Edgar Filing: ROYCE MICRO CAP TRUST INC /MD/

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2008:

Level 1

Level 2

Level 3

$295,767,279

$59,331,312

$355,098,591

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

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

Date of fiscal year end: 12/31/2008

Date of reporting period: 9/30/2008

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
SEPTEMBER 30, 2008 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 120.6%

Consumer Products – 8.4%
Apparel, Shoes and Accessories - 2.4%
Cherokee	7,300	$	160,454
Crocs ^a,b	20,000		71,600
Frederick’s of Hollywood Group ^b	121,804		65,774
Hartmarx Corporation ^b	70,000		130,900
Kleinert’s ^b,c	14,200		0
Lazare Kaplan International ^b	151,700		1,168,090
Steven Madden ^b	17,232		427,009
True Religion Apparel ^a,b	5,000		129,250
Weyco Group	120,000		4,016,400
Yamato International	40,000		181,985

			6,351,462

Collectibles - 0.1%
Leapfrog Enterprises Cl. A ^a,b	13,000		137,280

Consumer Electronics - 0.1%
DTS ^a,b	7,000		194,810
TiVo ^a,b	20,000		146,400

			341,210

Food/Beverage/Tobacco - 2.0%
Green Mountain Coffee Roasters ^a,b	76,800		3,021,312
Lifeway Foods ^a,b	20,000		234,000
Seneca Foods Cl. A ^b	62,500		1,186,875
Seneca Foods Cl. B ^a,b	42,500		848,300

			5,290,487

Health, Beauty and Nutrition - 0.2%
Nutraceutical International ^b	15,000		165,750
NutriSystem	24,700		437,684

			603,434

Home Furnishing and Appliances - 2.7%
American Woodmark	100,000		2,245,000
Cobra Electronics	10,000		23,600
Flexsteel Industries	213,500		2,207,590
Helen of Troy ^a,b	20,000		455,400
Lifetime Brands	42,054		410,027
Natuzzi ADR ^b	409,800		1,323,654
Universal Electronics ^a,b	13,500		337,230

			7,002,501

Household Products/Wares - 0.3%
A.T. Cross Company Cl. A ^a,b	100,000		673,000

Sports and Recreation - 0.6%
Cybex International ^a,b	61,700		185,717
Monaco Coach	314,950		614,152
Steinway Musical Instruments ^b	10,000		283,200
Sturm, Ruger & Company ^a,b	80,000		555,200

			1,638,269

Total			22,037,643

Consumer Services – 5.2%
Leisure and Entertainment - 0.3%
Ambassadors Group	22,000		350,020
Ambassadors International ^a,b	6,100		12,139
FortuNet ^a,b	5,000		29,500
IMAX Corporation ^b	25,000		148,000
Premier Exhibitions ^a,b	79,800		143,640

			683,299

Media and Broadcasting - 0.1%
Ballantyne of Omaha ^a,b	100,000		196,000

Online Commerce - 1.1%
Alloy ^b	58,302		450,675
CryptoLogic	97,200		532,656
Knot (The) ^a,b	25,200		210,420
Lumber Liquidators ^a,b	75,700		950,792
PC Connection ^a,b	17,100		114,399
PC Mall ^a,b	26,000		177,580
Stamps.com ^b	34,100		397,947

			2,834,469

Restaurants and Lodgings - 0.1%
Benihana Cl. A ^a,b	39,700		182,620
Cosi ^b	43,800		86,286
Jamba ^b	53,000		47,700

			316,606

Retail Stores - 3.4%
A.C. Moore Arts & Crafts ^b	59,000		369,930
America’s Car-Mart ^b	150,000		2,788,500
Build-A-Bear Workshop ^a,b	119,400		869,232
Cache ^b	19,200		131,904
Casual Male Retail Group ^b	2,000		7,860
Cato Corporation (The) Cl. A	68,100		1,195,155
Cost Plus ^b	116,500		227,175
Dover Saddlery ^a,b	20,228		48,142
DSW Cl. A ^a,b	27,200		372,640
Eddie Bauer Holdings ^b	25,000		133,750
EZCORP Cl. A ^b	6,000		112,800
New York & Company ^a,b	9,200		87,768
Stein Mart ^a,b	223,291		873,068
West Marine ^a,b	274,000		1,633,040

			8,850,964

Other Consumer Services - 0.2%
Collectors Universe	33,200		308,760
First Cash Financial Services ^a,b	9,200		138,000
Shutterfly ^a,b	20,000		192,200

			638,960

Total			13,520,298

Diversified Investment Companies – 1.7%
Closed-End Funds - 1.7%
ASA	48,900		2,722,752
Central Fund of Canada Cl. A	157,000		1,698,740

Total			4,421,492

Financial Intermediaries – 12.2%
Banking - 5.4%
Alliance Bancorp, Inc. of Pennsylvania	50,420		428,570
B of I Holding ^b	100,000		577,000
Bancorp (The) ^b	50,000		250,000
BB Holdings ^b	390,000		1,488,983
CFS Bancorp	65,000		601,250
Chemung Financial	40,000		910,000
CNB Financial	30,000		328,800
Commercial National Financial	20,000		288,000
Fauquier Bankshares	160,800		2,379,840
Financial Institutions	36,000		720,360
First Bancorp	40,200		787,920
Franklin Bank ^a,b	29,500		14,455
HopFed Bancorp	53,000		595,720
Lakeland Financial	45,000		988,200
LCNB Corporation	30,000		285,000
Meta Financial Group	44,800		761,600
Peapack-Gladstone Financial	29,000		971,500
Quest Capital	30,000		41,156
Sterling Bancorp	32,869		475,286
W Holding Company	300,000		162,000
Wilber Corporation (The)	114,150		901,785
WSB Financial Group ^a,b	114,200		89,076

			14,046,501

Insurance - 1.9%
American Physicians Service Group	10,000		211,700
American Safety Insurance Holdings ^a,b	20,000		302,200
CRM Holdings ^b	124,000		334,800
First Acceptance ^b	258,405		878,577
Independence Holding	95,800		1,106,490
Navigators Group ^a,b	200		11,600
NYMAGIC	85,400		2,156,350

			5,001,717

Real Estate Investment Trusts - 0.1%
Vestin Realty Mortgage II ^a	74,230		288,755

Securities Brokers - 4.4%
Broadpoint Securities Group ^a,b	95,000		275,500
Cowen Group ^b	123,600		1,056,780
Diamond Hill Investment Group ^a,b	5,000		449,600
Evercore Partners Cl. A	36,500		656,270
FBR Capital Markets ^a,b	350,600		2,271,888
International Assets Holding ^a,b	22,550		543,680
Sanders Morris Harris Group	199,000		1,721,350
Stifel Financial ^a,b	53,899		2,689,560
Thomas Weisel Partners Group ^a,b	187,000		1,576,410
TradeStation Group ^a,b	30,000		280,500

			11,521,538

Securities Exchanges - 0.4%
MarketAxess Holdings ^b	123,700		998,259

Total			31,856,770

Financial Services – 8.4%
Diversified Financial Services - 1.4%
Advanta Corporation Cl. B	21,400		176,122
Encore Capital Group ^a,b	98,000		1,342,600
FCStone Group ^a,b	22,100		397,579
World Acceptance ^a,b	47,951		1,726,236

			3,642,537

Insurance Brokers - 0.3%
Crawford & Company Cl. A ^a,b	50,000		503,000
Western Financial Group	148,000		429,711

			932,711

Investment Management - 4.5%
BKF Capital Group	387,000		425,700
Endeavour Financial	340,900		1,979,574
Epoch Holding Corporation	211,500		2,231,325
Hennessy Advisors	24,750		124,987
JZ Capital Partners	70,000		133,699
MVC Capital	226,200		3,449,550
Queen City Investments	948		1,052,280
Sceptre Investment Counsel	78,000		600,987
Westwood Holdings Group	38,280		1,814,472

			11,812,574

Special Purpose Acquisition Corporation - 1.7%
Alternative Asset Management
Acquisition (Units) ^b	250,000		2,250,000
Cockleshell ^b	465,300		442,570
Prospect Acquisition (Units) ^b	50,000		450,000
Shellshock ^b	47,200		52,027
Shermen WSC Acquisition ^b	220,000		1,262,800

			4,457,397

Specialty Finance - 0.5%
ASTA Funding	22,800		159,828
MRU Holdings ^b	180,800		57,856
NGP Capital Resources	68,080		991,926

			1,209,610

Total			22,054,829

Health – 14.3%
Commercial Services - 1.0%
PAREXEL International ^a,b	76,500		2,192,490
PDI ^a,b	66,800		530,392

			2,722,882

Drugs and Biotech - 3.0%
Acadia Pharmaceuticals ^a,b	33,500		89,780
Allos Therapeutics ^a,b	53,600		397,176
Anadys Pharmaceuticals ^a,b	420,000		1,113,000
BioCryst Pharmaceuticals ^a,b	200,000		628,000
Cambrex Corporation ^b	16,000		98,400
Caraco Pharmaceutical Laboratories ^a,b	20,050		250,825
Cardiome Pharma ^a,b	21,000		159,600
Cell Genesys ^a,b	78,000		46,020
Durect Corporation ^a,b	44,100		246,960
DUSA Pharmaceuticals ^a,b	92,600		106,490
Dyax Corporation ^b	47,300		208,120
Emisphere Technologies ^a,b	163,200		323,136
Favrille ^a,b	101,000		1,515
Genitope Corporation ^b	1,000		13
Genoptix ^a,b	10,000		326,700
GenVec ^a,b	140,000		169,400
ImmunoGen ^a,b	24,000		117,840
Lexicon Pharmaceuticals ^a,b	80,000		142,400
MannKind Corporation ^a,b	10,000		38,600
Momenta Pharmaceuticals ^a,b	62,500		819,375
Neuralstem ^b	40,000		54,800
Oncolytics Biotech ^a,b	36,000		53,640
Orchid Cellmark ^a,b	78,000		230,100
RTI Biologics ^a,b	24,400		228,140
Sangamo BioSciences ^a,b	10,000		77,000
Seattle Genetics ^a,b	57,000		609,900
Senomyx ^a,b	57,000		258,210
Sinovac Biotech ^a,b	75,000		187,500
Strategic Diagnostics ^a,b	71,200		115,344
Tapestry Pharmaceuticals ^a,b	523,000		4,184
Theragenics Corporation ^a,b	145,800		454,896
Trimeris	81,000		317,520

			7,874,584

Health Services - 4.3%
Air Methods ^a,b	33,200		939,892
Albany Molecular Research ^b	15,000		271,350
Bio-Imaging Technologies ^b	19,100		147,452
BML	30,000		516,982
Computer Programs and Systems	12,800		370,560
CorVel Corporation ^a,b	40,125		1,147,976
eResearch Technology ^b	165,000		1,965,150
Gentiva Health Services ^b	23,000		619,620
HMS Holdings ^a,b	28,900		692,444
Hooper Holmes ^a,b	67,600		87,880
MedCath Corporation ^a,b	18,000		322,560
On Assignment ^a,b	73,700		580,756
PharmaNet Development Group ^a,b	25,000		180,500
PharMerica Corporation ^a,b	100,000		2,249,000
RehabCare Group ^b	22,000		398,200
Sun Healthcare Group ^a,b	41,000		601,060
U.S. Physical Therapy ^a,b	10,000		173,600

			11,264,982

Medical Products and Devices - 6.0%
ABIOMED ^a,b	15,000		266,250
Allied Healthcare Products ^b	246,998		1,410,359
AngioDynamics ^a,b	14,000		221,200
Anika Therapeutics ^b	17,000		122,910
Atrion Corporation	4,000		412,120
Caliper Life Sciences ^b	50,000		140,000
Cardiac Science ^a,b	26,243		271,877
CAS Medical Systems ^a,b	72,600		290,400
Celsion Corporation ^a,b	20,212		62,859
Cerus Corporation ^b	109,600		452,648
CONMED Corporation ^b	3,900		124,800
Cutera ^a,b	42,800		454,108
Cynosure Cl. A ^a,b	16,500		296,010
Del Global Technologies ^b	461,301		507,431
EPIX Pharmaceuticals ^a,b	24,666		25,406
Exactech ^b	110,000		2,446,400
HealthTronics ^a,b	51,700		150,964
Kensey Nash ^b	23,650		744,029
Medical Action Industries ^a,b	125,250		1,644,533
Merit Medical Systems ^b	5,900		110,743
Neurometrix ^a,b	21,500		20,425
NMT Medical ^a,b	27,000		84,240
Orthofix International ^a,b	28,000		521,640
OrthoLogic Corporation ^b	65,000		57,200
Palomar Medical Technologies ^a,b	18,000		242,280
PLC Systems ^b	105,200		8,416
SenoRx ^a,b	40,100		198,094
Shamir Optical Industry	17,500		108,500
Syneron Medical ^a,b	80,400		1,145,700
Synovis Life Technologies ^a,b	20,000		376,400
Thermage ^b	56,100		192,423
Utah Medical Products	42,300		1,165,365
Vital Images ^a,b	16,300		244,500
Young Innovations	61,450		1,240,061

			15,760,291

Total			37,622,739

Industrial Products – 18.8%
Automotive - 0.9%
ATC Technology ^a,b	8,800		208,912
Commerical Vehicle Group ^a,b	12,400		88,164
International Textile Group ^b	7,222		2,167
SORL Auto Parts ^a,b	75,000		265,500
Spartan Motors	6,300		20,034
Strattec Security	28,300		747,686
US Auto Parts Network ^a,b	261,000		550,710
Wescast Industries Cl. A ^b	12,900		48,606
Wonder Auto Technology ^a,b	55,900		358,319

			2,290,098

Building Systems and Components - 1.3%
AAON	109,500		1,991,805
Bunka Shutter	90,000		283,781
LSI Industries	138,563		1,145,916

			3,421,502

Construction Materials - 3.0%
Ash Grove Cement	8,000		1,880,000
Monarch Cement	50,410		1,361,070
Trex Company ^a,b	250,000		4,527,500

			7,768,570

Industrial Components - 1.6%
C&D Technologies ^a,b	53,000		301,040
Deswell Industries	105,300		364,338
Gerber Scientific ^a,b	50,500		461,570
Orion Energy Systems ^a,b	24,236		135,964
Planar Systems ^a,b	142,000		360,680
Powell Industries ^b	26,800		1,093,708
Tech/Ops Sevcon	76,200		327,660
Zygo Corporation ^a,b	97,500		1,226,550

			4,271,510

Machinery - 3.9%
Active Power ^b	187,500		110,625
Alamo Group	38,600		658,130
Astec Industries ^b	200		6,166
Burnham Holdings Cl. A	95,000		997,500
Columbus McKinnon ^a,b	11,300		266,341
Eastern Company (The)	39,750		536,625
Flow International ^a,b	25,000		127,000
FreightCar America	9,300		272,211
Gehl Company ^b	20,000		588,600
Gorman-Rupp Company	5,272		198,860
Hurco Companies ^a,b	26,500		783,605
Kadant ^b	16,600		377,982
K-Tron International ^b	1,500		193,245
Mueller (Paul) Company	9,650		443,900
StockerYale ^b	290,000		127,600
Sun Hydraulics	58,425		1,521,387
Tennant Company	88,200		3,021,732

			10,231,509

Metal Fabrication and Distribution - 1.5%
Central Steel & Wire	1,088		696,320
Dynamic Materials	3,200		74,272
Encore Wire	15,000		271,650
Fushi Copperweld ^a,b	60,000		581,400
Insteel Industries	400		5,436
Ladish Company ^b	10,000		202,500
Metalico ^a,b	21,000		123,900
NN	114,300		1,468,755
Olympic Steel	10,000		294,900
Universal Stainless & Alloy Products ^b	7,700		196,735

			3,915,868

Miscellaneous Manufacturing - 3.1%
PMFG ^a,b	168,800		2,445,912
Quixote Corporation	245,400		2,012,280
Raven Industries	73,000		2,872,550
Synalloy Corporation	58,200		788,610

			8,119,352

Paper and Packaging - 0.2%
MOD-PAC Corporation ^b	23,200		77,720
Wausau Paper	50,000		506,500

			584,220

Pumps, Valves and Bearings - 0.5%
CIRCOR International	28,000		1,216,040

Specialty Chemicals and Materials - 2.6%
Aceto Corporation	284,419		2,727,578
American Vanguard	19,333		291,542
Balchem Corporation	33,750		900,112
Hawkins	118,167		2,070,286
Metabolix ^a,b	6,000		65,280
Park Electrochemical	25,900		627,816
Symyx Technologies ^b	19,000		188,290

			6,870,904

Textiles - 0.2%
Unifi ^b	100,000		484,000

Total			49,173,573

Industrial Services – 15.6%
Advertising and Publishing - 0.2%
DG FastChannel ^a,b	6,000		131,520
Voyager Learning ^b	125,000		450,000

			581,520

Commercial Services - 6.9%
Acacia Research-Acacia Technologies ^a,b	124,450		375,839
Animal Health International ^a,b	90,000		741,600
Canadian Solar ^a,b	25,000		488,250
Carlisle Group ^b	188,800		159,401
CBIZ ^a,b	87,000		735,150
CDI Corporation	9,000		200,970
ClearPoint Business Resources ^b	120,000		18,000
Diamond Management & Technology Consultants	138,100		647,689
eTelecare Global Solutions ADR ^a,b	53,500		442,980
Exponent ^b	117,600		3,891,384
Forrester Research ^b	101,500		2,975,980
Geo Group (The) ^a,b	68,300		1,380,343
Heritage-Crystal Clean ^a,b	15,000		202,500
Hudson Highland Group ^b	15,200		105,640
Kforce ^b	55,000		561,550
Landauer	21,300		1,549,575
Lincoln Educational Services ^a,b	19,152		253,381
PeopleSupport ^b	43,300		506,177
RCM Technologies ^b	179,500		312,330
Rentrak Corporation ^a,b	13,300		183,939
SM&A ^a,b	31,300		95,465
Spherion Corporation ^a,b	100,000		487,000
TravelCenters of America ^a,b	125,000		356,250
Volt Information Sciences ^a,b	75,700		679,786
Waste Services ^a,b	52,834		391,500
Westaff ^b	362,500		130,500
Willdan Group ^a,b	40,100		110,275

			17,983,454

Engineering and Construction - 2.5%
Cavco Industries ^b	9,400		339,810
Hanfeng Evergreen ^b	27,900		168,042
Hill International ^a,b	20,000		277,000
HLS Systems International ^a,b	216,677		920,877
Insituform Technologies Cl. A ^a,b	56,400		843,744
Integrated Electrical Services ^a,b	132,000		2,317,920
Nobility Homes	13,800		223,560
Skyline Corporation	32,100		848,403
Sterling Construction ^a,b	43,300		701,460

			6,640,816

Food, Tobacco and Agriculture - 1.5%
Cal-Maine Foods	45,000		1,234,800
Farmer Bros.	42,400		1,054,488
Galaxy Nutritional Foods ^b	4,700		846
Imperial Sugar	20,120		272,425
ML Macadamia Orchards L.P. ^b	120,200		408,680
Origin Agritech ^a,b	191,488		1,024,461

			3,995,700

Industrial Distribution - 1.0%
Houston Wire & Cable	40,375		693,239
Lawson Products	59,800		1,653,470
Toshin Group	20,000		310,096

			2,656,805

Printing - 1.2%
Bowne & Co.	66,500		768,075
Champion Industries	23,500		84,130
Courier Corporation	30,450		619,962
Ennis	7,200		111,312
Multi-Color Corporation	25,400		606,806
Schawk	57,700		872,424

			3,062,709

Transportation and Logistics - 2.3%
Air Transport Services Group ^a,b	100,000		74,000
Euroseas	38,000		302,860
Forward Air	50,700		1,380,561
Frozen Food Express Industries	92,000		497,720
Marten Transport ^b	17,450		340,449
Patriot Transportation Holding ^a,b	3,000		237,000
Universal Truckload Services ^b	134,200		3,269,112

			6,101,702

Total			41,022,706

Natural Resources – 10.1%
Energy Services - 4.3%
Boots & Coots International Well Control ^a,b	200,000		386,000
Bronco Drilling ^b	25,200		257,544
CE Franklin ^a,b	43,600		293,428
Dawson Geophysical ^a,b	2,613		122,001
Dril-Quip ^a,b	45,000		1,952,550
Environmental Power ^a,b	115,000		253,000
Foraco International	40,000		56,378
Gulf Island Fabrication	3,416		117,749
GulfMark Offshore ^a,b	55,400		2,486,352
ION Geophysical ^a,b	43,500		617,265
OYO Geospace ^a,b	12,630		496,106
Particle Drilling Technologies ^a,b	1,512		317
Pason Systems	209,200		2,575,072
Pioneer Drilling ^b	7,500		99,750
T-3 Energy Services ^a,b	1,640		60,877
Willbros Group ^b	39,100		1,036,150
World Energy Solutions ^b	875,300		386,555

			11,197,094

Oil and Gas - 1.5%
Approach Resources ^b	12,000		173,520
Bonavista Energy Trust	40,100		990,584
Cano Petroleum ^a,b	26,000		60,060
GeoMet ^a,b	75,000		408,000
Gran Tierra Energy ^a,b	80,200		297,542
Harvest Natural Resources ^a,b	45,000		455,400
Kodiak Oil & Gas ^a,b	80,000		120,000
Nuvista Energy ^a,b	121,000		1,421,189
PetroCorp ^b,c	104,200		0

			3,926,295

Precious Metals and Mining - 2.3%
Allied Nevada Gold ^b	136,050		778,206
Aquiline Resources ^b	33,900		132,829
Aurizon Mines ^a,b	197,000		512,200
Brush Engineered Materials ^a,b	15,500		287,835
Chesapeake Gold ^b	20,000		101,292
Duluth Metals ^b	87,500		71,529
Endeavour Silver ^b	50,000		105,000
Entree Gold ^b	177,900		240,165
Etruscan Resources ^b	20,000		13,155
Exeter Resource ^a,b	210,000		426,300
Gammon Gold ^b	83,836		620,386
Gateway Gold ^b	400,000		48,861
Golden Star Resources ^a,b	168,100		255,512
Great Basin Gold ^b	13,500		27,653
Greystar Resources ^b	11,900		15,990
Horsehead Holding ^a,b	13,800		81,420
Liberty Mines ^b	182,900		32,653
Mercator Minerals ^b	9,400		38,863
Midway Gold ^b	372,500		385,013
Minefinders Corporation ^b	36,000		271,800
New Gold ^b	186,200		921,690
Northgate Minerals ^b	270,000		356,400
Quaterra Resources ^b	40,000		67,653
Seabridge Gold ^a,b	5,000		85,000
Uranium Resources ^a,b	18,565		31,375
US Silver ^b	79,700		13,854
Vista Gold ^a,b	50,000		113,500

			6,036,134

Real Estate - 2.0%
Avatar Holdings ^a,b	35,949		1,186,317
HomeFed Corporation ^b	11,352		493,585
Kennedy-Wilson ^a,b	21,500		838,500
PICO Holdings ^b	45,700		1,641,087
Pope Resources L.P.	33,000		938,850

			5,098,339

Other Natural Resources - 0.0%
Neo Material Technologies ^b	61,500		106,906

Total			26,364,768

Technology – 22.8%
Aerospace and Defense - 2.6%
Aerovironment ^b	5,800		185,310
American Science & Engineering	2,400		143,352
Astronics Corporation ^b	26,400		595,320
Ducommun	72,100		1,721,748
HEICO Corporation	41,600		1,365,312
HEICO Corporation Cl. A	24,160		677,930
Integral Systems ^b	81,020		1,682,785
SIFCO Industries ^a,b	45,800		366,400

			6,738,157

Components and Systems - 2.9%
Aladdin Knowledge Systems ^b	43,200		577,152
CSP ^a,b	122,581		647,228
Evans & Sutherland Computer ^b	96,272		108,787
Giga-tronics ^a,b	3,200		2,592
InFocus Corporation ^b	318,100		467,607
Keithley Instruments	14,000		117,180
Maxwell Technologies ^b	28,600		381,524
Measurement Specialties ^a,b	20,000		348,800
MOCON	15,600		163,020
MTS Systems	10,000		421,000
Newport Corporation ^a,b	55,900		602,602
OPTEX Company	35,000		324,398
Richardson Electronics	305,000		1,891,000
Rimage Corporation ^b	20,000		279,200
SCM Microsystems ^a,b	30,000		71,100
Spectrum Control ^a,b	46,300		345,861
Super Micro Computer ^a,b	24,900		224,349
TransAct Technologies ^b	78,600		625,656

			7,599,056

Distribution - 0.5%
Agilysys	90,000		908,100
Alliance Distributors Holding ^b	343,400		103,020
China 3C Group ^b	181,300		246,568
Nu Horizons Electronics ^a,b	40,000		160,000

			1,417,688

Internet Software and Services - 0.7%
ActivIdentity Corporation ^a,b	20,000		45,400
Descartes Systems Group (The) ^b	49,200		180,564
iPass ^a,b	190,000		410,400
Jupitermedia Corporation ^a,b	355,800		412,728
NIC	26,800		184,920
United Online	22,478		211,518
Website Pros ^a,b	58,450		315,630

			1,761,160

IT Services - 4.5%
CIBER ^a,b	182,662		1,276,807
Computer Task Group ^b	481,100		3,127,150
iGATE Corporation ^a,b	273,400		2,370,378
Rainmaker Systems ^b	2,000		4,500
Sapient Corporation ^b	500,000		3,715,000
Syntel	54,300		1,330,350
Yucheng Technologies ^a,b	4,500		45,675

			11,869,860

Semiconductors and Equipment - 4.0%
Actions Semiconductor ADR ^b	44,450		109,347
ANADIGICS ^a,b	68,000		191,080
Cascade Microtech ^b	43,037		182,047
Catalyst Semiconductor ^a,b	269,800		1,211,402
CEVA ^b	47,534		394,532
Cohu	17,900		283,178
Eagle Test Systems ^b	17,423		266,746
Electroglas ^a,b	281,700		321,138
Exar Corporation ^b	121,208		928,453
GSI Technology ^b	41,300		147,441
Ikanos Communications ^a,b	102,600		203,148
Intevac ^a,b	40,550		431,452
JDS Uniphase ^a,b	54,283		459,234
Jinpan International	14,300		337,051
LeCroy Corporation ^b	2,000		15,380
Mattson Technology ^a,b	44,900		212,377
Melco Holdings	30,000		552,567
Nanometrics ^b	37,000		78,070
PDF Solutions ^a,b	85,000		442,000
Photronics ^b	29,750		55,930
Rudolph Technologies ^a,b	24,500		205,310
Semitool ^a,b	36,100		295,298
Sigma Designs ^a,b	7,400		105,228
SiRF Technology Holdings ^a,b	20,600		30,694
Trident Microsystems ^b	71,300		171,120
TTM Technologies ^b	159,500		1,582,240
Ultra Clean Holdings ^a,b	52,300		263,592
Virage Logic ^b	180,000		1,062,000
Zarlink Semiconductor ^a,b	160,600		69,058

			10,607,113

Software - 5.1%
ACI Worldwide ^b	97,600		1,709,952
American Software Cl. A	62,300		339,535
Bottomline Technologies ^a,b	20,000		208,000
Convera Corporation Cl. A ^a,b	170,000		181,900
DivX ^b	23,200		150,104
Fundtech ^b	51,000		706,860
ILOG ADR ^a,b	35,000		476,000
JDA Software Group ^a,b	59,500		904,995
OpenTV Cl. A ^a,b	108,400		152,844
PAR Technology ^a,b	88,900		636,524
Pegasystems	337,900		4,362,289
Phase Forward ^a,b	43,000		899,130
Phoenix Technologies ^a,b	32,310		258,157
PLATO Learning ^b	160,000		454,400
Renaissance Learning	2,365		30,721
SeaChange International ^a,b	20,000		193,200
SPSS ^a,b	41,800		1,227,248
TeleCommunication Systems Cl. A ^a,b	10,000		69,100
Unica Corporation ^a,b	35,000		274,400

			13,235,359

Telecommunications - 2.5%
Anaren ^a,b	79,000		801,850
Atlantic Tele-Network	4,100		114,800
Captaris ^b	43,300		199,613
Ceragon Networks ^a,b	15,700		116,023
Cogent Communications Group ^a,b	24,800		191,456
Communications Systems	10,700		113,848
Diguang International Development ^b	300,000		168,000
GeoEye ^a,b	13,400		296,542
Global Telecom & Technology ^a,b	68,500		28,085
Globecomm Systems ^b	41,330		361,224
NETGEAR ^a,b	30,000		450,000
NMS Communications ^b	630,000		308,700
Novatel Wireless ^b	60,600		367,236
NumereX Corporation Cl. A ^a,b	42,900		174,603
PC-Tel	44,100		411,012
Performance Technologies ^b	41,250		180,675
REMEC	143,387		91,768
Sierra Wireless ^a,b	14,700		146,559
Symmetricom ^a,b	61,982		308,051
ViaSat ^b	66,612		1,570,711
Westell Technologies Cl. A ^b	100,000		71,000
Zhone Technologies ^b	1,031,600		196,004

			6,667,760

Total			59,896,153

Miscellaneous ^d – 3.1%
Total			8,188,817

TOTAL COMMON STOCKS
(Cost $275,454,882)			316,159,788

PREFERRED STOCK – 0.5%
Seneca Foods Conv. ^b
(Cost $943,607)	75,409		1,304,425

REPURCHASE AGREEMENT – 0.8%
State Street Bank & Trust Company, 0.20% dated 9/30/08, due 10/1/08, maturity value $1,972,011 (collateralized by obligations of various U.S. Government Agencies, valued at $2,026,344) (Cost $1,972,000)			1,972,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 13.6%
Money Market Funds
State Street Navigator Securities Lending
Prime Portfolio (7 day yield-2.7654%)
(Cost $35,662,378)			35,662,378

TOTAL INVESTMENTS – 135.5%
(Cost $314,032,867)			355,098,591

LIABILITIES LESS CASH AND OTHER ASSETS – (12.6)%			(32,994,636	)

PREFERRED STOCK – (22.9)%			(60,000,000	)

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS – 100.0%		$	262,103,955

^a	All or a portion of these securities were on loan at September 30, 2008. Total market value of loaned securities at September 30, 2008 was $34,856,462.
^b	Non-income producing.
^c	Securities for which market quotations are not readily available represent 0.0% of net assets. These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.
^d	Includes securities first acquired in 2008 and less than 1% of net assets applicable to Common Stockholders.

At September 30, 2008, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. The Fund effected the following transactions in shares of such companies during the period ended September 30, 2008:

	Shares	Market Value	Cost of	Cost of		Realized		Dividend		Shares	Market Value
Affiliated Company	12/31/07	12/31/07	Purchases	Sales		Gain (Loss)		Income		9/30/08	9/30/08

BKF Capital Group*	406,500	$ 902,430	-	$	73,854	$	(32,865)	$	387,000
Tapestry Pharmaceuticals*	815,600	244,680	$13,272		267,621		(264,706)		-

		$1,147,110				$	(297,571)	$	387,000

* Not an Affiliated Company at September 30, 2008.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $315,076,131. At September 30, 2008, net unrealized appreciation for all securities was $40,022,460, consisting of aggregate gross unrealized appreciation of $99,974,467 and aggregate gross unrealized depreciation of $59,952,007. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing 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 highest bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Board of Directors. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. 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. Investments in money market funds are valued at net asset value per share.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below:
	Level 1 – quoted prices in active markets for identical securities
	Level 2 – other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements)
	Level 3 – significant observable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Repurchase Agreements:
The Fund may enter into repurchase agreements with institutions that the Fund’s 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 Fund’s most recent Prospectus and Report to Stockholders. 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 (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s 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 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 control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s 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 21, 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: November 21, 2008

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 21, 2008