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
Registrants telephone number, including area code: (212) 508-4500
Date of fiscal year end: 12/31/2013
Date of reporting period: 3/31/2013
Item 1 - Schedule of Investments
SCHEDULE OF INVESTMENTS | ||||||
ROYCE MICRO-CAP TRUST | ||||||
MARCH 31, 2013 (UNAUDITED) | ||||||
SHARES | VALUE | |||||
COMMON STOCKS 105.8% |
||||||
Consumer Discretionary 11.4% |
||||||
Auto Components - 1.7% |
||||||
China XD Plastics 1 |
102,400 | $ | 409,600 | |||
China Zenix Auto International ADR 1 |
50,000 | 154,000 | ||||
102,700 | 3,729,037 | |||||
Fuel Systems Solutions 1 |
76,000 | 1,251,720 | ||||
Spartan Motors |
79,200 | 420,552 | ||||
5,964,909 | ||||||
Distributors - 0.3% |
||||||
Weyco Group |
48,000 | 1,176,480 | ||||
Diversified Consumer Services - 0.1% |
||||||
Lincoln Educational Services |
64,000 | 375,040 | ||||
6,925 | 14,889 | |||||
389,929 | ||||||
Household Durables - 3.7% |
||||||
American Greetings Cl. A |
75,700 | 1,218,770 | ||||
Cavco Industries 1 |
3,091 | 147,039 | ||||
Ethan Allen Interiors 3 |
81,600 | 2,686,272 | ||||
Flexsteel Industries |
172,500 | 4,267,650 | ||||
Koss Corporation |
73,400 | 375,074 | ||||
Natuzzi ADR 1 |
409,800 | 905,658 | ||||
Skullcandy 1 |
29,700 | 156,816 | ||||
Universal Electronics 1 |
137,400 | 3,194,550 | ||||
12,951,829 | ||||||
Internet & Catalog Retail - 0.2% |
||||||
CafePress 1 |
78,400 | 471,184 | ||||
Geeknet 1 |
1,500 | 22,155 | ||||
U.S. Auto Parts Network 1 |
140,900 | 169,080 | ||||
662,419 | ||||||
Leisure Equipment & Products - 0.2% |
||||||
Arctic Cat 1 |
14,764 | 645,187 | ||||
32,800 | 280,768 | |||||
925,955 | ||||||
Media - 0.8% |
||||||
Acquity Group ADR 1 |
14,000 | 88,900 | ||||
Rentrak Corporation 1 |
101,400 | 2,228,772 | ||||
Saga Communications Cl. A |
8,400 | 388,584 | ||||
2,706,256 | ||||||
Specialty Retail - 2.8% |
||||||
83,500 | 3,902,790 | |||||
Destination Maternity |
27,800 | 650,520 | ||||
Lewis Group |
57,000 | 400,630 | ||||
Oriental Watch Holdings |
372,400 | 121,374 | ||||
Shoe Carnival 3 |
30,728 | 628,080 | ||||
Stage Stores 3 |
11,700 | 302,796 | ||||
Stein Mart 3 |
178,900 | 1,499,182 | ||||
Systemax 3 |
84,000 | 831,600 | ||||
West Marine 1 |
110,200 | 1,259,586 | ||||
Wet Seal (The) Cl. A 1 |
87,679 | 264,790 | ||||
9,861,348 | ||||||
Textiles, Apparel & Luxury Goods - 1.6% |
||||||
Crown Crafts |
144,400 | 867,844 | ||||
8,100 | 324,891 | |||||
J.G. Boswell Company 4 |
2,490 | 2,101,560 | ||||
Marimekko |
25,300 | 364,522 | ||||
Movado Group 3 |
49,274 | 1,651,665 | ||||
True Religion Apparel 3 |
9,600 | 250,656 | ||||
5,561,138 | ||||||
Total |
40,200,263 | |||||
Consumer Staples 2.9% |
||||||
Food & Staples Retailing - 0.5% |
||||||
Arden Group Cl. A |
16,000 | 1,617,440 | ||||
Food Products - 2.2% |
||||||
Asian Citrus Holdings |
1,060,000 | 546,212 | ||||
Calavo Growers 3 |
30,323 | 872,696 | ||||
Farmer Bros. 1 |
45,000 | 661,500 | ||||
Griffin Land & Nurseries |
70,274 | 2,111,734 | ||||
Origin Agritech 1 |
121,488 | 221,108 | ||||
51,400 | 1,697,228 | |||||
Seneca Foods Cl. B 1 |
42,500 | 1,394,000 | ||||
Waterloo Investment Holdings 1,5 |
806,207 | 110,289 | ||||
7,614,767 | ||||||
Personal Products - 0.2% |
||||||
Inter Parfums 3 |
33,900 | 828,177 | ||||
Total |
10,060,384 | |||||
Energy 4.1% |
||||||
Energy Equipment & Services - 2.8% |
||||||
Dawson Geophysical 1 |
53,213 | 1,596,390 | ||||
9,500 | 1,025,240 | |||||
Global Geophysical Services 1 |
35,000 | 85,750 | ||||
Gulf Island Fabrication |
29,116 | 613,183 | ||||
100,000 | 429,000 | |||||
Lamprell 1 |
202,400 | 401,335 | ||||
30,800 | 458,920 | |||||
North American Energy Partners 1 |
50,000 | 227,000 | ||||
Pason Systems |
139,200 | 2,428,138 | ||||
57,500 | 474,375 | |||||
50,000 | 669,500 | |||||
Willbros Group 1 |
131,100 | 1,287,402 | ||||
9,696,233 | ||||||
Oil, Gas & Consumable Fuels - 1.3% |
||||||
12,000 | 295,320 | |||||
102,100 | 1,175,171 | |||||
Sprott Resource |
149,800 | 672,430 | ||||
StealthGas 1 |
64,500 | 773,355 | ||||
100,800 | 765,072 | |||||
Warren Resources 1 |
290,000 | 930,900 | ||||
4,612,248 | ||||||
Total |
14,308,481 | |||||
Financials 18.2% |
||||||
Capital Markets - 6.4% |
||||||
ASA Gold and Precious Metals |
91,000 | 1,752,660 | ||||
Cowen Group 1 |
600,600 | 1,693,692 | ||||
Diamond Hill Investment Group |
34,479 | 2,682,811 | ||||
Equity Trustees |
41,030 | 768,931 | ||||
FBR & Co. 1 |
53,750 | 1,017,488 | ||||
Fiera Capital |
78,000 | 766,294 | ||||
26,310 | 458,057 | |||||
JZ Capital Partners |
253,999 | 2,053,194 | ||||
MVC Capital |
151,200 | 1,939,896 | ||||
NGP Capital Resources |
172,901 | 1,229,326 | ||||
Queen City Investments 4 |
948 | 948,237 | ||||
Trust Company (The) |
91,298 | 537,060 | ||||
U.S. Global Investors Cl. A |
128,586 | 471,911 | ||||
Urbana Corporation 1 |
237,600 | 292,366 | ||||
28,000 | 5,215,840 | |||||
Westwood Holdings Group 3 |
16,300 | 724,209 | ||||
22,551,972 | ||||||
Commercial Banks - 1.9% |
||||||
Bank of N.T. Butterfield & Son |
1,015,000 | 1,380,400 | ||||
BCB Holdings 1 |
806,207 | 244,998 | ||||
Chemung Financial |
40,000 | 1,356,000 | ||||
Fauquier Bankshares |
140,200 | 1,695,018 | ||||
First Bancorp |
40,200 | 724,002 | ||||
Peapack-Gladstone Financial |
88,868 | 1,325,022 | ||||
6,725,440 | ||||||
Consumer Finance - 0.3% |
||||||
Regional Management 1 |
51,400 | 1,038,280 | ||||
Diversified Financial Services - 2.1% |
||||||
Banca Finnat Euramerica |
1,310,000 | 446,674 | ||||
Bolsa Mexicana de Valores |
300,000 | 859,332 | ||||
GAIN Capital Holdings |
25,000 | 111,500 | ||||
HF2 Financial Management Cl. A 1 |
207,700 | 2,093,616 | ||||
JSE |
95,400 | 739,728 | ||||
45,700 | 1,014,540 | |||||
RHJ International 1 |
348,000 | 1,650,511 | ||||
Warsaw Stock Exchange |
52,900 | 636,684 | ||||
7,552,585 | ||||||
Insurance - 2.1% |
||||||
Hallmark Financial Services 1 |
138,000 | 1,242,000 | ||||
Independence Holding Company |
105,380 | 1,072,768 | ||||
National Western Life Insurance Cl. A 3 |
12,033 | 2,117,808 | ||||
State Auto Financial 3 |
120,890 | 2,105,904 | ||||
United Fire Group 3 |
38,603 | 983,219 | ||||
7,521,699 | ||||||
Real Estate Investment Trusts (REITs) - 0.5% |
||||||
BRT Realty Trust 1 |
228,681 | 1,605,341 | ||||
Real Estate Management & Development - 4.0% |
||||||
5,500 | 742,500 | |||||
Consolidated-Tomoka Land |
57,629 | 2,261,938 | ||||
E-House China Holdings ADR |
134,039 | 623,281 | ||||
53,000 | 1,158,580 | |||||
Kennedy-Wilson Holdings |
372,300 | 5,774,373 | ||||
112,162 | 3,340,185 | |||||
ZipRealty 1 |
25,000 | 91,250 | ||||
13,992,107 | ||||||
Thrifts & Mortgage Finance - 0.9% |
||||||
Alliance Bancorp, Inc. of Pennsylvania |
41,344 | 547,808 | ||||
75,962 | 2,725,516 | |||||
3,273,324 | ||||||
Total |
64,260,748 | |||||
Health Care 6.8% |
||||||
Biotechnology - 0.6% |
||||||
Celsion Corporation 1 |
160,000 | 168,000 | ||||
Chelsea Therapeutics International 1 |
710,000 | 1,448,400 | ||||
Halozyme Therapeutics 1 |
81,622 | 470,959 | ||||
3SBio ADR 1 |
15,000 | 228,000 | ||||
2,315,359 | ||||||
Health Care Equipment & Supplies - 3.4% |
||||||
Allied Healthcare Products 1 |
133,371 | 353,433 | ||||
170,000 | 1,943,100 | |||||
Atrion Corporation |
7,557 | 1,450,868 | ||||
CryoLife |
50,573 | 303,944 | ||||
DynaVox Cl. A 1 |
20,000 | 10,820 | ||||
Exactech 1 |
111,000 | 2,296,590 | ||||
Invacare Corporation 3 |
42,500 | 554,625 | ||||
Medical Action Industries 1 |
125,250 | 751,500 | ||||
STRATEC Biomedical |
14,000 | 627,568 | ||||
Syneron Medical 1 |
69,200 | 707,224 | ||||
Theragenics Corporation 1 |
202,377 | 329,875 | ||||
Trinity Biotech ADR |
40,000 | 675,200 | ||||
Utah Medical Products |
42,300 | 2,062,971 | ||||
12,067,718 | ||||||
Health Care Providers & Services - 1.8% |
||||||
20,000 | 989,800 | |||||
Cross Country Healthcare 1 |
323,200 | 1,716,192 | ||||
23,000 | 248,860 | |||||
LHC Group 1 |
3,800 | 81,662 | ||||
PDI 1 |
65,383 | 385,760 | ||||
72,000 | 1,008,000 | |||||
Psychemedics Corporation |
67,300 | 802,889 | ||||
U.S. Physical Therapy |
35,857 | 962,760 | ||||
6,195,923 | ||||||
Health Care Technology - 0.1% |
||||||
Computer Programs and Systems |
5,000 | 270,550 | ||||
Life Sciences Tools & Services - 0.4% |
||||||
Affymetrix 1 |
150,000 | 708,000 | ||||
Furiex Pharmaceuticals 1 |
23,758 | 890,450 | ||||
1,598,450 | ||||||
Pharmaceuticals - 0.5% |
||||||
Hi-Tech Pharmacal 3 |
49,200 | 1,629,012 | ||||
Total |
24,077,012 | |||||
Industrials 28.5% |
||||||
Aerospace & Defense - 2.6% |
||||||
23,200 | 420,616 | |||||
Astronics Corporation 1 |
34,744 | 1,036,066 | ||||
Breeze-Eastern Corporation 1 |
24,233 | 200,164 | ||||
Ducommun 1 |
78,700 | 1,557,473 | ||||
65,625 | 2,848,781 | |||||
Innovative Solutions and Support |
177,828 | 876,692 | ||||
Kratos Defense & Security Solutions 1 |
72,324 | 363,790 | ||||
SIFCO Industries |
45,800 | 843,178 | ||||
Sparton Corporation 1 |
73,492 | 984,793 | ||||
9,131,553 | ||||||
Air Freight & Logistics - 0.6% |
||||||
Forward Air 3 |
50,700 | 1,890,603 | ||||
Pacer International 1 |
35,000 | 176,050 | ||||
2,066,653 | ||||||
Building Products - 4.5% |
||||||
AAON 3 |
109,500 | 3,021,105 | ||||
72,000 | 2,450,160 | |||||
Apogee Enterprises |
57,900 | 1,676,205 | ||||
Burnham Holdings Cl. A 4 |
121,000 | 2,093,300 | ||||
Griffon Corporation 3 |
89,500 | 1,066,840 | ||||
76,500 | 3,762,270 | |||||
WaterFurnace Renewable Energy |
117,300 | 1,870,611 | ||||
15,940,491 | ||||||
Commercial Services & Supplies - 1.9% |
||||||
Acorn Energy |
60,000 | 441,000 | ||||
CompX International Cl. A |
107,500 | 1,362,025 | ||||
Heritage-Crystal Clean 1 |
113,301 | 1,710,845 | ||||
Interface 3 |
27,000 | 518,940 | ||||
62,440 | 2,564,411 | |||||
6,597,221 | ||||||
Construction & Engineering - 2.9% |
||||||
Comfort Systems USA 3 |
11,696 | 164,797 | ||||
Integrated Electrical Services 1,6 |
998,500 | 6,370,430 | ||||
32,200 | 688,436 | |||||
102,600 | 2,519,856 | |||||
Pike Electric 3 |
37,900 | 539,317 | ||||
10,282,836 | ||||||
Electrical Equipment - 2.1% |
||||||
AZZ |
16,494 | 795,011 | ||||
Deswell Industries |
544,371 | 1,377,258 | ||||
Encore Wire 3 |
15,000 | 525,300 | ||||
Global Power Equipment Group |
36,000 | 634,320 | ||||
Jinpan International |
35,000 | 184,100 | ||||
LSI Industries |
79,812 | 557,088 | ||||
Orion Energy Systems 1 |
100,000 | 248,000 | ||||
36,000 | 1,892,520 | |||||
Preformed Line Products |
16,000 | 1,119,520 | ||||
7,333,117 | ||||||
Industrial Conglomerates - 1.1% |
||||||
Raven Industries 3 |
116,800 | 3,925,648 | ||||
Machinery - 6.6% |
||||||
Alamo Group |
11,900 | 455,175 | ||||
Armstrong Industrial |
585,500 | 141,613 | ||||
CIRCOR International 3 |
14,000 | 595,000 | ||||
Columbus McKinnon 1 |
5,150 | 99,138 | ||||
Douglas Dynamics |
50,000 | 691,000 | ||||
Eastern Company (The) |
39,750 | 697,215 | ||||
FAG Bearings India |
27,200 | 735,676 | ||||
Flow International 1 |
212,234 | 829,835 | ||||
Foster (L.B.) Company 3 |
59,200 | 2,621,968 | ||||
Graham Corporation |
43,900 | 1,086,086 | ||||
Hurco Companies 1 |
52,666 | 1,434,095 | ||||
Kadant 1 |
15,500 | 387,500 | ||||
NN 1 |
164,300 | 1,554,278 | ||||
PMFG 1 |
223,245 | 1,377,422 | ||||
Sarin Technologies |
935,000 | 1,062,886 | ||||
Semperit AG Holding |
12,500 | 482,296 | ||||
Standex International 3 |
10,200 | 563,244 | ||||
Sun Hydraulics 3 |
115,787 | 3,764,235 | ||||
92,300 | 4,482,088 | |||||
23,060,750 | ||||||
Marine - 0.2% |
||||||
Clarkson |
33,000 | 779,706 | ||||
Professional Services - 3.1% |
||||||
53,300 | 2,799,316 | |||||
CBIZ 1 |
47,000 | 299,860 | ||||
58,400 | 3,150,096 | |||||
13,785 | 328,910 | |||||
Heidrick & Struggles International |
157,768 | 2,358,632 | ||||
JobStreet Corporation |
50,000 | 45,212 | ||||
Kforce 3 |
60,000 | 982,200 | ||||
41,100 | 1,040,241 | |||||
11,004,467 | ||||||
Road & Rail - 1.9% |
||||||
Frozen Food Express Industries 1 |
157,000 | 216,660 | ||||
Marten Transport |
15,500 | 312,015 | ||||
Patriot Transportation Holding 1 |
111,681 | 3,106,965 | ||||
Universal Truckload Services 1 |
134,200 | 3,130,886 | ||||
6,766,526 | ||||||
Trading Companies & Distributors - 0.7% |
||||||
Aceto Corporation |
72,219 | 799,465 | ||||
Houston Wire & Cable |
67,375 | 872,506 | ||||
Lawson Products 1 |
50,269 | 883,729 | ||||
2,555,700 | ||||||
Transportation Infrastructure - 0.3% |
||||||
Touax |
47,000 | 1,054,322 | ||||
Total |
100,498,990 | |||||
Information Technology 23.9% |
||||||
Communications Equipment - 1.0% |
||||||
Bel Fuse Cl. A |
67,705 | 934,329 | ||||
ClearOne 1 |
25,000 | 216,750 | ||||
Cogo Group 1 |
48,035 | 95,109 | ||||
Extreme Networks 1 |
245,000 | 825,650 | ||||
Globecomm Systems 1 |
49,200 | 590,892 | ||||
Oplink Communications 1 |
40,351 | 661,757 | ||||
PC-Tel |
44,100 | 313,110 | ||||
Sycamore Networks 4 |
101,000 | 36,360 | ||||
3,673,957 | ||||||
Computers & Peripherals - 1.0% |
||||||
Intevac 1 |
180,000 | 849,600 | ||||
Rimage Corporation 1 |
79,200 | 714,384 | ||||
STEC 1 |
228,900 | 1,011,738 | ||||
45,754 | 516,563 | |||||
TransAct Technologies |
78,600 | 620,154 | ||||
3,712,439 | ||||||
Electronic Equipment, Instruments & Components - 8.4% |
||||||
Agilysys 1 |
232,000 | 2,306,080 | ||||
Broadway Industrial Group |
886,800 | 243,086 | ||||
60,300 | 787,518 | |||||
Diploma |
50,000 | 425,826 | ||||
Domino Printing Sciences |
80,000 | 776,743 | ||||
DTS 1 |
85,522 | 1,422,231 | ||||
Frequency Electronics |
34,600 | 323,164 | ||||
Hana Microelectronics |
646,900 | 557,768 | ||||
Hollysys Automation Technologies 1 |
235,200 | 2,867,088 | ||||
Inficon Holding |
3,600 | 1,061,835 | ||||
LRAD Corporation 1 |
85,056 | 88,458 | ||||
Maxwell Technologies 1 |
232,594 | 1,253,682 | ||||
Mercury Systems 1 |
61,653 | 454,382 | ||||
Mesa Laboratories |
51,389 | 2,723,103 | ||||
Methode Electronics 3 |
43,613 | 561,735 | ||||
80,900 | 1,368,828 | |||||
Parametric Sound 1 |
75,000 | 1,503,750 | ||||
Park Electrochemical 3 |
14,200 | 359,828 | ||||
PC Connection |
52,100 | 851,835 | ||||
Pulse Electronics 1 |
286,200 | 115,911 | ||||
Richardson Electronics |
300,900 | 3,568,674 | ||||
58,400 | 2,781,008 | |||||
114,400 | 869,440 | |||||
Vishay Precision Group 1 |
144,000 | 2,115,360 | ||||
15,100 | 223,631 | |||||
29,610,964 | ||||||
Internet Software & Services - 2.5% |
||||||
Active Network 1 |
100,000 | 419,000 | ||||
Bitauto Holdings ADR 1 |
50,000 | 497,500 | ||||
comScore 1 |
155,000 | 2,600,900 | ||||
Marchex Cl. B |
95,000 | 399,950 | ||||
RealNetworks 1 |
265,200 | 2,044,692 | ||||
26,200 | 654,214 | |||||
Support.com 1 |
387,500 | 1,619,750 | ||||
WebMediaBrands 1 |
75,000 | 123,000 | ||||
World Energy Solutions 1 |
72,920 | 320,119 | ||||
8,679,125 | ||||||
IT Services - 4.8% |
||||||
Cass Information Systems 3 |
29,150 | 1,225,466 | ||||
178,800 | 3,824,532 | |||||
CSE Global |
1,332,800 | 929,473 | ||||
Dynamics Research 1 |
102,000 | 607,920 | ||||
eClerx Services |
25,100 | 278,017 | ||||
Forrester Research 3 |
61,700 | 1,952,805 | ||||
Higher One Holdings 1 |
114,000 | 1,013,460 | ||||
Innodata 1 |
233,832 | 806,721 | ||||
Official Payments Holdings 1 |
333,414 | 1,890,457 | ||||
350,000 | 4,266,500 | |||||
16,795,351 | ||||||
Semiconductors & Semiconductor Equipment - 3.9% |
||||||
54,500 | 997,350 | |||||
Alpha & Omega Semiconductor 1 |
136,735 | 1,214,207 | ||||
Amtech Systems 1 |
86,700 | 312,987 | ||||
ATMI 1 |
46,800 | 1,049,724 | ||||
AXT 1 |
66,200 | 194,628 | ||||
261,208 | 2,742,684 | |||||
GSI Technology 1 |
34,471 | 227,164 | ||||
Integrated Silicon Solution 1 |
27,467 | 251,872 | ||||
Kulicke & Soffa Industries 1 |
78,400 | 906,304 | ||||
LTX-Credence Corporation 1 |
72,200 | 436,088 | ||||
Miraial |
22,030 | 392,695 | ||||
MoSys 1 |
442,275 | 2,083,115 | ||||
Photronics 1 |
149,900 | 1,001,332 | ||||
RDA Microelectronics ADR |
66,000 | 610,500 | ||||
Rubicon Technology 1 |
76,899 | 507,533 | ||||
34,800 | 409,944 | |||||
Silicon Motion Technology ADR |
44,600 | 521,820 | ||||
Ultra Clean Holdings 1 |
14,185 | 92,203 | ||||
13,952,150 | ||||||
Software - 2.3% |
||||||
69,600 | 3,400,656 | |||||
Actuate Corporation 1 |
116,200 | 697,200 | ||||
American Software Cl. A |
120,996 | 1,006,687 | ||||
BSQUARE Corporation 1 |
193,875 | 593,257 | ||||
Envivio 1 |
550,000 | 935,000 | ||||
Pegasystems 3 |
49,000 | 1,375,920 | ||||
8,008,720 | ||||||
Total |
84,432,706 | |||||
Materials 7.9% |
||||||
Chemicals - 3.0% |
||||||
63,375 | 2,784,698 | |||||
Hawkins 3 |
29,697 | 1,186,395 | ||||
Landec Corporation 1 |
75,610 | 1,094,077 | ||||
10,200 | 239,496 | |||||
76,600 | 4,520,932 | |||||
Zoltek Companies 1 |
75,633 | 903,814 | ||||
10,729,412 | ||||||
Construction Materials - 0.7% |
||||||
Ash Grove Cement 4 |
8,000 | 1,464,000 | ||||
Monarch Cement |
52,303 | 1,137,590 | ||||
2,601,590 | ||||||
Metals & Mining - 4.2% |
||||||
AuRico Gold 1 |
91,250 | 573,963 | ||||
Aurizon Mines 1 |
157,000 | 692,370 | ||||
Central Steel & Wire 4 |
1,088 | 761,600 | ||||
Comstock Mining 1 |
375,000 | 753,750 | ||||
Crocodile Gold 1 |
980,000 | 221,883 | ||||
Endeavour Mining 1 |
642,400 | 948,565 | ||||
Exeter Resource 1 |
463,400 | 556,080 | ||||
Geodrill 1 |
177,700 | 211,662 | ||||
468,700 | 749,920 | |||||
Haynes International 3 |
22,701 | 1,255,365 | ||||
67,888 | 738,621 | |||||
Kingsrose Mining |
224,000 | 150,425 | ||||
MAG Silver 1 |
74,750 | 709,378 | ||||
Materion Corporation |
50,000 | 1,425,000 | ||||
Midway Gold 1 |
345,000 | 420,900 | ||||
25,000 | 792,250 | |||||
Scorpio Mining 1 |
136,000 | 93,715 | ||||
16,700 | 230,460 | |||||
Synalloy Corporation |
58,200 | 807,816 | ||||
Universal Stainless & Alloy Products 1 |
25,000 | 908,750 | ||||
Victoria Gold 1 |
1,100,000 | 189,497 | ||||
Vista Gold 1 |
669,000 | 1,445,040 | ||||
14,637,010 | ||||||
Paper & Forest Products - 0.0% |
||||||
Qunxing Paper Holdings 5 |
1,500,000 | 79,768 | ||||
Total |
28,047,780 | |||||
Utilities 0.1% |
||||||
Independent Power Producers & Energy Traders - 0.1% |
||||||
Alterra Power 1 |
450,000 | 137,324 | ||||
China Hydroelectric ADS 1 |
73,100 | 202,487 | ||||
Total |
339,811 | |||||
Miscellaneous 7 2.0% |
||||||
Total |
7,079,132 | |||||
TOTAL COMMON STOCKS |
||||||
(Cost $273,928,348) |
373,305,307 | |||||
PREFERRED STOCK 0.4% |
||||||
(Cost $578,719) |
45,409 | 1,453,088 | ||||
REPURCHASE AGREEMENT 6.5% |
||||||
Fixed Income Clearing Corporation, | ||||||
0.12% dated 3/28/13, due 4/1/13, |
||||||
maturity value $22,729,303 (collateralized |
||||||
by obligations of various U.S. Government |
||||||
Agencies, due 9/5/13, valued at $23,188,400) |
||||||
(Cost $22,729,000) |
22,729,000 | |||||
TOTAL INVESTMENTS 112.7% |
||||||
(Cost $297,236,067) |
397,487,395 | |||||
LIABILITIES LESS CASH |
||||||
AND OTHER ASSETS (12.7)% |
(44,745,413 | ) | ||||
NET ASSETS 100.0% |
$ | 352,741,982 | ||||
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $298,073,554. At March 31, 2013, net unrealized appreciation for all securities was $99,413,841, consisting of aggregate gross unrealized appreciation of $126,454,596 and aggregate gross unrealized depreciation of $27,040,755. 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 Nasdaqs 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 Funds 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.
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 | $ | 364,952,804 | $ | 8,162,446 | $ | 190,057 | $ | 373,305,307 | ||||||||||||
Preferred Stocks | | 1,453,088 | | 1,453,088 | ||||||||||||||||
Cash Equivalents | | 22,729,000 | | 22,729,000 |
For the three months ended March 31, 2013, certain securities have transferred in and out of Level 1 and Level 2 measurements as a result of the fair value pricing procedures for international equities. The Fund recognizes transfers between levels as of the end of the reporting period. At March 31, 2013, securities valued at $25,181,216 were transferred from Level 2 to Level 1 and securities valued at $36,360 were transferred from Level 1 to Level 2 within the fair value hierarchy.
Realized and Unrealized | |||||||
Balance as of 12/31/12 | Gain (Loss) | Balance as of 3/31/13 | |||||
Common Stocks | $197,755 | $(7,698) | $190,057 |
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.
Borrowings:
The Fund has entered
into a $45,000,000 revolving credit agreement (the credit agreement) with BNP Paribas
Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on
the unused portion of the credit agreement. The credit agreement has a 360-day rolling
term that resets daily; however, if the Fund exceeds certain net asset value triggers,
the credit agreement may convert to a 60-day rolling term that resets daily. The
Fund is required to pledge portfolio securities as collateral in an amount up to
two times the loan balance outstanding and has granted a security interest in the
securities pledged to, and in favor of, BNPP as security for the loan balance outstanding.
If the Fund fails to meet certain requirements, or maintain other financial covenants
required under the credit agreement, the Fund may be required to repay immediately,
in part or in full, the loan balance outstanding under the credit agreement necessitating
the sale of portfolio securities at potentially inopportune times. The credit agreement
also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities
pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues
to receive payments in lieu of dividends and interest on rehypothecated securities.
The Fund also has the right under the credit agreement to recall the rehypothecated
securities from BNPP on demand. If BNPP fails to deliver the recalled security in
a timely manner, the Fund will be compensated by BNPP for any fees or losses related
to the failed delivery or, in the event a recalled security will not be returned
by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding
by the amount of the recalled security failed to be returned. The Fund will receive
a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio
securities.
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 companys 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, 2013:
Shares | Market Value | Cost of | Cost of | Realized | Dividend | Shares | Market Value | |||||||||||||||||
Affiliated Company | 12/31/12 | 12/31/12 | Purchases | Sales | Gain (Loss) | Income | 3/31/13 | 3/31/13 | ||||||||||||||||
Integrated Electrical Services | 1,099,679 | $ | 5,124,504 | | $ | 187,181 | $ | 381,992 | | 998,500 | $ | 6,370,430 | ||||||||||||
$ | 5,124,504 | $ | 381,992 | $ | 6,370,430 |
Other information regarding the Fund is available in the Funds most recent 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).
Item 2 - Controls and Procedures
(a) The Registrants principal executive
and principal financial officers have concluded, based on their evaluation of the
Registrants disclosure controls and procedures as of a date within 90 days
of the filing date of this report (as required by Rule 30a-3(b) under the Investment
Company Act of 1940 (the Act)), that the Registrants disclosure
controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably
designed to ensure that information required to be disclosed by the Registrant on
Form N-Q is recorded, processed, summarized and reported within the required time
periods and that information required to be disclosed by the Registrant in the reports
that it files or submits on Form N-Q is accumulated and communicated to the Registrants management, including its principal executive and principal financial officers,
as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.
Item 3 - Exhibits
Certifications pursuant to Rule 30a-2(a)
under the Act are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Royce Micro-Cap Trust, Inc.
By:
/s/ Charles M. Royce |
Charles M. Royce |
President, Royce Micro-Cap Trust, Inc. |
Date: May 28, 2013 |
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 28, 2013 |
By: |
/s/ John D. Diederich |
John D. Diederich |
Treasurer, Royce Micro-Cap Trust, Inc. |
Date: May 28, 2013 |