737 | ||||||
25,000 | 630,750 | |||||||
24,400 | 230,580 | |||||||
10,000 | 101,600 | |||||||
57,000 | 518,700 | |||||||
57,000 | 336,300 | |||||||
70,000 | 254,800 | |||||||
Strategic Diagnostics b |
70,000 | 261,100 | ||||||
863,000 | 47,465 | |||||||
145,800 | 574,452 | |||||||
101,000 | 658,520 | |||||||
12,274,279 | ||||||||
Health Services 2.5% | ||||||||
Albany Molecular Research b |
30,000 | 364,200 | ||||||
28,700 | 246,820 | |||||||
Bio-Imaging Technologies b |
19,100 | 133,891 | ||||||
BML |
30,000 | 545,374 | ||||||
CorVel Corporation b |
40,125 | 1,227,423 | ||||||
Gentiva Health Services b |
23,000 | 500,480 | ||||||
11,900 | 339,745 | |||||||
67,600 | 43,940 | |||||||
18,000 | 327,600 | |||||||
30,200 | 173,046 | |||||||
87,500 | 555,625 | |||||||
100,000 | 1,657,000 | |||||||
33,600 | 504,000 | |||||||
41,000 | 538,740 | |||||||
U.S. Physical Therapy b |
10,000 | 144,200 | ||||||
7,302,084 | ||||||||
Medical Products and Devices 5.2% | ||||||||
15,000 | 197,100 | |||||||
Allied Healthcare Products b |
246,998 | 1,526,448 | ||||||
14,000 | 161,840 | |||||||
Anika Therapeutics b |
17,000 | 144,160 | ||||||
Atrion Corporation |
4,000 | 399,760 | ||||||
Caliper Life Sciences b |
50,000 | 187,500 | ||||||
26,243 | 219,129 | |||||||
70,600 | 303,580 | |||||||
20,212 | 108,134 | |||||||
3,900 | 99,996 | |||||||
21,200 | 285,564 | |||||||
Del Global Technologies b |
461,301 | 945,667 | ||||||
24,666 | 35,272 | |||||||
Exactech b |
110,000 | 2,770,900 | ||||||
HealthTronics b |
64,400 | 208,656 | ||||||
Kensey Nash b |
26,650 | 771,517 | ||||||
125,250 | 2,057,858 | |||||||
Merit Medical Systems b |
8,700 | 137,721 |
21,500 | 39,130 | |||||||
17,000 | 65,960 | |||||||
28,000 | 1,113,560 | |||||||
65,000 | 55,250 | |||||||
PLC Systems b |
105,200 | 38,924 | ||||||
Shamir Optical Industry |
7,800 | 55,458 | ||||||
20,000 | 313,600 | |||||||
Thermage b |
110,000 | 363,000 | ||||||
Utah Medical Products |
42,300 | 1,255,041 | ||||||
16,300 | 241,566 | |||||||
Young Innovations |
61,450 | 1,064,314 | ||||||
15,166,605 | ||||||||
Personal Care 0.2% | ||||||||
20,000 | 335,400 | |||||||
Nutraceutical International b |
15,000 | 195,000 | ||||||
530,400 | ||||||||
Total | 39,366,290 | |||||||
Industrial Products 17.1% | ||||||||
Automotive 1.2% | ||||||||
8,800 | 171,072 | |||||||
37,600 | 372,616 | |||||||
22,800 | 512,316 | |||||||
Noble International |
24,000 | 150,000 | ||||||
50,600 | 256,542 | |||||||
Spartan Motors |
6,300 | 53,298 | ||||||
Strattec Security |
28,300 | 1,197,939 | ||||||
225,900 | 722,880 | |||||||
Wescast Industries Cl. A b |
12,900 | 98,279 | ||||||
3,534,942 | ||||||||
Building Systems and Components 1.3% | ||||||||
AAON |
109,500 | 2,193,285 | ||||||
Bunka Shutter |
90,000 | 284,346 | ||||||
LSI Industries |
90,563 | 1,196,337 | ||||||
3,673,968 | ||||||||
Construction Materials 1.8% | ||||||||
Ash Grove Cement |
8,000 | 1,776,000 | ||||||
Monarch Cement |
50,410 | 1,512,300 | ||||||
Trex Company b |
250,000 | 1,970,000 | ||||||
5,258,300 | ||||||||
Industrial Components 2.1% | ||||||||
53,000 | 266,060 | |||||||
Deswell Industries |
105,300 | 658,125 | ||||||
50,500 | 448,945 | |||||||
Ladish Company b |
10,000 | 360,000 | ||||||
17,436 | 166,340 | |||||||
Planar Systems b |
142,000 | 569,420 | ||||||
Powell Industries b |
46,800 | 1,842,516 | ||||||
Tech/Ops Sevcon |
76,200 | 533,400 | ||||||
105,200 | 1,308,688 | |||||||
6,153,494 | ||||||||
Machinery 4.5% | ||||||||
187,500 | 348,750 | |||||||
Alamo Group |
38,600 | 821,022 | ||||||
Astec Industries b |
200 | 7,752 | ||||||
31,200 | 179,088 | |||||||
Burnham Holdings Cl. A |
95,000 | 1,377,500 |
17,000 | 526,660 | |||||||
17,500 | 183,750 | |||||||
Eastern Company (The) |
39,750 | 622,087 | ||||||
FreightCar America |
9,500 | 325,850 | ||||||
Gehl Company b |
20,000 | 338,800 | ||||||
Gorman-Rupp Company |
5,272 | 173,396 | ||||||
Hurco Companies b |
15,900 | 743,802 | ||||||
16,600 | 487,708 | |||||||
Keithley Instruments |
14,000 | 135,800 | ||||||
K-Tron International b |
2,700 | 324,297 | ||||||
LeCroy Corporation b |
2,000 | 17,320 | ||||||
MTS Systems |
10,000 | 322,600 | ||||||
Mueller (Paul) Company |
9,650 | 535,575 | ||||||
StockerYale b |
355,700 | 181,407 | ||||||
Sun Hydraulics |
58,425 | 1,710,100 | ||||||
T-3 Energy Services b |
2,000 | 85,120 | ||||||
Tennant Company |
88,200 | 3,511,242 | ||||||
15,700 | 293,590 | |||||||
13,253,216 | ||||||||
Metal Fabrication and Distribution 1.1% | ||||||||
Dynamic Materials |
2,500 | 108,000 | ||||||
Encore Wire |
15,000 | 273,150 | ||||||
Houston Wire & Cable |
20,175 | 323,203 | ||||||
Insteel Industries |
400 | 4,652 | ||||||
20,000 | 349,400 | |||||||
NN |
114,300 | 1,112,139 | ||||||
Olympic Steel |
12,200 | 550,220 | ||||||
Universal Stainless & Alloy Products b |
19,197 | 570,343 | ||||||
3,291,107 | ||||||||
Miscellaneous Manufacturing 2.3% | ||||||||
Peerless Manufacturing b |
84,400 | 2,735,404 | ||||||
Quixote Corporation |
129,300 | 1,079,655 | ||||||
Raven Industries |
73,000 | 2,211,900 | ||||||
Synalloy Corporation |
58,200 | 707,712 | ||||||
6,734,671 | ||||||||
Paper and Packaging 0.1% | ||||||||
23,200 | 112,520 | |||||||
Wausau Paper |
26,100 | 215,586 | ||||||
328,106 | ||||||||
Pumps, Valves and Bearings 0.5% | ||||||||
CIRCOR International |
28,000 | 1,295,000 | ||||||
Specialty Chemicals and Materials 2.1% | ||||||||
Aceto Corporation |
328,019 | 2,276,452 | ||||||
American Vanguard |
19,333 | 321,701 | ||||||
Balchem Corporation |
33,750 | 773,550 | ||||||
Hawkins |
118,167 | 1,796,138 | ||||||
3,000 | 32,850 | |||||||
Park Electrochemical |
25,900 | 669,515 | ||||||
Symyx Technologies b |
29,000 | 217,500 | ||||||
6,087,706 | ||||||||
Textiles - 0.1% | ||||||||
Unifi b |
100,000 | 289,000 | ||||||
Total | 49,899,510 | |||||||
Industrial Services 15.7% | ||||||||
Advertising and Publishing 0.5% | ||||||||
15,200 | 291,536 |
20,000 | 237,200 | |||||||
Journal Register b |
105,600 | 58,080 | ||||||
Voyager Learning b |
125,000 | 806,250 | ||||||
1,393,066 | ||||||||
Commercial Services 5.5% | ||||||||
50,000 | 547,000 | |||||||
25,000 | 522,500 | |||||||
Carlisle Group b |
188,800 | 324,117 | ||||||
87,000 | 706,440 | |||||||
CDI Corporation |
10,200 | 255,510 | ||||||
ClearPoint Business Resources b |
120,000 | 184,800 | ||||||
Collectors Universe |
33,200 | 344,948 | ||||||
Diamond Management & Technology Consultants |
188,100 | 1,213,245 | ||||||
eTelecare Global Solutions ADR b |
30,500 | 182,085 | ||||||
Forrester Research b |
101,500 | 2,697,870 | ||||||
68,300 | 1,942,452 | |||||||
Gevity HR |
50,600 | 438,196 | ||||||
Hudson Highland Group b |
44,700 | 378,609 | ||||||
Kforce b |
55,000 | 486,200 | ||||||
Landauer |
21,300 | 1,072,242 | ||||||
Lincoln Educational Services b |
19,000 | 228,000 | ||||||
14,300 | 140,283 | |||||||
PeopleSupport b |
43,300 | 394,896 | ||||||
31,300 | 134,903 | |||||||
45,400 | 418,134 | |||||||
Team b |
4,400 | 120,120 | ||||||
125,000 | 762,500 | |||||||
Volt Information Sciences b |
63,200 | 1,071,872 | ||||||
72,200 | 586,264 | |||||||
Westaff b |
362,500 | 783,000 | ||||||
Willdan Group b |
40,100 | 237,392 | ||||||
16,173,578 | ||||||||
Engineering and Construction 3.8% | ||||||||
Cavco Industries b |
9,400 | 329,376 | ||||||
Exponent b |
117,600 | 3,861,984 | ||||||
Great Lakes Dredge & Dock |
23,200 | 119,944 | ||||||
Hanfeng Evergreen b |
17,900 | 198,976 | ||||||
20,000 | 250,200 | |||||||
151,727 | 1,168,298 | |||||||
56,400 | 780,012 | |||||||
132,000 | 2,073,720 | |||||||
Modtech Holdings b |
3,800 | 1,064 | ||||||
Nobility Homes |
13,800 | 241,500 | ||||||
Skyline Corporation |
32,100 | 893,022 | ||||||
Sterling Construction b |
28,300 | 515,626 | ||||||
351,500 | 752,210 | |||||||
11,185,932 | ||||||||
Food and Tobacco Processors 1.9% | ||||||||
Cal-Maine Foods |
45,000 | 1,502,100 | ||||||
Farmer Bros. |
42,400 | 981,136 | ||||||
Galaxy Nutritional Foods b |
382,600 | 65,042 | ||||||
Imperial Sugar |
20,120 | 378,658 | ||||||
ML Macadamia Orchards L.P. |
120,200 | 384,640 | ||||||
Seneca Foods Cl. A b |
62,500 | 1,312,500 | ||||||
42,500 | 871,250 | |||||||
5,495,326 | ||||||||
Industrial Distribution 0.6% | ||||||||
Central Steel & Wire |
1,088 | 739,840 | ||||||
Lawson Products |
28,000 | 771,400 | ||||||
Toshin Group |
20,000 | 328,145 | ||||||
1,839,385 | ||||||||
Printing - 1.1% | ||||||||
Bowne & Co. |
66,500 | 1,014,125 | ||||||
Champion Industries |
23,500 | 122,670 | ||||||
Courier Corporation |
27,950 | 697,353 | ||||||
Ennis |
7,200 | 120,816 | ||||||
Multi-Color Corporation |
24,700 | 552,292 | ||||||
Schawk |
38,900 | 622,011 | ||||||
3,129,267 | ||||||||
Transportation and Logistics 2.3% | ||||||||
ABX Holdings b |
100,000 | 294,000 | ||||||
Euroseas |
41,900 | 502,800 | ||||||
Forward Air |
50,700 | 1,796,808 | ||||||
Frozen Food Express Industries |
92,000 | 730,480 | ||||||
8,600 | 32,680 | |||||||
21,450 | 332,904 | |||||||
Patriot Transportation Holding b |
3,000 | 235,320 | ||||||
Universal Truckload Services b |
134,200 | 2,800,754 | ||||||
6,725,746 | ||||||||
Other Industrial Services 0.0% | ||||||||
Allen-Vanguard Corporation b |
7,700 | 25,655 | ||||||
Total | 45,967,955 | |||||||
Natural Resources 12.4% | ||||||||
Energy Services 4.9% | ||||||||
Boots & Coots International Well Control b |
200,000 | 358,000 | ||||||
33,250 | 256,690 | |||||||
55,000 | 2,555,850 | |||||||
115,000 | 477,250 | |||||||
Foraco International b |
40,000 | 120,805 | ||||||
16,400 | 120,704 | |||||||
Gulf Island Fabrication |
34,416 | 988,427 | ||||||
55,400 | 3,031,488 | |||||||
ION Geophysical b |
43,500 | 600,300 | ||||||
Particle Drilling Technologies b |
40,000 | 77,600 | ||||||
Pason Systems |
209,200 | 3,077,520 | ||||||
Pioneer Drilling b |
7,500 | 119,475 | ||||||
Willbros Group b |
54,100 | 1,655,460 | ||||||
World Energy Solutions b |
875,300 | 767,470 | ||||||
14,207,039 | ||||||||
Oil and Gas 1.8% | ||||||||
Approach Resources b |
12,000 | 188,160 | ||||||
Bonavista Energy Trust |
40,100 | 1,166,141 | ||||||
Bronco Drilling b |
34,200 | 550,962 | ||||||
58,000 | 271,440 | |||||||
95,000 | 632,700 | |||||||
124,900 | 414,668 | |||||||
Nuvista Energy b |
121,000 | 1,862,536 | ||||||
104,200 | 0 | |||||||
182,300 | 134,902 | |||||||
5,221,509 | ||||||||
Precious Metals and Mining 4.1% | ||||||||
Allied Nevada Gold b |
136,050 | 702,018 | ||||||
Aquiline Resources b |
33,900 | 293,605 | ||||||
197,000 | 935,750 | |||||||
15,500 | 397,885 | |||||||
Central African Gold b |
89,790 | 59,698 | ||||||
Chesapeake Gold b |
20,000 | 125,676 | ||||||
Duluth Metals b |
87,500 | 225,900 | ||||||
Endeavour Mining Capital |
337,000 | 2,281,797 | ||||||
Endeavour Silver b |
50,000 | 172,000 | ||||||
Entrée Gold b |
177,900 | 346,905 | ||||||
Etruscan Resources b |
20,000 | 47,543 | ||||||
83,836 | 629,608 | |||||||
Gateway Gold b |
400,000 | 95,475 | ||||||
168,100 | 576,583 | |||||||
Great Basin Gold b |
13,500 | 48,926 | ||||||
Greystar Resources b |
11,900 | 68,401 | ||||||
Liberty Mines b |
261,900 | 273,012 | ||||||
Mercator Minerals b |
17,600 | 180,895 | ||||||
186,300 | 1,097,307 | |||||||
Midway Gold b |
227,500 | 653,831 | ||||||
Minefinders Corporation b |
36,000 | 442,080 | ||||||
141,200 | 982,752 | |||||||
Northgate Minerals b |
270,000 | 861,300 | ||||||
Quaterra Resources b |
40,000 | 134,444 | ||||||
18,565 | 111,204 | |||||||
US Silver b |
72,200 | 46,424 | ||||||
50,000 | 219,500 | |||||||
Yamana Gold |
8,145 | 119,080 | ||||||
12,129,599 | ||||||||
Real Estate 1.5% | ||||||||
9,100 | 396,669 | |||||||
HomeFed Corporation b |
11,352 | 557,383 | ||||||
Kennedy-Wilson b |
21,500 | 860,000 | ||||||
PICO Holdings b |
45,700 | 1,381,511 | ||||||
Pope Resources L.P. |
33,000 | 1,138,500 | ||||||
4,334,063 | ||||||||
Other Natural Resources 0.1% | ||||||||
Neo Material Technologies b |
80,000 | 297,725 | ||||||
Total | 36,189,935 | |||||||
Technology 22.5% | ||||||||
Aerospace and Defense 2.6% | ||||||||
19,400 | 396,730 | |||||||
American Science & Engineering |
2,100 | 114,597 | ||||||
Astronics Corporation b |
26,400 | 510,048 | ||||||
Ducommun b |
72,100 | 1,995,007 | ||||||
HEICO Corporation |
41,600 | 2,028,000 | ||||||
HEICO Corporation Cl. A |
24,160 | 947,797 | ||||||
Integral Systems b |
42,210 | 1,233,798 | ||||||
45,800 | 471,740 | |||||||
7,697,717 | ||||||||
Components and Systems 2.7% | ||||||||
Acacia Research-Acacia Technologies b |
71,950 | 413,713 | ||||||
122,581 | 739,163 | |||||||
Excel Technology b |
91,900 | 2,477,624 | ||||||
3,200 | 4,704 |
InFocus Corporation b |
90,000 | 168,300 | ||||||
MOCON |
15,600 | 175,968 | ||||||
Optex Company |
35,000 | 489,260 | ||||||
Richardson Electronics |
139,350 | 589,451 | ||||||
Rimage Corporation b |
20,000 | 438,000 | ||||||
37,900 | 98,540 | |||||||
15,100 | 93,771 | |||||||
TransAct Technologies b |
78,600 | 385,926 | ||||||
TTM Technologies b |
162,200 | 1,836,104 | ||||||
7,910,524 | ||||||||
Distribution 0.6% | ||||||||
Agilysys |
90,000 | 1,044,000 | ||||||
Alliance Distributors Holding b |
1,300,000 | 273,000 | ||||||
China 3C Group b |
110,300 | 148,905 | ||||||
40,000 | 251,200 | |||||||
1,717,105 | ||||||||
Internet Software and Services 1.6% | ||||||||
CryptoLogic |
20,000 | 317,200 | ||||||
Descartes Systems Group (The) b |
49,200 | 173,184 | ||||||
eResearch Technology b |
185,000 | 2,297,700 | ||||||
190,000 | 573,800 | |||||||
Jupitermedia Corporation b |
355,800 | 743,622 | ||||||
NIC |
26,800 | 190,548 | ||||||
Stamps.com b |
35,500 | 364,230 | ||||||
4,660,284 | ||||||||
IT Services 4.5% | ||||||||
BluePhoenix Solutions b |
10,000 | 83,500 | ||||||
182,662 | 895,044 | |||||||
24,800 | 454,088 | |||||||
Computer Task Group b |
481,100 | 1,982,132 | ||||||
273,400 | 1,946,608 | |||||||
50,500 | 164,125 | |||||||
500,000 | 3,480,000 | |||||||
Syntel |
54,300 | 1,447,095 | ||||||
TriZetto Group (The) b |
145,200 | 2,423,388 | ||||||
11,800 | 195,290 | |||||||
13,071,270 | ||||||||
Semiconductors and Equipment 2.8% | ||||||||
Actions Semiconductor ADR b |
54,750 | 162,060 | ||||||
Cascade Microtech b |
55,037 | 439,195 | ||||||
CEVA b |
47,534 | 363,635 | ||||||
Cohu |
21,000 | 341,250 | ||||||
281,700 | 408,465 | |||||||
121,208 | 997,542 | |||||||
GSI Technology b |
41,300 | 109,445 | ||||||
Ikanos Communications b |
38,700 | 176,859 | ||||||
40,550 | 525,122 | |||||||
54,283 | 726,849 | |||||||
65,600 | 399,504 | |||||||
Maxwell Technologies b |
32,400 | 330,156 | ||||||
Melco Holdings |
30,000 | 515,628 | ||||||
37,000 | 264,550 | |||||||
NetList b |
77,200 | 112,712 | ||||||
PDF Solutions b |
25,000 | 137,750 | ||||||
Photronics b |
29,750 | 284,113 | ||||||
Rudolph Technologies b |
18,100 | 176,837 | ||||||
Semitool b |
25,500 | 212,160 | ||||||
11,500 | 58,535 |
54,200 | 279,130 | |||||||
Virage Logic b |
180,000 | 1,036,800 | ||||||
188,700 | 152,847 | |||||||
8,211,144 | ||||||||
Software - 4.7% | ||||||||
ACI Worldwide b |
97,600 | 1,944,192 | ||||||
Aladdin Knowledge Systems b |
27,300 | 519,519 | ||||||
American Software Cl. A |
50,000 | 313,000 | ||||||
Bottomline Technologies b |
20,000 | 252,000 | ||||||
170,000 | 289,000 | |||||||
40,100 | 400,599 | |||||||
37,200 | 260,400 | |||||||
Evans & Sutherland Computer b |
78,500 | 59,668 | ||||||
Fundtech b |
51,000 | 619,650 | ||||||
35,000 | 332,500 | |||||||
59,500 | 1,085,875 | |||||||
328,100 | 387,158 | |||||||
Pegasystems |
385,300 | 3,710,439 | ||||||
43,000 | 734,440 | |||||||
PLATO Learning b |
160,000 | 468,800 | ||||||
Renaissance Learning |
2,365 | 33,086 | ||||||
20,000 | 140,600 | |||||||
SPSS b |
41,800 | 1,621,004 | ||||||
10,000 | 31,500 | |||||||
94,852 | 213,417 | |||||||
35,000 | 238,000 | |||||||
13,654,847 | ||||||||
Telecommunications 3.0% | ||||||||
Anaren b |
50,900 | 644,394 | ||||||
Atlantic Tele-Network |
4,100 | 138,703 | ||||||
Captaris b |
43,300 | 191,386 | ||||||
Communications Systems |
10,700 | 115,239 | ||||||
47,700 | 514,683 | |||||||
Diguang International Development b |
300,000 | 303,000 | ||||||
Endwave Corporation b |
12,000 | 72,840 | ||||||
68,500 | 26,030 | |||||||
Globecomm Systems b |
44,400 | 386,280 | ||||||
NMS Communications b |
630,000 | 945,000 | ||||||
64,500 | 624,360 | |||||||
17,800 | 124,600 | |||||||
Oplink Communications b |
15,900 | 141,033 | ||||||
PC-Tel b |
44,100 | 299,880 | ||||||
Performance Technologies b |
41,250 | 188,925 | ||||||
Radyne Corporation b |
25,520 | 217,430 | ||||||
REMEC |
143,387 | 140,519 | ||||||
23,100 | 368,445 | |||||||
101,482 | 354,172 | |||||||
Tollgrade Communications b |
14,800 | 77,552 | ||||||
109,700 | 311,548 | |||||||
76,812 | 1,668,357 | |||||||
Zhone Technologies b |
931,600 | 912,968 | ||||||
8,767,344 | ||||||||
Total | 65,690,235 | |||||||
Miscellaneous e 1.5% | ||||||||
Total | 4,446,970 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $268,847,152) |
337,548,270 | |||||||
PREFERRED STOCK 0.5% | ||||||||
Seneca Foods Conv. b |
||||||||
(Cost $943,607) |
75,409 | 1,527,032 | ||||||
REPURCHASE AGREEMENT 4.9% | ||||||||
State Street Bank & Trust Company, | ||||||||
2.10% dated 3/31/08, due 4/1/08, |
||||||||
maturity value $14,424,841 (collateralized |
||||||||
by obligations of various U.S. Government |
||||||||
Agencies, valued at $14,790,000) |
||||||||
(Cost $14,424,000) |
14,424,000 | |||||||
PRINCIPAL | ||||||||
AMOUNT | ||||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED 13.6% |
||||||||
Fannie Mae-Notes | ||||||||
6.11% |
||||||||
due 8/24/27 |
$ | 15,983 | 16,076 | |||||
Federal Home Loan Bank-Bonds | ||||||||
5.25%-5.50% |
||||||||
due 5/7/10-6/25/10 |
4,645 | 4,743 | ||||||
Federal National Mortgage Association-Bonds | ||||||||
5.25% |
||||||||
due 8/1/12 |
7,353 | 7,413 | ||||||
Freddie Mac-Discount Notes | ||||||||
4.625%-6.00% |
||||||||
due 6/4/15-6/5/17 |
15,470 | 15,727 | ||||||
Money Market Funds | ||||||||
State Street Navigator Securities Lending |
||||||||
Prime Portfolio (7 day yield-3.1825%) |
39,563,280 | |||||||
TOTAL COLLATERAL RECEIVED FOR | ||||||||
SECURITIES LOANED |
||||||||
(Cost $39,607,239) |
39,607,239 | |||||||
TOTAL INVESTMENTS 134.5% | ||||||||
(Cost $323,821,998) |
393,106,541 | |||||||
LIABILITIES LESS CASH |
||||||||
AND OTHER ASSETS (14.0)% |
(40,899,920 | ) | ||||||
PREFERRED STOCK (20.5)% | (60,000,000 | ) | ||||||
NET ASSETS APPLICABLE TO COMMON | ||||||||
STOCKHOLDERS 100.0% | $ | 292,206,621 | ||||||
Market | Realized | Market | ||||||||||||||||||||||||||||||||
Shares | Value | Cost of | Cost of | Gain | Dividend | Shares | Value | |||||||||||||||||||||||||||
Affiliated Company | 12/31/07 | 12/31/07 | Purchases | Sales | (Loss) | Income | 3/31/08 | 3/31/08 | ||||||||||||||||||||||||||
BKF Capital Group* | 406,500 | $ | 902,430 | $ | - | $73,854 | $(32,865 | ) | $ | - | ||||||||||||||||||||||||
Tapestry Pharmaceuticals | 815,600 | 244,680 | 13,272 | - | - | - | 863,000 | $47,465 | ||||||||||||||||||||||||||
$ | 1,147,110 | $(32,865 | ) | $ | - | $47,465 | ||||||||||||||||||||||||||||
* | Not an Affiliated Company at March 31, 2008. |
The following is a summary of the inputs used to value the Funds net assets as of March 31, 2008: | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
$305,784,734 | $87,321,807 | $0 | $393,106,541 | ||||
Repurchase Agreements: | |
The Fund may
enter into repurchase agreements with institutions that the Funds 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. |
|
Securities Lending: | |
The Fund loans
securities to qualified institutional investors for the purpose of realizing additional
income. Collateral on all securities loaned for the Fund is accepted in cash and
cash equivalents and invested temporarily by the custodian. The collateral is equal
to at least 100% of the current market value of the loaned securities. The market
value of the loaned securities is determined at the close of business of the Fund
and any additional required collateral is delivered to the Fund on the next business
day. |
Other information
regarding the Fund is available in the Funds most recent Prospectus and Report
to Stockholders. This information is available through The Royce Funds (www.roycefunds.com)
and on the Securities and Exchange Commissions website (www.sec.gov). |
(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: May 27, 2008
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 27, 2008
By:
/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 27, 2008