Edgar Filing: ROYCE MICRO-CAP TRUST, INC /MD/

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:	745 Fifth Avenue
	New York, NY 10151

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500

Date of fiscal year end: 12/31/2009

Date of reporting period: 3/31/2009

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 113.2%

Consumer Products – 8.6%
Apparel, Shoes and Accessories - 2.6%
K-Swiss Cl. A ^a	47,400	$	404,796
Lazare Kaplan International ^a	28,405		30,109
Movado Group	179,640		1,354,486
Steven Madden ^a	13,000		244,140
True Religion Apparel ^a	35,400		418,074
Weyco Group	48,000		1,244,160
Yamato International	40,000		143,534

			3,839,299

Consumer Electronics - 0.8%
DTS ^a	50,000		1,203,000

Food/Beverage/Tobacco - 1.3%
Seneca Foods Cl. A ^a	47,500		989,900
Seneca Foods Cl. B ^a	42,500		892,925

			1,882,825

Health, Beauty and Nutrition - 0.2%
NutriSystem	20,000		285,400

Home Furnishing and Appliances - 3.1%
American Woodmark	90,000		1,580,400
Flexsteel Industries	172,500		890,100
Lumber Liquidators ^a,b	89,900		1,146,225
Natuzzi ADR ^a	409,800		471,270
Universal Electronics ^a,b	22,500		407,250

			4,495,245

Household Products/Wares - 0.1%
A.T. Cross Company Cl. A ^a	54,449		133,945

Sports and Recreation - 0.5%
Cybex International ^a	56,000		64,400
Sturm, Ruger & Company ^a,b	53,583		660,678

			725,078

Total			12,564,792

Consumer Services – 4.4%
Online Commerce - 0.9%
Alloy ^a	74,002		310,808
CryptoLogic	88,300		404,414
Knot (The) ^a,b	17,100		140,220
1-800-FLOWERS.COM Cl. A ^a	133,700		276,759
Stamps.com ^a	12,900		125,130

			1,257,331

Restaurants and Lodgings - 0.1%
Benihana Cl. A ^a	77,000		199,430

Retail Stores - 3.3%
America’s Car-Mart ^a	102,800		1,397,052
Brown Shoe	9,400		35,250
Build-A-Bear Workshop ^a	23,000		139,610
Charming Shoppes ^a	526,200		736,680
China Nepstar Chain Drugstore ADR	106,700		432,135
Dover Saddlery ^a	31,388		53,360
DSW Cl. A ^a,b	32,200		299,138
Le Chateau Cl. A	27,900		171,498
Pacific Sunwear of California ^a	40,000		66,400
Stein Mart ^a	178,900		517,021
West Marine ^a	176,000		941,600

			4,789,744

Other Consumer Services - 0.1%
Shutterfly ^a,b	20,000		187,400

Total			6,433,905

Diversified Investment Companies – 1.4%
Closed-End Funds - 1.4%
Central Fund of Canada Cl. A	141,700		1,689,064
Urbana Corporation ^a	237,600		293,985

Total			1,983,049

Financial Intermediaries – 11.0%
Banking - 6.1%
Alliance Bancorp, Inc. of Pennsylvania	50,420		365,545
B of I Holding ^a,b	100,000		530,000
BB Holdings ^a	380,000		771,682
Cass Information Systems	15,000		486,450
Centrue Financial	46,600		249,310
CFS Bancorp	75,000		292,500
Chemung Financial	40,000		690,000
CNB Financial	30,000		289,200
Commercial National Financial	20,000		289,800
Fauquier Bankshares	157,138		1,728,518
Financial Institutions	36,000		274,320
First Bancorp	40,200		637,572
HopFed Bancorp	61,000		561,200
LCNB Corporation	30,000		285,000
Meta Financial Group	37,200		388,740
Wilber Corporation (The)	148,150		1,142,236

			8,982,073

Insurance - 1.8%
First Acceptance ^a	186,300		450,846
Greenlight Capital Re Cl. A ^a	15,600		249,132
Hilltop Holdings ^a	121,400		1,383,960
Independence Holding	95,800		479,958

			2,563,896

Real Estate Investment Trusts - 0.2%
Vestin Realty Mortgage II ^a	144,230		344,710

Securities Brokers - 2.5%
Cowen Group ^a	123,600		601,932
Diamond Hill Investment Group ^a	8,000		314,560
Evercore Partners Cl. A	13,600		210,120
FBR Capital Markets ^a,b	316,600		1,041,614
International Assets Holding ^a,b	12,000		122,280
Sanders Morris Harris Group	199,000		776,100
Thomas Weisel Partners Group ^a,b	172,700		618,266

			3,684,872

Securities Exchanges - 0.4%
Bolsa Mexicana de Valores ^a	948,500		522,295

Total			16,097,846

Financial Services – 7.0%
Diversified Financial Services - 0.9%
Encore Capital Group ^a	98,000		443,940
FCStone Group ^a,b	18,000		41,040
World Acceptance ^a	47,951		819,962

			1,304,942

Information and Processing - 0.6%
Value Line	32,487		888,194

Insurance Brokers - 0.1%
Western Financial Group	148,000		198,382

Investment Management - 3.7%
BKF Capital Group	130,200		123,690
Dundee Corporation Cl. A ^a	140,200		571,564
Endeavour Financial	343,200		408,312
Epoch Holding Corporation	196,500		1,349,955
Gladstone Capital	20,000		125,200
JZ Capital Partners	70,000		21,795
MVC Capital	136,200		1,145,442
Prospect Capital	8,493		72,360
Queen City Investments	948		862,680
Sceptre Investment Counsel	78,000		235,089
U.S. Global Investors Cl. A	91,500		445,605

			5,361,692

Special Purpose Acquisition Corporation - 1.5%
Cockleshell ^a	465,300		350,509
Prospect Acquisition (Units) ^a	50,000		472,500
Shellproof ^a	59,192		36,521
Shellshock ^a	42,200		30,275
Shermen WSC Acquisition ^a	220,000		1,295,800
Shermen WSC Acquisition (Warrants) ^a	100,000		7,500

			2,193,105

Specialty Finance - 0.2%
NGP Capital Resources	68,080		338,358

Total			10,284,673

Health – 10.3%
Commercial Services - 0.5%
PAREXEL International ^a	40,000		389,200
PDI ^a	104,800		318,592

			707,792

Drugs and Biotech - 1.7%
Anadys Pharmaceuticals ^a,b	105,400		715,666
BioCryst Pharmaceuticals ^a,b	200,000		438,000
Caraco Pharmaceutical Laboratories ^a,b	43,900		154,528
GenVec ^a,b	140,000		61,600
Hi-Tech Pharmacal ^a,b	48,300		275,310
Seattle Genetics ^a,b	39,000		384,540
Sinovac Biotech ^a,b	60,000		87,600
Strategic Diagnostics ^a	173,138		185,258
Theragenics Corporation ^a	145,800		177,876
Tongjitang Chinese Medicines ADR ^a,b	19,500		66,300

			2,546,678

Health Services - 2.6%
Advisory Board (The) ^a	51,700		857,186
Air Methods ^a	16,507		279,133
Computer Programs and Systems	3,800		126,426
eResearch Technology ^a	137,000		720,620
Gentiva Health Services ^a	23,000		349,600
HMS Holdings ^a	11,900		391,510
On Assignment ^a	41,100		111,381
PharMerica Corporation ^a	40,000		665,600
Psychemedics Corporation	37,500		212,250
U.S. Physical Therapy ^a,b	10,000		96,800

			3,810,506

Medical Products and Devices - 5.5%
Allied Healthcare Products ^a	226,798		752,969
Atrion Corporation	5,500		485,320
CAS Medical Systems ^a	62,600		87,640
Cutera ^a,b	22,800		145,692
Cynosure Cl. A ^a,b	16,500		100,485
Exactech ^a	121,000		1,390,290
Kensey Nash ^a	23,650		503,036
Medical Action Industries ^a	125,250		1,038,322
MEDTOX Scientific ^a	20,000		135,600
NMT Medical ^a,b	228,500		182,800
Palomar Medical Technologies ^a,b	18,000		130,680
Syneron Medical ^a	80,400		476,772
Utah Medical Products	42,300		972,900
Virtual Radiologic ^a,b	92,000		643,080
Young Innovations	61,450		952,475

			7,998,061

Total			15,063,037

Industrial Products – 21.0%
Automotive - 0.7%
ATC Technology ^a,b	25,200		282,240
Norstar Founders Group ^a,c	771,500		36,332
SORL Auto Parts ^a	48,810		87,858
US Auto Parts Network ^a,b	330,900		529,440
Wonder Auto Technology ^a	24,200		86,636

			1,022,506

Building Systems and Components - 2.9%
AAON	73,000		1,322,760
Apogee Enterprises	57,900		635,742
Bunka Shutter	90,000		345,144
Drew Industries ^a	100,000		868,000
LSI Industries	79,812		412,628
NCI Building Systems ^a,b	42,000		93,240
Preformed Line Products	16,000		602,240

			4,279,754

Construction Materials - 2.3%
Ash Grove Cement	8,000		1,480,000
Louisiana-Pacific Corporation ^a	57,000		127,110
Monarch Cement	50,710		1,140,975
Trex Company ^a,b	90,000		686,700

			3,434,785

Industrial Components - 1.6%
Deswell Industries	574,371		1,005,149
Graham Corporation	24,500		219,765
Planar Systems ^a	172,000		116,960
Powell Industries ^a	26,800		946,308
Tech/Ops Sevcon ^a	28,650		38,678

			2,326,860

Machinery - 5.1%
Active Power ^a,b	187,500		112,500
Alamo Group	37,000		394,420
Astec Industries ^a	30,000		786,900
Burnham Holdings Cl. A	95,000		736,250
Columbus McKinnon ^a	30,100		262,472
Eastern Company (The)	39,750		429,300
Flow International ^a,b	65,000		105,300
Freight Car America	14,200		248,926
Hardinge	240,000		669,600
Hurco Companies ^a	55,266		587,478
Jinpan International	30,500		513,925
Kadant ^a,b	16,600		191,232
K-Tron International ^a	8,426		511,205
Mueller (Paul) Company	9,650		168,875
Sun Hydraulics	58,425		853,589
Tennant Company	92,300		864,851

			7,436,823

Metal Fabrication and Distribution - 3.0%
Central Steel & Wire	1,088		663,680
CompX International Cl. A	107,500		610,600
Encore Wire	15,000		321,450
Foster (L.B.) Company Cl. A ^a,b	9,200		228,436
Fushi Copperweld ^a,b	46,583		223,598
Haynes International ^a	14,600		260,172
Ladish Company ^a	45,000		326,700
NN ^a	114,300		144,018
Olympic Steel	20,500		310,985
RTI International Metals ^a	105,900		1,239,030

			4,328,669

Miscellaneous Manufacturing - 2.4%
Met-Pro Corporation	20,000		163,000
PMFG ^a	143,800		1,133,144
Quixote Corporation ^a,b	183,400		636,398
Raven Industries	58,400		1,213,552
Synalloy Corporation	58,200		305,550

			3,451,644

Pumps, Valves and Bearings - 0.2%
CIRCOR International	14,000		315,280

Specialty Chemicals and Materials - 2.4%
Aceto Corporation	72,219		430,425
Balchem Corporation	42,250		1,061,743
Hawkins	103,166		1,591,851
Migao Corporation ^a	32,200		170,603
Park Electrochemical	18,900		326,592

			3,581,214

Textiles - 0.3%
Interface Cl. A	136,000		406,640

Other Industrial Products - 0.1%
Research Frontiers ^a,b	50,000		224,500

Total			30,808,675

Industrial Services – 14.8%
Advertising and Publishing - 0.4%
Airmedia Group ADR ^a,b	98,310		411,919
Voyager Learning ^a	125,000		137,500

			549,419

Commercial Services - 5.0%
Acacia Research-Acacia Technologies ^a	117,150		477,972
CBIZ ^a	47,000		327,590
CDI Corporation	9,000		87,480
Diamond Management & Technology Consultants	138,100		352,155
Exponent ^a	58,400		1,479,272
Forrester Research ^a	54,900		1,128,744
Global Sources ^a	33,330		129,654
Heritage-Crystal Clean ^a	98,105		731,863
Kforce ^a	55,000		386,650
Rentrak Corporation ^a	13,300		119,700
Spherion Corporation ^a	546,600		1,136,928
Team ^a	5,200		60,944
Volt Information Sciences ^a	52,800		351,120
Waste Services ^a,b	118,952		509,115

			7,279,187

Engineering and Construction - 2.4%
Cavco Industries ^a	9,400		221,840
HLS Systems International ^a,b	212,827		691,688
Insituform Technologies Cl. A ^a	34,300		536,452
Integrated Electrical Services ^a	132,000		1,203,840
Layne Christensen ^a	1,700		27,319
Skyline Corporation	32,100		610,221
Sterling Construction ^a	11,700		208,728

			3,500,088

Food, Tobacco and Agriculture - 1.7%
Cal-Maine Foods	22,500		503,775
Farmer Bros.	42,400		754,720
Hanfeng Evergreen ^a	32,300		185,992
J.G. Boswell Company	690		291,180
ML Macadamia Orchards L.P. ^a	117,200		216,820
Origin Agritech ^a	211,088		576,270

			2,528,757

Industrial Distribution - 0.8%
Houston Wire & Cable	40,375		312,906
Lawson Products	43,800		533,046
Toshin Group	20,000		318,388

			1,164,340

Printing - 0.9%
Bowne & Co. ^a	67,298		216,027
Courier Corporation	30,450		461,926
CSS Industries	21,043		357,731
Multi-Color Corporation	28,000		342,440

			1,378,124

Transportation and Logistics - 3.6%
Euroseas	10,000		38,500
Forward Air	50,700		822,861
Frozen Food Express Industries	112,380		337,140
Marten Transport ^a	13,550		253,114
Pacer International ^a	127,500		446,250
Patriot Transportation Holding ^a,b	19,000		1,184,080
Transat A.T. Cl. B ^a	35,000		209,311
Universal Truckload Services	134,200		1,924,428

			5,215,684

Other Industrial Services - 0.0%
American Ecology	6,000		83,640

Total			21,699,239

Natural Resources – 11.6%
Energy Services - 3.8%
CE Franklin ^a,b	56,150		232,461
Dawson Geophysical ^a,b	53,213		718,376
Dril-Quip ^a	22,500		690,750
Gulf Island Fabrication ^b	4,116		32,969
ION Geophysical ^a	93,500		145,860
Lufkin Industries	1,000		37,880
North American Energy Partners ^a,b	50,000		152,500
OYO Geospace ^a,b	7,130		93,118
Pason Systems	139,200		1,051,066
Pioneer Drilling ^a,b	57,500		188,600
T-3 Energy Services ^a,b	4,150		48,887
Tesco Corporation ^a	50,000		391,000
Willbros Group ^a	159,200		1,544,240
World Energy Solutions ^a	729,200		228,453

			5,556,160

Oil and Gas - 0.2%
Approach Resources ^a	12,000		74,400
GeoMet ^a,b	75,000		43,500
GMX Resources ^a,b	6,700		43,550
PetroCorp ^a,c	104,200		0
Rosetta Resources ^a,b	30,000		148,500

			309,950

Precious Metals and Mining - 4.0%
Alamos Gold ^a	47,100		338,830
Allied Nevada Gold ^a	123,700		723,645
Aurizon Mines ^a,b	197,000		886,500
Brush Engineered Materials ^a,b	51,100		708,757
Chesapeake Gold ^a	20,000		86,453
Exeter Resource ^a	210,000		682,500
Gammon Gold ^a	83,836		542,419
Golden Star Resources ^a,b	168,100		245,426
Horsehead Holding ^a	13,800		75,900
Midway Gold ^a	345,000		153,236
Minefinders Corporation ^a	36,000		277,200
New Gold ^a,b	141,200		265,456
Northgate Minerals ^a	270,000		361,800
Seabridge Gold ^a	16,700		378,255
Victoria Gold ^a	200,000		55,520
Vista Gold ^a,b	50,000		102,000

			5,883,897

Real Estate - 3.6%
Avatar Holdings ^a,b	45,104		675,658
Consolidated-Tomoka Land	32,100		953,370
Kennedy-Wilson ^a	21,500		591,250
PICO Holdings ^a	45,700		1,374,199
Pope Resources L.P.	39,505		799,976
Tejon Ranch ^a,b	37,000		764,790
ZipRealty ^a	25,000		73,000

			5,232,243

Total			16,982,250

Technology – 20.0%
Aerospace and Defense - 2.6%
Ducommun	72,100		1,048,334
HEICO Corporation	33,600		816,480
Innovative Solutions and Support	100,000		423,000
Integral Systems ^a	140,082		1,204,705
SIFCO Industries ^a	45,800		265,640

			3,758,159

Components and Systems - 2.8%
CSP ^a	96,881		276,111
Evans & Sutherland Computer ^a	96,272		25,031
Frequency Electronics ^a	220,000		730,400
Methode Electronics	226,400		810,512
Newport Corporation ^a	55,900		247,078
OPTEX Company	35,000		294,455
Richardson Electronics	240,900		814,242
Rimage Corporation ^a	29,200		389,820
Technitrol	150,000		256,500
TransAct Technologies ^a	78,600		203,574

			4,047,723

Distribution - 0.3%
Agilysys	90,000		387,000
ScanSource ^a,b	7,600		141,208

			528,208

Internet Software and Services - 1.2%
ActivIdentity Corporation ^a,b	75,000		153,750
AsiaInfo Holdings ^a	18,400		310,040
DealerTrack Holdings ^a,b	31,000		406,100
iPass ^a	140,000		140,000
Marchex Cl. B	138,200		475,408
RealNetworks ^a	40,000		93,200
WebMediaBrands ^a	525,000		210,000

			1,788,498

IT Services - 3.7%
Computer Task Group ^a	311,100		1,073,295
iGATE Corporation	258,400		837,216
Sapient Corporation ^a	500,000		2,235,000
Syntel	54,300		1,117,494
Yucheng Technologies ^a	20,500		130,585

			5,393,590

Semiconductors and Equipment - 3.2%
Advanced Energy Industries ^a	14,100		106,173
ANADIGICS ^a,b	46,500		96,255
ATMI ^a	6,400		98,752
Entropic Communications ^a,b	200,000		148,000
Exar Corporation ^a	121,208		756,338
Ikanos Communications ^a	223,977		318,048
Melco Holdings	30,000		347,454
Micrel	100,000		704,000
Microtune ^a,b	350,000		637,000
PLX Technology ^a	80,000		173,600
Sigma Designs ^a,b	7,400		92,056
TTM Technologies ^a	114,400		663,520
Virage Logic ^a	180,000		585,000

			4,726,196

Software - 4.8%
ACI Worldwide ^a	87,600		1,642,500
American Software Cl. A	84,200		443,734
Bottomline Technologies ^a	28,600		188,188
Double-Take Software ^a,b	22,400		151,424
Fundtech ^a	51,000		434,520
Pegasystems	105,400		1,957,278
Phoenix Technologies ^a,b	32,310		52,342
PLATO Learning ^a	160,000		284,800
Source Forge ^a	600,000		498,000
SPSS ^a	44,600		1,267,978
THQ ^a	25,000		76,000

			6,996,764

Telecommunications - 1.4%
Anaren ^a	8,000		87,520
Atlantic Tele-Network	4,100		78,638
Ceragon Networks ^a	28,700		121,975
Cogo Group ^a,b	28,900		193,052
Diguang International Development ^a	300,000		84,000
Globecomm Systems ^a	22,730		131,607
PC-Tel ^a	44,100		189,630
ViaSat ^a	46,812		974,626
Zhone Technologies ^a	1,331,600		254,335

			2,115,383

Total			29,354,521

Miscellaneous ^d – 3.1%
Total			4,531,216

TOTAL COMMON STOCKS
(Cost $206,043,033)			165,803,203

PREFERRED STOCK – 0.8%
Seneca Foods Conv. ^a
(Cost $943,607)	75,409		1,172,610

REPURCHASE AGREEMENT – 23.6%
State Street Bank & Trust Company,
0.13% dated 3/31/09, due 4/1/09,
maturity value $34,569,125 (collateralized
by obligations of various U.S. Government
Agencies, 0.95%-7.25% due 1/15/10-3/30/10,
valued at $35,433,284)
(Cost $34,569,000)			34,569,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 6.3%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.371%)
(Cost $9,198,541)			9,198,541

TOTAL INVESTMENTS – 143.9%
(Cost $250,754,181)			210,743,354

LIABILITIES LESS CASH AND OTHER ASSETS – (2.9)%			(4,270,037	)

PREFERRED STOCK – (41.0)%			(60,000,000	)

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS – 100.0%		$	146,473,317

^a	Non-income producing.
^b	All or a portion of these securities were on loan at March 31, 2009. Total market value of loaned securities at March 31, 2009 was $8,808,168.
^c	Securities for which market quotations are not readily available represent 0.02% 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 2009 and less than 1% of net assets applicable to Common Stockholders.

At December 31, 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 for the period ended March 31, 2009:

Shares

Market Value

Cost of

Realized

Dividend

Shares

Market Value

Affiliated Company

12/31/08

Purchases

Sales

Gain (Loss)

Income

3/31/09

Deswell Industries*

824,371

$1,096,413

710,000

$(352,375)

$31,195

$1,096,413

$(352,375)

$31,195

* Not an Affiliated Company at March 31, 2009.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $251,612,895. At March 31, 2009, net unrealized depreciation for all securities was $(40,869,541), consisting of aggregate gross unrealized appreciation of $29,433,483 and aggregate gross unrealized depreciation of $70,303,024. 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, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. 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. 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. 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, as noted above. 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 unobservable 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.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2009:
Level 1	Level 2	Level 3	Total

$151,262,081	$59,444,941	$36,332	$210,743,354

Level 3 Reconciliation:

Balance as of

Change in unrealized

Realized gain (loss) on

Balance as of

12/31/2008

appreciation (depreciation)

Purchases

Transfers In

Sales

securities sold

3/31/2009

$168,031

$23,754

$74,554

$(230,005)

$36,332

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 maintained is 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. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending.

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: May 26, 2009

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 26, 2009

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 26, 2009