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: 12/31/2012
Date of reporting period: 3/31/2012
Item 1 - Schedule of Investments
| SCHEDULE OF INVESTMENTS | ||||||||
| ROYCE MICRO-CAP TRUST | ||||||||
| MARCH 31, 2012 (UNAUDITED) | ||||||||
| SHARES | VALUE | |||||||
| COMMON STOCKS – 104.0% | ||||||||
| Consumer Discretionary – 13.3% | ||||||||
| Auto Components - 1.4% | ||||||||
| 74,700 | $ | 407,115 | ||||||
China Zenix Auto International ADR |
50,000 | 179,000 | ||||||
Drew Industries 2 |
112,900 | 3,083,299 | ||||||
Spartan Motors |
41,000 | 216,890 | ||||||
Williams Controls |
39,192 | 429,544 | ||||||
| 4,315,848 | ||||||||
| Distributors - 0.4% | ||||||||
Weyco Group |
48,000 | 1,137,600 | ||||||
| Diversified Consumer Services - 0.4% | ||||||||
ChinaCast Education 2 |
104,700 | 443,928 | ||||||
Lincoln Educational Services |
95,700 | 756,987 | ||||||
| 6,925 | 14,127 | |||||||
| 1,215,042 | ||||||||
| Hotels, Restaurants & Leisure - 0.3% | ||||||||
Benihana |
72,800 | 950,040 | ||||||
| Household Durables - 2.8% | ||||||||
Cavco Industries 2 |
3,091 | 143,979 | ||||||
Ethan Allen Interiors |
81,600 | 2,066,112 | ||||||
Flexsteel Industries |
172,500 | 3,122,250 | ||||||
Koss Corporation |
73,400 | 397,094 | ||||||
Natuzzi ADR 2 |
409,800 | 1,122,852 | ||||||
| 54,100 | 856,403 | |||||||
Universal Electronics 2 |
39,200 | 783,216 | ||||||
| 8,491,906 | ||||||||
| Internet & Catalog Retail - 0.7% | ||||||||
Geeknet 2 |
102,500 | 1,482,150 | ||||||
NutriSystem |
21,800 | 244,814 | ||||||
| 140,900 | 508,649 | |||||||
| 2,235,613 | ||||||||
| Leisure Equipment & Products - 0.4% | ||||||||
Leapfrog Enterprises Cl. A 2 |
109,700 | 917,092 | ||||||
Sturm, Ruger & Co. |
6,400 | 314,240 | ||||||
| 1,231,332 | ||||||||
| Media - 0.8% | ||||||||
Global Sources 2 |
92,319 | 568,685 | ||||||
Rentrak Corporation 2 |
87,000 | 1,974,900 | ||||||
| 2,543,585 | ||||||||
| Specialty Retail - 4.2% | ||||||||
America’s Car-Mart 2 |
92,800 | 4,081,344 | ||||||
Charming Shoppes 2 |
587,100 | 3,463,890 | ||||||
Le Chateau Cl. A |
73,100 | 96,739 | ||||||
Lewis Group |
57,000 | 566,210 | ||||||
Oriental Watch Holdings |
545,100 | 231,642 | ||||||
Shoe Carnival 2 |
23,352 | 752,402 | ||||||
Stein Mart 2 |
178,900 | 1,180,740 | ||||||
Systemax 2 |
84,000 | 1,416,240 | ||||||
West Marine 2 |
86,000 | 1,030,280 | ||||||
Wet Seal (The) Cl. A 2 |
66,479 | 229,353 | ||||||
| 13,048,840 | ||||||||
| Textiles, Apparel & Luxury Goods - 1.9% | ||||||||
China Xiniya Fashion ADR 2 |
40,000 | 72,000 | ||||||
G-III Apparel Group 2 |
34,800 | 989,016 | ||||||
J.G. Boswell Company 3 |
2,490 | 1,867,500 | ||||||
K-Swiss Cl. A 2 |
72,400 | 296,840 | ||||||
Marimekko |
25,300 | 455,525 | ||||||
Movado Group |
77,633 | 1,905,890 | ||||||
True Religion Apparel 2 |
7,200 | 197,280 | ||||||
| 5,784,051 | ||||||||
| Total | 40,953,857 | |||||||
| Consumer Staples – 3.3% | ||||||||
| Food & Staples Retailing - 0.5% | ||||||||
Arden Group Cl. A |
16,000 | 1,454,240 | ||||||
| Food Products - 2.5% | ||||||||
Asian Citrus Holdings |
1,060,000 | 723,452 | ||||||
Binggrae |
9,700 | 484,551 | ||||||
Calavo Growers |
15,300 | 409,734 | ||||||
Farmer Bros. 2 |
41,400 | 450,846 | ||||||
Griffin Land & Nurseries |
61,274 | 1,618,246 | ||||||
| 121,488 | 302,505 | |||||||
Seneca Foods Cl. A 2 |
51,400 | 1,353,876 | ||||||
Seneca Foods Cl. B 2 |
42,500 | 1,005,975 | ||||||
| 806,207 | 116,094 | |||||||
Westway Group |
220,000 | 1,273,800 | ||||||
| 7,739,079 | ||||||||
| Personal Products - 0.3% | ||||||||
Inter Parfums |
26,400 | 414,216 | ||||||
Schiff Nutrition International Cl. A 2 |
46,715 | 574,127 | ||||||
| 988,343 | ||||||||
| Total | 10,181,662 | |||||||
| Energy – 4.8% | ||||||||
| Energy Equipment & Services - 3.5% | ||||||||
CE Franklin 2 |
45,450 | 439,502 | ||||||
Dawson Geophysical 2 |
53,213 | 1,827,867 | ||||||
Geodrill 2 |
177,700 | 591,472 | ||||||
Global Geophysical Services 2 |
35,000 | 371,350 | ||||||
Gulf Island Fabrication |
29,116 | 852,225 | ||||||
| 200,000 | 862,000 | |||||||
Lamprell |
202,400 | 1,109,454 | ||||||
North American Energy Partners 2 |
50,000 | 245,000 | ||||||
OYO Geospace 2 |
7,130 | 751,003 | ||||||
Pason Systems |
139,200 | 1,959,364 | ||||||
Pioneer Drilling 2 |
57,500 | 506,000 | ||||||
Tesco Corporation 2 |
50,000 | 709,500 | ||||||
Willbros Group 2 |
131,100 | 424,764 | ||||||
| 10,649,501 | ||||||||
| Oil, Gas & Consumable Fuels - 1.3% | ||||||||
| 12,000 | 443,400 | |||||||
Credo Petroleum 2 |
98,000 | 1,001,560 | ||||||
Sprott Resource 2 |
164,000 | 659,321 | ||||||
| 29,000 | 73,080 | |||||||
VAALCO Energy 2 |
109,100 | 1,030,995 | ||||||
Warren Resources 2 |
290,000 | 945,400 | ||||||
| 4,153,756 | ||||||||
| Total | 14,803,257 | |||||||
| Financials – 19.7% | ||||||||
| Capital Markets - 7.7% | ||||||||
ASA Gold and Precious Metals |
30,000 | 773,400 | ||||||
| 130,200 | 151,032 | |||||||
Cohen & Steers |
27,900 | 890,010 | ||||||
Diamond Hill Investment Group |
34,479 | 2,539,378 | ||||||
Duff & Phelps Cl. A |
50,000 | 777,000 | ||||||
Edelman Financial Group (The) |
209,000 | 1,381,490 | ||||||
Epoch Holding Corporation |
196,500 | 4,692,420 | ||||||
FBR & Co. 2 |
215,000 | 552,550 | ||||||
Fiera Sceptre |
78,000 | 664,695 | ||||||
INTL FCStone 2 |
29,410 | 620,551 | ||||||
JZ Capital Partners |
363,999 | 2,095,980 | ||||||
MVC Capital |
151,200 | 1,985,256 | ||||||
NGP Capital Resources |
164,001 | 1,074,207 | ||||||
Queen City Investments 3 |
948 | 957,480 | ||||||
SHUAA Capital 2 |
1,100,000 | 256,956 | ||||||
U.S. Global Investors Cl. A |
91,500 | 663,375 | ||||||
Urbana Corporation 2 |
237,600 | 257,264 | ||||||
Virtus Investment Partners 2 |
35,000 | 3,002,300 | ||||||
Westwood Holdings Group |
8,800 | 340,824 | ||||||
| 23,676,168 | ||||||||
| Commercial Banks - 2.0% | ||||||||
BCB Holdings 2 |
806,207 | 264,353 | ||||||
Chemung Financial |
40,000 | 990,000 | ||||||
Fauquier Bankshares |
135,800 | 1,677,130 | ||||||
Financial Institutions |
36,000 | 582,120 | ||||||
First Bancorp |
40,200 | 596,166 | ||||||
LCNB Corporation |
28,138 | 365,794 | ||||||
Peapack-Gladstone Financial |
124,000 | 1,676,480 | ||||||
| 6,152,043 | ||||||||
| Diversified Financial Services - 0.7% | ||||||||
Banca Finnat Euramerica |
1,310,000 | 472,254 | ||||||
Bolsa Mexicana de Valores |
300,000 | 606,856 | ||||||
GAIN Capital Holdings |
25,000 | 125,500 | ||||||
PICO Holdings 2 |
45,700 | 1,071,665 | ||||||
| 2,276,275 | ||||||||
| Insurance - 3.5% | ||||||||
Hallmark Financial Services 2 |
118,000 | 931,020 | ||||||
Hilltop Holdings 2 |
101,400 | 850,746 | ||||||
Independence Holding |
105,380 | 1,049,585 | ||||||
Presidential Life |
241,100 | 2,755,773 | ||||||
SeaBright Holdings |
191,000 | 1,736,190 | ||||||
State Auto Financial |
139,264 | 2,034,647 | ||||||
United Fire Group |
73,603 | 1,316,758 | ||||||
| 10,674,719 | ||||||||
| Real Estate Investment Trusts (REITs) - 1.0% | ||||||||
BRT Realty Trust 2 |
242,000 | 1,691,580 | ||||||
PennyMac Mortgage Investment Trust |
80,000 | 1,493,600 | ||||||
| 3,185,180 | ||||||||
| Real Estate Management & Development - 4.0% | ||||||||
Consolidated-Tomoka Land |
62,750 | 1,866,812 | ||||||
Forestar Group 2 |
71,000 | 1,092,690 | ||||||
Kennedy-Wilson Holdings |
465,358 | 6,282,333 | ||||||
Tejon Ranch 2 |
110,162 | 3,155,040 | ||||||
ZipRealty 2 |
25,000 | 34,250 | ||||||
| 12,431,125 | ||||||||
| Thrifts & Mortgage Finance - 0.8% | ||||||||
Alliance Bancorp, Inc. of Pennsylvania |
41,344 | 473,389 | ||||||
BofI Holding 2 |
91,262 | 1,558,755 | ||||||
HopFed Bancorp |
57,222 | 506,415 | ||||||
| 2,538,559 | ||||||||
| Total | 60,934,069 | |||||||
| Health Care – 5.8% | ||||||||
| Biotechnology - 0.7% | ||||||||
| 498,000 | 1,075,680 | |||||||
3SBio ADR 2 |
45,880 | 679,024 | ||||||
| 120,000 | 408,000 | |||||||
| 2,162,704 | ||||||||
| Health Care Equipment & Supplies - 3.8% | ||||||||
Allied Healthcare Products 2 |
226,798 | 725,753 | ||||||
Atrion Corporation |
7,557 | 1,588,557 | ||||||
CryoLife 2 |
50,573 | 266,520 | ||||||
DynaVox Cl. A 2 |
20,000 | 61,600 | ||||||
Exactech 2 |
132,100 | 2,093,785 | ||||||
| 14,864 | 44,592 | |||||||
Kensey Nash |
39,378 | 1,152,200 | ||||||
Medical Action Industries 2 |
125,250 | 716,430 | ||||||
STRATEC Biomedical |
14,000 | 578,826 | ||||||
Syneron Medical 2 |
69,200 | 741,824 | ||||||
Theragenics Corporation 2 |
336,900 | 619,896 | ||||||
Utah Medical Products |
42,300 | 1,315,530 | ||||||
Young Innovations |
61,450 | 1,900,034 | ||||||
| 11,805,547 | ||||||||
| Health Care Providers & Services - 0.6% | ||||||||
Gentiva Health Services 2 |
23,000 | 201,020 | ||||||
PDI 2 |
65,383 | 436,105 | ||||||
PharMerica Corporation 2 |
40,000 | 497,200 | ||||||
Psychemedics Corporation |
37,500 | 368,250 | ||||||
U.S. Physical Therapy |
10,000 | 230,500 | ||||||
| 1,733,075 | ||||||||
| Life Sciences Tools & Services - 0.6% | ||||||||
Affymetrix 2 |
100,000 | 427,000 | ||||||
Furiex Pharmaceuticals 2 |
23,758 | 561,401 | ||||||
PAREXEL International 2 |
28,800 | 776,736 | ||||||
| 1,765,137 | ||||||||
| Pharmaceuticals - 0.1% | ||||||||
Daewoong Pharmaceutical |
357 | 8,444 | ||||||
| 102,000 | 459,000 | |||||||
| 467,444 | ||||||||
| Total | 17,933,907 | |||||||
| Industrials – 26.9% | ||||||||
| Aerospace & Defense - 2.0% | ||||||||
Astronics Corporation 2 |
9,617 | 336,210 | ||||||
Astronics Corporation Cl. B 2 |
911 | 31,211 | ||||||
CPI Aerostructures 2 |
38,335 | 570,042 | ||||||
Ducommun 2 |
72,100 | 857,990 | ||||||
HEICO Corporation |
52,500 | 2,708,475 | ||||||
Innovative Solutions and Support 2 |
100,000 | 441,000 | ||||||
Kratos Defense & Security Solutions 2 |
72,324 | 386,210 | ||||||
SIFCO Industries |
45,800 | 857,376 | ||||||
| 6,188,514 | ||||||||
| Air Freight & Logistics - 0.7% | ||||||||
Forward Air |
50,700 | 1,859,169 | ||||||
Pacer International 2 |
35,000 | 221,200 | ||||||
| 2,080,369 | ||||||||
| Building Products - 3.6% | ||||||||
AAON |
109,500 | 2,210,805 | ||||||
American Woodmark 2 |
72,000 | 1,296,000 | ||||||
Apogee Enterprises |
57,900 | 749,805 | ||||||
Burnham Holdings Cl. A 3 |
121,000 | 1,857,350 | ||||||
Griffon Corporation |
89,500 | 957,650 | ||||||
Trex Company 2 |
90,000 | 2,887,200 | ||||||
WaterFurnace Renewable Energy |
53,400 | 1,085,721 | ||||||
| 11,044,531 | ||||||||
| Commercial Services & Supplies - 2.6% | ||||||||
Acorn Energy |
60,000 | 652,200 | ||||||
CompX International Cl. A |
107,500 | 1,495,325 | ||||||
Heritage-Crystal Clean 2 |
113,301 | 2,260,355 | ||||||
Interface Cl. A |
27,000 | 376,650 | ||||||
Team 2 |
65,940 | 2,040,843 | ||||||
US Ecology |
62,000 | 1,347,880 | ||||||
| 8,173,253 | ||||||||
| Construction & Engineering - 2.0% | ||||||||
Comfort Systems USA |
27,096 | 295,617 | ||||||
| 1,122,500 | 4,321,625 | |||||||
Layne Christensen 2 |
20,800 | 462,800 | ||||||
MYR Group 2 |
28,500 | 509,010 | ||||||
Pike Electric 2 |
90,900 | 748,107 | ||||||
| 6,337,159 | ||||||||
| Electrical Equipment - 2.4% | ||||||||
AZZ |
16,147 | 833,831 | ||||||
Deswell Industries |
544,371 | 1,317,378 | ||||||
Encore Wire |
15,000 | 445,950 | ||||||
Fushi Copperweld 2 |
74,163 | 559,931 | ||||||
Global Power Equipment Group 2 |
10,600 | 293,620 | ||||||
Jinpan International |
110,291 | 962,840 | ||||||
LSI Industries |
79,812 | 585,022 | ||||||
Powell Industries 2 |
36,000 | 1,233,000 | ||||||
Preformed Line Products |
16,000 | 1,048,000 | ||||||
| 7,279,572 | ||||||||
| Industrial Conglomerates - 1.1% | ||||||||
Raven Industries |
58,400 | 3,562,984 | ||||||
| Machinery - 6.4% | ||||||||
Armstrong Industrial |
2,462,600 | 607,300 | ||||||
Cascade Corporation |
8,600 | 431,032 | ||||||
CIRCOR International |
14,000 | 465,780 | ||||||
Columbus McKinnon 2 |
26,950 | 439,015 | ||||||
Eastern Company (The) |
39,750 | 795,000 | ||||||
FAG Bearings India |
23,700 | 785,736 | ||||||
Foster (L.B.) Company Cl. A |
66,200 | 1,887,362 | ||||||
FreightCar America |
50,200 | 1,128,998 | ||||||
Graham Corporation |
43,900 | 960,971 | ||||||
Hurco Companies 2 |
53,866 | 1,521,714 | ||||||
Industrea |
1,010,600 | 1,073,000 | ||||||
NN 2 |
164,300 | 1,340,688 | ||||||
PMFG 2 |
93,800 | 1,407,938 | ||||||
Semperit AG Holding |
12,500 | 535,814 | ||||||
Sun Hydraulics |
88,387 | 2,312,204 | ||||||
Tennant Company |
92,300 | 4,061,200 | ||||||
| 19,753,752 | ||||||||
| Professional Services - 3.2% | ||||||||
Advisory Board (The) 2 |
41,400 | 3,668,868 | ||||||
CBIZ 2 |
47,000 | 297,040 | ||||||
eClerx Services |
25,100 | 359,317 | ||||||
Exponent 2 |
58,400 | 2,833,568 | ||||||
GP Strategies 2 |
41,385 | 724,238 | ||||||
Heidrick & Struggles International |
20,000 | 440,600 | ||||||
JobStreet Corporation |
50,000 | 35,091 | ||||||
Kforce 2 |
60,000 | 894,000 | ||||||
On Assignment 2 |
41,100 | 718,017 | ||||||
| 9,970,739 | ||||||||
| Road & Rail - 1.6% | ||||||||
Frozen Food Express Industries 2 |
157,000 | 191,540 | ||||||
Patriot Transportation Holding 2 |
111,681 | 2,601,050 | ||||||
Universal Truckload Services |
134,200 | 2,021,052 | ||||||
| 4,813,642 | ||||||||
| Trading Companies & Distributors - 0.8% | ||||||||
Aceto Corporation |
72,219 | 685,358 | ||||||
Houston Wire & Cable |
67,375 | 935,839 | ||||||
Lawson Products |
50,269 | 759,565 | ||||||
| 2,380,762 | ||||||||
| Transportation Infrastructure - 0.5% | ||||||||
Touax |
47,000 | 1,577,126 | ||||||
| Total | 83,162,403 | |||||||
| Information Technology – 21.2% | ||||||||
| Communications Equipment - 0.8% | ||||||||
Bel Fuse Cl. A |
67,705 | 1,318,217 | ||||||
ClearOne Communications 2 |
25,000 | 112,500 | ||||||
| 48,035 | 132,096 | |||||||
Oplink Communications 2 |
35,900 | 613,890 | ||||||
PC-Tel |
44,100 | 293,265 | ||||||
| 2,469,968 | ||||||||
| Computers & Peripherals - 0.9% | ||||||||
Imation Corporation 2 |
112,312 | 695,211 | ||||||
Rimage Corporation |
79,200 | 792,792 | ||||||
Super Micro Computer 2 |
42,754 | 746,485 | ||||||
TransAct Technologies 2 |
78,600 | 617,010 | ||||||
| 2,851,498 | ||||||||
| Electronic Equipment, Instruments & Components - 6.6% | ||||||||
Agilysys 2 |
90,000 | 809,100 | ||||||
Checkpoint Systems 2 |
13,300 | 150,024 | ||||||
Diploma |
50,000 | 359,888 | ||||||
Domino Printing Sciences |
80,000 | 714,017 | ||||||
Frequency Electronics 2 |
34,600 | 286,142 | ||||||
Hana Microelectronics |
763,700 | 542,140 | ||||||
Hollysys Automation Technologies 2 |
248,400 | 2,633,040 | ||||||
Inficon Holding |
5,200 | 1,152,099 | ||||||
KEMET Corporation 2 |
45,200 | 423,072 | ||||||
Mercury Computer Systems 2 |
56,956 | 754,667 | ||||||
Mesa Laboratories |
48,267 | 2,380,529 | ||||||
Multi-Fineline Electronix 2 |
27,500 | 754,875 | ||||||
Newport Corporation 2 |
80,900 | 1,433,548 | ||||||
| 70,000 | 308,000 | |||||||
Park Electrochemical |
14,200 | 429,266 | ||||||
Pulse Electronics 2 |
150,000 | 376,500 | ||||||
| 30,150 | 106,731 | |||||||
Richardson Electronics |
250,900 | 3,005,782 | ||||||
Rogers Corporation 2 |
58,400 | 2,263,000 | ||||||
TTM Technologies 2 |
114,400 | 1,314,456 | ||||||
| 20,196,876 | ||||||||
| Internet Software & Services - 1.0% | ||||||||
| 50,000 | 265,000 | |||||||
Marchex Cl. B |
95,000 | 423,700 | ||||||
Stamps.com 2 |
6,600 | 184,008 | ||||||
Support.com 2 |
417,500 | 1,315,125 | ||||||
WebMediaBrands 2 |
525,000 | 546,000 | ||||||
World Energy Solutions 2 |
72,920 | 348,558 | ||||||
| 3,082,391 | ||||||||
| IT Services - 4.7% | ||||||||
Cass Information Systems |
16,500 | 659,175 | ||||||
Computer Task Group 2 |
196,700 | 3,013,444 | ||||||
CSE Global |
1,508,700 | 990,157 | ||||||
Dynamics Research 2 |
71,369 | 687,997 | ||||||
Forrester Research |
54,900 | 1,778,760 | ||||||
Innodata Isogen 2 |
218,327 | 1,176,783 | ||||||
Official Payments Holdings 2 |
333,414 | 1,690,409 | ||||||
Sapient Corporation |
350,000 | 4,357,500 | ||||||
| 25,344 | 80,847 | |||||||
| 14,435,072 | ||||||||
| Semiconductors & Semiconductor Equipment - 5.2% | ||||||||
Advanced Energy Industries 2 |
57,500 | 754,400 | ||||||
Alpha & Omega Semiconductor 2 |
211,800 | 2,037,516 | ||||||
Amtech Systems 2 |
49,200 | 409,836 | ||||||
Axcelis Technologies 2 |
250,000 | 430,000 | ||||||
AXT 2 |
46,600 | 295,910 | ||||||
BCD Semiconductor Manufacturing ADR 2 |
183,514 | 1,047,865 | ||||||
Exar Corporation 2 |
361,808 | 3,039,187 | ||||||
GSI Technology 2 |
90,600 | 384,144 | ||||||
Integrated Silicon Solution 2 |
98,000 | 1,093,680 | ||||||
LTX-Credence Corporation 2 |
62,200 | 447,218 | ||||||
Miraial |
22,030 | 374,486 | ||||||
MoSys 2 |
400,000 | 1,588,000 | ||||||
O2Micro International ADR 2 |
111,500 | 625,515 | ||||||
Photronics 2 |
153,100 | 1,018,115 | ||||||
PLX Technology 2 |
287,500 | 1,155,750 | ||||||
RDA Microelectronics ADR 2 |
72,400 | 800,382 | ||||||
Rudolph Technologies 2 |
58,900 | 654,379 | ||||||
| 16,156,383 | ||||||||
| Software - 2.0% | ||||||||
ACI Worldwide 2 |
69,600 | 2,802,792 | ||||||
Actuate Corporation 2 |
100,300 | 629,884 | ||||||
American Software Cl. A |
50,800 | 435,864 | ||||||
BSQUARE Corporation 2 |
143,100 | 479,385 | ||||||
Pegasystems |
49,000 | 1,869,840 | ||||||
| 6,217,765 | ||||||||
| Total | 65,409,953 | |||||||
| Materials – 8.5% | ||||||||
| Chemicals - 2.4% | ||||||||
Balchem Corporation |
63,375 | 1,917,094 | ||||||
C. Uyemura & Co. |
10,300 | 403,190 | ||||||
Hawkins |
29,697 | 1,104,728 | ||||||
Landec Corporation 2 |
60,300 | 393,759 | ||||||
Quaker Chemical |
73,100 | 2,883,795 | ||||||
| 70,000 | 792,400 | |||||||
| 7,494,966 | ||||||||
| Construction Materials - 0.8% | ||||||||
Ash Grove Cement 3 |
8,000 | 1,064,000 | ||||||
Monarch Cement |
52,303 | 1,362,493 | ||||||
| 2,426,493 | ||||||||
| Containers & Packaging - 0.2% | ||||||||
Broadway Industrial Group |
1,455,200 | 515,146 | ||||||
| Metals & Mining - 4.5% | ||||||||
AuRico Gold 2 |
91,250 | 809,388 | ||||||
Aurizon Mines 2 |
47,000 | 227,480 | ||||||
Central Steel & Wire 3 |
1,088 | 762,688 | ||||||
Endeavour Mining 2 |
652,500 | 1,458,795 | ||||||
Endeavour Mining (Warrants) 2 |
50,000 | 32,583 | ||||||
Exeter Resource 2 |
140,000 | 383,600 | ||||||
Extorre Gold Mines 2 |
140,000 | 845,600 | ||||||
Golden Star Resources 2 |
450,000 | 837,000 | ||||||
Goldgroup Mining 2 |
550,000 | 512,808 | ||||||
Haynes International |
10,100 | 639,835 | ||||||
Horsehead Holding Corporation 2 |
50,488 | 575,058 | ||||||
Kingsrose Mining 2 |
224,000 | 315,561 | ||||||
MAG Silver 2 |
74,750 | 754,975 | ||||||
Midway Gold 2 |
345,000 | 493,350 | ||||||
Richmont Mines 2 |
24,800 | 192,944 | ||||||
RTI International Metals 2 |
25,000 | 576,500 | ||||||
Scorpio Mining 2 |
136,000 | 177,252 | ||||||
Seabridge Gold 2 |
16,700 | 335,503 | ||||||
Synalloy Corporation |
58,200 | 764,748 | ||||||
Universal Stainless & Alloy Products 2 |
39,899 | 1,704,485 | ||||||
Vista Gold 2 |
440,305 | 1,382,558 | ||||||
| 13,782,711 | ||||||||
| Paper & Forest Products - 0.6% | ||||||||
Pope Resources L.P. |
40,941 | 1,789,121 | ||||||
Qunxing Paper Holdings 4 |
1,500,000 | 79,737 | ||||||
| 1,868,858 | ||||||||
| Total | 26,088,174 | |||||||
| Utilities – 0.1% | ||||||||
| Independent Power Producers & Energy Traders - 0.1% | ||||||||
Alterra Power 2 |
450,000 | 275,202 | ||||||
| 73,100 | 147,662 | |||||||
| Total | 422,864 | |||||||
| Miscellaneous 6 – 0.4% | ||||||||
| Total | 1,230,399 | |||||||
| TOTAL COMMON STOCKS | ||||||||
(Cost $237,512,537) |
321,120,545 | |||||||
| PREFERRED STOCK – 0.4% | ||||||||
(Cost $578,719) |
45,409 | 1,151,118 | ||||||
| REPURCHASE AGREEMENT – 15.1% | ||||||||
| Fixed Income Clearing Corporation, | ||||||||
0.01% dated 3/30/12, due 4/2/12, |
||||||||
maturity value $46,726,039 (collateralized |
||||||||
by obligations of various U.S. Government |
||||||||
Agencies, 0.18%-0.20% due 11/21/12-11/23/12, |
||||||||
valued at $47,665,000) |
||||||||
(Cost $46,726,000) |
46,726,000 | |||||||
| COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 1.7% |
||||||||
| Money Market Funds | ||||||||
Federated Government Obligations Fund |
||||||||
(7 day yield-0.0098%) |
||||||||
(Cost $5,203,894) |
5,203,894 | |||||||
| TOTAL INVESTMENTS – 121.2% | ||||||||
(Cost $290,021,150) |
374,201,557 | |||||||
| LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (1.8)% |
(5,385,157 | ) | ||||||
| PREFERRED STOCK – (19.4)% | (60,000,000 | ) | ||||||
| NET ASSETS APPLICABLE TO COMMON | ||||||||
| STOCKHOLDERS – 100.0% | $ | 308,816,400 | ||||||
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $290,886,380. At March 31, 2012, net unrealized appreciation for all securities was $83,315,177, consisting of aggregate gross unrealized appreciation of $105,573,307 and aggregate gross unrealized depreciation of $22,258,130. 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 independent
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 in accordance with the provisions of the 1940
Act, under procedures approved by the Fund’s Board of Directors, and are reported
as Level 3 securities. As a general principle, the fair value of a security is
the amount which the Fund might reasonably expect to receive for the security upon
its current sale. However, in light of the judgment involved in fair valuations,
there can be no assurance that a fair value assigned to a particular security will
be the amount which the Fund might be able to receive upon its current sale.
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). The table below includes all
Level 2 securities. Level 2 securities with values based on quoted prices for similar
securities are noted in the Schedule of Investments. |
| Level 3 | – | significant
unobservable inputs (including last trade price before trading was suspended, or
at a discount thereto for lack of marketability or otherwise, market price information
regarding other securities, information received from the company and/or published
documents, including SEC filings and financial statements, or other publicly available
information). |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks |
$ | 314,250,537 | $6,674,177 | $ | 195,831 | $ | 321,120,545 | |||||||||
Preferred Stocks |
– | 1,151,118 | – | 1,151,118 | ||||||||||||
Cash Equivalents |
5,203,894 | 46,726,000 | – | 51,929,894 | ||||||||||||
Level 3 Reconciliation: |
||||||||||||||||
| Realized and | ||||||||||||||||||||||||
| Balance as of | Unrealized | |||||||||||||||||||||||
| 12/31/11 | Purchases | Transfers Out | Sales | Gain (Loss) | Balance as of 3/31/12 | |||||||||||||||||||
Common Stocks |
$ | 347,895 | – | – | – | $ | (152,064 | ) | $ | 195,831 | ||||||||||||||
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 through a lending agent to qualified institutional investors for the
purpose of realizing additional income. Collateral for the Fund on all securities
loaned 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. The Fund’s
securities lending income consists of the income earned on investing cash collateral,
plus any premium payments received for lending certain securities, less any rebates
paid to borrowers and lending agent fees associated with the loan. The lending
agent is not affiliated with Royce.
Transactions in Affiliated Companies:
An “Affiliated Company” as defined in the Investment Company Act
of 1940, is a company in which a fund owns 5% or more of the company’s outstanding
voting securities at any time during the period. The Fund effected the following
transactions in shares of such companies for the three months ended March 31,
2012:
| Shares | Market Value | Cost of | Cost of | Realized | Dividend | Shares | Market Value | |||||||||||||||||||||||||
| Affiliated Company | 12/31/11 | 12/31/11 | Purchases | Sales | Gain (Loss) | Income | 3/31/12 | 3/31/12 | ||||||||||||||||||||||||
| Integrated Electrical Services | 1,122,500 | $ | 2,155,200 | – | – | – | – | 1,122,500 | $ | 4,321,625 | ||||||||||||||||||||||
| $ | 2,155,200 | – | – | $ | 4,321,625 | |||||||||||||||||||||||||||
Other information regarding the Fund is available in the Fund’s most recent 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
(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.
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 29,
2012
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 29,
2012
By:
/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 29,
2012