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
Registrants telephone number, including area code: (212) 486-1445
Date of fiscal year end: 12/31/2007
Date of reporting period: 3/31/2007
Item 1 - Schedule of Investments
SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP
TRUST
MARCH 31, 2007 (UNAUDITED)
COMMON STOCKS - 109.7% | ||||||
SHARES | VALUE | |||||
Consumer Products - 5.0% | ||||||
Apparel and Shoes - 1.5% | ||||||
187,100 | $ | 194,584 | ||||
Delta Apparel |
200 | 3,480 | ||||
Hartmarx Corporation a |
70,000 | 518,000 | ||||
3,100 | 109,585 | |||||
14,200 | 0 | |||||
Steven Madden |
21,750 | 635,100 | ||||
Stride Rite |
10,000 | 153,900 | ||||
34,900 | 566,776 | |||||
Weyco Group |
120,000 | 3,117,600 | ||||
5,299,025 | ||||||
Collectibles - 0.4% | ||||||
Topps Company (The) |
148,500 | 1,443,420 | ||||
Food/Beverage/Tobacco - 0.5% | ||||||
25,600 | 1,614,080 | |||||
20,000 | 32,200 | |||||
1,646,280 | ||||||
Home Furnishing and Appliances - 0.2% | ||||||
Lifetime Brands |
42,054 | 878,508 | ||||
Publishing - 0.1% | ||||||
Educational Development |
10,600 | 82,786 | ||||
Sports and Recreation - 1.0% | ||||||
70,000 | 373,100 | |||||
Monaco Coach |
142,400 | 2,268,432 | ||||
National R.V. Holdings a |
31,800 | 70,278 | ||||
10,300 | 55,723 | |||||
Sturm, Ruger & Company a |
75,000 | 1,008,750 | ||||
3,776,283 | ||||||
Other Consumer Products - 1.3% | ||||||
Burnham Holdings Cl. A |
84,000 | 1,381,800 | ||||
Cobra Electronics |
10,000 | 103,600 | ||||
A.T. Cross Company Cl. A a |
100,000 | 880,000 | ||||
JAKKS Pacific a |
25,000 | 597,500 | ||||
Lazare Kaplan International a |
151,700 | 1,222,702 | ||||
20,200 | 383,396 | |||||
4,000 | 56,400 | |||||
4,625,398 | ||||||
Total | 17,751,700 | |||||
Consumer Services - 5.6% | ||||||
Direct Marketing - 0.3% | ||||||
Dover Saddlery a |
9,500 | 84,075 | ||||
FTD Group a |
55,000 | 909,150 | ||||
5,000 | 61,800 | |||||
1,055,025 | ||||||
Leisure and Entertainment - 0.1% | ||||||
9,600 | 87,072 | |||||
25,000 | 126,000 | |||||
5,000 | 4,300 | |||||
20,000 | 127,000 | |||||
344,372 | ||||||
Media and Broadcasting - 0.2% | ||||||
69,750 | 712,845 | |||||
Restaurants and Lodgings - 0.4% | ||||||
800 | 22,672 | |||||
2,000 | 65,780 | |||||
Champps Entertainment a |
10,000 | 56,600 | ||||
92,600 | 516,708 | |||||
Famous Daves of America a |
44,470 | 803,573 | ||||
1,465,333 | ||||||
Retail Stores - 4.2% | ||||||
A.C. Moore Arts & Crafts a |
45,600 | 973,104 | ||||
200,000 | 2,672,000 | |||||
Buckle (The) |
38,250 | 1,365,525 | ||||
Cache a |
3,200 | 56,800 | ||||
Casual Male Retail Group a |
2,000 | 23,660 | ||||
Cato Corporation Cl. A |
71,850 | 1,680,571 | ||||
45,077 | 450,770 | |||||
Deb Shops |
19,900 | 538,892 | ||||
Freds Cl. A |
7,500 | 110,250 | ||||
51,916 | 797,430 | |||||
11,000 | 366,300 | |||||
Stein Mart |
148,900 | 2,430,048 | ||||
United Retail Group a |
60,600 | 728,412 | ||||
142,000 | 2,585,820 | |||||
14,779,582 | ||||||
Other Consumer Services - 0.4% | ||||||
Ambassadors Group |
15,000 | 498,600 | ||||
Ambassadors International |
6,100 | 281,454 | ||||
20,000 | 70,800 | |||||
Cash America International |
1,500 | 61,500 | ||||
Collectors Universe |
11,700 | 163,917 | ||||
30,000 | 355,500 | |||||
Renaissance Learning |
2,365 | 31,147 | ||||
1,462,918 | ||||||
Total | 19,820,075 | |||||
Diversified Investment Companies - 2.3% | ||||||
Closed-End Funds - 2.3% |
||||||
ASA |
73,300 | 4,741,044 | ||||
Central Fund of Canada Cl. A |
207,000 | 1,945,800 | ||||
Kohlberg Capital a |
98,100 | 1,569,600 | ||||
Total | 8,256,444 | |||||
Financial Intermediaries - 10.9% | ||||||
Banking - 3.6% | ||||||
Abigail Adams National Bancorp |
160,500 | 2,214,900 | ||||
Arrow Financial |
14,751 | 330,422 | ||||
B of I Holding a |
100,000 | 702,000 | ||||
51,380 | 1,335,880 | |||||
Endeavour Mining Capital |
150,000 | 1,145,951 | ||||
First National Lincoln |
40,200 | 638,778 | ||||
Lakeland Financial |
45,000 | 1,021,500 | ||||
Meta Financial Group |
44,800 | 1,411,200 | ||||
Nexity Financial a |
85,300 | 998,010 | ||||
62,700 | 621,984 | |||||
Peapack-Gladstone Financial |
27,600 | 840,972 | ||||
Queen City Investments a |
948 | 862,680 | ||||
Quest Capital |
30,000 | 81,334 | ||||
Sterling Bancorp |
22,869 | 413,929 | ||||
Sterling Financial |
7,779 | 242,627 | ||||
12,862,167 | ||||||
Insurance - 2.3% | ||||||
AmCOMP a |
5,600 | 54,096 | ||||
American Safety Insurance Holdings a |
20,000 | 381,200 | ||||
CRM Holdings a |
99,000 | 861,300 | ||||
First Acceptance a |
258,405 | 2,705,500 | ||||
Independence Holding |
33,534 | 725,676 | ||||
NYMAGIC |
65,400 | 2,671,590 | ||||
Navigators Group a |
17,200 | 862,924 | ||||
8,262,286 | ||||||
Real Estate Investment Trusts - 0.7% | ||||||
Capstead Mortgage |
154,900 | 1,547,451 | ||||
Opteum Cl. A |
199,000 | 895,500 | ||||
2,442,951 | ||||||
Securities Brokers - 2.4% | ||||||
Cowen Group a |
63,800 | 1,061,632 | ||||
First Albany Companies a |
95,000 | 152,000 | ||||
137,300 | 3,834,789 | |||||
Sanders Morris Harris Group |
136,000 | 1,448,400 | ||||
38,733 | 1,715,872 | |||||
6,500 | 123,630 | |||||
30,000 | 377,700 | |||||
8,714,023 | ||||||
Other Financial Intermediaries - 1.9% | ||||||
53,200 | 298,452 | |||||
MVC Capital |
214,500 | 3,356,925 | ||||
123,700 | 2,070,738 | |||||
NGP Capital Resources |
58,600 | 926,466 | ||||
6,652,581 | ||||||
Total | 38,934,008 | |||||
Financial Services - 4.3% | ||||||
Insurance Brokers - 0.2% | ||||||
Crawford & Company Cl. A |
50,000 | 277,500 | ||||
211,100 | 591,080 | |||||
868,580 | ||||||
Investment Management - 3.7% | ||||||
ADDENDA Capital |
131,700 | 2,766,327 | ||||
406,500 | 1,321,125 | |||||
Epoch Holding Corporation a |
218,300 | 2,885,926 | ||||
Hennessy Advisors |
24,750 | 383,625 | ||||
580,400 | 3,319,888 | |||||
Highbury Financial (Warrants) a |
533,900 | 613,985 | ||||
Rockwater Capital a |
50,000 | 329,580 | ||||
Sceptre Investment Counsel |
78,000 | 760,069 | ||||
Westwood Holdings Group |
31,900 | 734,019 | ||||
13,114,544 | ||||||
Other Financial Services - 0.4% | ||||||
99,000 | 784,080 | |||||
Chardan North China Acquisition (Warrants) a |
182,300 | 528,670 | ||||
MicroFinancial |
10,000 | 51,800 | ||||
1,364,550 | ||||||
Total | 15,347,674 | |||||
Health - 16.0% | ||||||
Commercial Services - 1.9% | ||||||
First Consulting Group a |
274,700 | 2,499,770 | ||||
121,400 | 4,366,758 | |||||
6,866,528 | ||||||
Drugs and Biotech - 6.0% | ||||||
112,000 | 980,000 | |||||
143,600 | 857,292 | |||||
500 | 9,000 | |||||
11,300 | 77,970 | |||||
Cambrex Corporation |
16,000 | 393,600 | ||||
Caraco Pharmaceutical Laboratories a |
48,050 | 585,249 | ||||
23,400 | 237,510 | |||||
Cell Genesys a |
58,000 | 243,600 | ||||
162,200 | 1,094,850 | |||||
25,000 | 337,750 | |||||
5,000 | 34,800 | |||||
4,900 | 63,357 | |||||
Draxis Health a |
15,000 | 97,200 | ||||
Durect Corporation a |
44,100 | 183,456 | ||||
36,700 | 131,386 | |||||
15,000 | 61,800 | |||||
163,200 | 522,240 | |||||
271,000 | 831,970 | |||||
Genaera Corporation a |
500,000 | 215,000 | ||||
Gene Logic a |
234,479 | 504,130 | ||||
291,700 | 1,210,555 | |||||
Halozyme Therapeutics a |
18,800 | 151,528 | ||||
Hi-Tech Pharmacal a |
50,030 | 557,835 | ||||
5,000 | 36,500 | |||||
ImmunoGen a |
44,000 | 210,760 | ||||
Infinity Pharmaceuticals a |
8,750 | 105,350 | ||||
Lannett Company a |
17,450 | 89,868 | ||||
42,000 | 600,600 | |||||
Maxygen a |
5,000 | 55,750 | ||||
14,333 | 38,699 | |||||
65,000 | 842,400 | |||||
25,000 | 861,500 | |||||
5,000 | 26,550 | |||||
2,700 | 29,133 | |||||
Neurogen Corporation a |
40,000 | 260,000 | ||||
232,600 | 855,968 | |||||
41,000 | 74,210 | |||||
Orchid Cellmark a |
78,000 | 487,500 | ||||
104,500 | 930,050 | |||||
Pharmacyclics a |
258,000 | 686,280 | ||||
25,000 | 650,000 | |||||
17,300 | 98,610 | |||||
21,000 | 142,800 | |||||
112,000 | 917,280 | |||||
25,000 | 24,250 | |||||
47,000 | 581,860 | |||||
125,000 | 380,000 | |||||
164,400 | 841,728 | |||||
483,000 | 898,380 | |||||
145,800 | 912,708 | |||||
TorreyPines Therapeutics a |
6,250 | 43,563 | ||||
70,000 | 481,600 | |||||
21,545,975 | ||||||
Health Services - 2.2% | ||||||
ATC Healthcare Cl. A a |
35,000 | 11,550 | ||||
Albany Molecular Research a |
40,000 | 394,000 | ||||
81,200 | 708,876 | |||||
Bio-Imaging Technologies a |
32,177 | 201,428 | ||||
Encorium Group a |
25,000 | 93,750 | ||||
Gentiva Health Services a |
23,000 | 463,910 | ||||
11,900 | 260,610 | |||||
Health Grades a |
38,500 | 241,780 | ||||
88,600 | 396,042 | |||||
Horizon Health a |
50,000 | 977,500 | ||||
18,000 | 491,400 | |||||
Mediware Information Systems a |
28,400 | 257,304 | ||||
National Medical Health Card Systems a |
39,900 | 617,253 | ||||
Odyssey Healthcare a |
5,000 | 65,650 | ||||
On Assignment a |
41,100 | 510,051 | ||||
Quovadx a |
5,000 | 12,750 | ||||
RehabCare Group a |
22,000 | 349,140 | ||||
58,200 | 1,018,500 | |||||
51,000 | 629,850 | |||||
U.S. Physical Therapy a |
10,000 | 139,200 | ||||
7,840,544 | ||||||
Medical Products and Devices - 5.6% | ||||||
Allied Healthcare Products a |
273,500 | 1,641,000 | ||||
AngioDynamics a |
14,000 | 236,460 | ||||
Anika Therapeutics a |
24,000 | 296,400 | ||||
Atrion Corporation |
3,000 | 275,460 | ||||
Bruker BioSciences a |
32,200 | 338,744 | ||||
Caliper Life Sciences a |
52,400 | 296,060 | ||||
3,500 | 39,970 | |||||
Cardiac Science a |
29,947 | 274,015 | ||||
3,900 | 113,997 | |||||
15,200 | 550,088 | |||||
Del Global Technologies a |
461,301 | 922,602 | ||||
32,666 | 218,862 | |||||
10,500 | 41,265 | |||||
114,100 | 1,813,049 | |||||
Golden Meditech Company a |
24,100 | 9,716 | ||||
IRIDEX Corporation a |
56,000 | 492,800 | ||||
IRIS International a |
4,100 | 57,195 | ||||
24,250 | 739,625 | |||||
Langer a |
7,100 | 38,340 | ||||
LeMaitre Vascular a |
10,000 | 64,500 | ||||
Medical Action Industries a |
125,250 | 2,993,475 | ||||
5,700 | 71,535 | |||||
Microtek Medical Holdings a |
29,820 | 141,943 | ||||
Minrad International a |
6,800 | 35,224 | ||||
NMT Medical a |
12,000 | 163,200 | ||||
21,500 | 208,765 | |||||
Orthofix International a |
28,000 | 1,429,400 | ||||
OrthoLogic Corporation a |
84,000 | 131,040 | ||||
PLC Systems a |
105,200 | 63,120 | ||||
28,900 | 375,989 | |||||
13,100 | 48,077 | |||||
Shamir Optical Industry a |
7,500 | 67,950 | ||||
Sirona Dental Systems |
25,000 | 861,500 | ||||
STAAR Surgical a |
5,000 | 27,550 | ||||
5,000 | 17,900 | |||||
Syneron Medical a |
1,800 | 48,690 | ||||
Synovis Life Technologies a |
23,000 | 310,960 | ||||
Thermage a |
5,000 | 45,500 | ||||
375,500 | 1,137,765 | |||||
Utah Medical Products |
42,300 | 1,441,584 | ||||
Young Innovations |
62,450 | 1,699,889 | ||||
19,781,204 | ||||||
Personal Care - 0.3% | ||||||
CCA Industries |
9,040 | 107,576 | ||||
20,000 | 454,200 | |||||
Natures Sunshine Products |
7,500 | 88,200 | ||||
Nutraceutical International a |
15,000 | 247,500 | ||||
897,476 | ||||||
Total | 56,931,727 | |||||
Industrial Products - 13.7% | ||||||
Automotive - 1.0% | ||||||
International Textile Group a |
85,000 | 663,000 | ||||
11,400 | 249,204 | |||||
Noble International |
30,900 | 518,502 | ||||
SORL Auto Parts a |
60,000 | 515,400 | ||||
Spartan Motors |
4,200 | 97,482 | ||||
Strattec Security a |
28,300 | 1,258,784 | ||||
Wescast Industries Cl. A |
12,900 | 136,877 | ||||
3,439,249 | ||||||
Building Systems and Components - 1.0% | ||||||
AAON |
63,700 | 1,664,481 | ||||
1,500 | 10,875 | |||||
LSI Industries |
63,812 | 1,068,213 | ||||
51,400 | 161,396 | |||||
76,400 | 404,920 | |||||
20,300 | 243,600 | |||||
3,553,485 | ||||||
Construction Materials - 1.7% | ||||||
Ash Grove Cement |
8,000 | 1,792,000 | ||||
Monarch Cement |
50,410 | 1,577,833 | ||||
Synalloy Corporation |
91,000 | 2,540,720 | ||||
5,910,553 | ||||||
Industrial Components - 1.8% | ||||||
52,000 | 700,440 | |||||
C & D Technologies c |
53,000 | 266,590 | ||||
Deswell Industries |
105,300 | 1,226,745 | ||||
50,500 | 535,805 | |||||
Ladish Company a |
10,000 | 376,400 | ||||
Planar Systems a |
70,000 | 606,900 | ||||
1,370 | 4,329 | |||||
49,800 | 1,593,600 | |||||
Tech/Ops Sevcon |
76,200 | 521,970 | ||||
II-VI a |
20,000 | 677,000 | ||||
6,509,779 | ||||||
Machinery - 2.8% | ||||||
Alamo Group |
38,600 | 895,906 | ||||
40,200 | 1,618,050 | |||||
Gorman-Rupp Company |
4,218 | 135,103 | ||||
Hardinge |
40,100 | 1,049,016 | ||||
Hurco Companies a |
17,000 | 728,450 | ||||
K-Tron International a |
9,800 | 702,954 | ||||
Keithley Instruments |
14,000 | 214,060 | ||||
LeCroy Corporation a |
2,000 | 16,700 | ||||
MTS Systems |
10,000 | 388,400 | ||||
Mueller (Paul) Company |
9,650 | 453,550 | ||||
Sun Hydraulics |
38,950 | 1,041,134 | ||||
T-3 Energy Services a |
4,912 | 98,829 | ||||
Tennant Company |
88,200 | 2,777,418 | ||||
10,119,570 | ||||||
Metal Fabrication and Distribution - 1.0% | ||||||
Encore Wire c |
15,000 | 379,800 | ||||
Haynes International a |
9,720 | 708,880 | ||||
Insteel Industries |
30,900 | 518,811 | ||||
NN |
114,300 | 1,427,607 | ||||
Novamerican Steel a |
3,500 | 154,770 | ||||
Samuel Manu-Tech |
2,500 | 28,367 | ||||
7,700 | 365,519 | |||||
3,583,754 | ||||||
Paper and Packaging - 0.1% | ||||||
Mod-Pac Corporation a |
23,200 | 254,272 | ||||
Pumps, Valves and Bearings - 0.3% | ||||||
CIRCOR International |
28,000 | 999,600 | ||||
Specialty Chemicals and Materials - 2.1% | ||||||
Aceto Corporation |
340,319 | 2,688,520 | ||||
American Vanguard |
3,333 | 56,961 | ||||
Balchem Corporation |
33,750 | 596,700 | ||||
Foamex International a |
217,478 | 1,141,759 | ||||
Hawkins |
122,667 | 1,815,472 | ||||
ICO a |
70,600 | 433,484 | ||||
20,000 | 504,400 | |||||
Park Electrochemical |
10,000 | 271,200 | ||||
7,508,496 | ||||||
Textiles - 0.1% | ||||||
Unifi a |
100,000 | 288,000 | ||||
Other Industrial Products - 1.8% | ||||||
7,800 | 53,586 | |||||
50,000 | 971,500 | |||||
Distributed Energy Systems a |
59,000 | 80,830 | ||||
Eastern Company (The) |
39,750 | 1,080,405 | ||||
Maxwell Technologies a |
25,300 | 316,756 | ||||
Peerless Manufacturing a |
42,200 | 1,336,052 | ||||
Quixote Corporation |
35,200 | 704,000 | ||||
Raven Industries |
73,000 | 2,047,650 | ||||
6,590,779 | ||||||
Total | 48,757,537 | |||||
Industrial Services - 13.8% | ||||||
Advertising and Publishing - 0.9% | ||||||
20,000 | 318,000 | |||||
Harris Interactive a |
92,100 | 555,363 | ||||
Journal Register |
80,200 | 477,992 | ||||
MDC Partners Cl. A a |
67,500 | 521,775 | ||||
NetRatings a |
50,000 | 1,040,000 | ||||
Traffix |
84,700 | 469,238 | ||||
3,382,368 | ||||||
Commercial Services - 5.1% | ||||||
38,400 | 208,512 | |||||
ADDvantage Technologies Group a |
115,700 | 398,008 | ||||
BB Holdings a |
390,000 | 1,669,228 | ||||
87,000 | 617,700 | |||||
25,000 | 243,750 | |||||
Carlisle Group a |
188,800 | 401,252 | ||||
Ceco Environmental a |
50,000 | 624,500 | ||||
96,000 | 585,600 | |||||
40,125 | 1,213,781 | |||||
185,000 | 1,454,100 | |||||
GP Strategies a |
42,600 | 387,660 | ||||
76,800 | 3,480,576 | |||||
11,220 | 156,968 | |||||
Intersections a |
35,300 | 354,765 | ||||
55,000 | 757,350 | |||||
Metalico a |
132,700 | 625,017 | ||||
OneSource Services a |
33,675 | 425,768 | ||||
PDI a |
10,200 | 97,104 | ||||
RCM Technologies a |
1,000 | 7,130 | ||||
SM&A a |
31,300 | 222,230 | ||||
SYS a |
264,100 | 565,174 | ||||
TRC Companies a |
5,600 | 56,504 | ||||
Thomas Group |
25,000 | 298,000 | ||||
52,800 | 1,382,832 | |||||
Westaff a |
362,500 | 2,073,500 | ||||
Willdan Group a |
8,500 | 79,475 | ||||
18,386,484 | ||||||
Engineering and Construction - 1.7% | ||||||
Cavco Industries a |
3,200 | 111,840 | ||||
Devcon International a |
21,700 | 106,330 | ||||
Exponent a |
136,200 | 2,717,190 | ||||
Hanfeng Evergreen a |
93,000 | 624,296 | ||||
56,400 | 1,172,556 | |||||
Nobility Homes |
2,000 | 47,700 | ||||
Skyline Corporation |
32,100 | 1,083,054 | ||||
Sterling Construction a |
3,300 | 62,898 | ||||
5,925,864 | ||||||
Food and Tobacco Processors - 1.7% | ||||||
Cal-Maine Foods |
50,000 | 672,500 | ||||
Farmer Bros. |
42,400 | 962,480 | ||||
Galaxy Nutritional Foods a |
334,800 | 241,056 | ||||
ML Macadamia Orchards L.P. |
120,200 | 664,706 | ||||
Omega Protein a |
9,200 | 64,216 | ||||
Seneca Foods Cl. A a |
62,500 | 1,662,500 | ||||
Seneca Foods Cl. B a |
42,500 | 1,158,125 | ||||
Sunopta a |
41,480 | 493,612 | ||||
5,919,195 | ||||||
Industrial Distribution - 0.4% | ||||||
Central Steel & Wire |
1,088 | 669,120 | ||||
Elamex a |
60,200 | 43,946 | ||||
Lawson Products |
19,500 | 738,660 | ||||
1,451,726 | ||||||
Printing - 1.1% | ||||||
American Bank Note Holographics a |
242,200 | 811,370 | ||||
Bowne & Co. |
66,500 | 1,046,045 | ||||
Champion Industries |
23,500 | 194,110 | ||||
Courier Corporation |
22,950 | 896,656 | ||||
Ennis |
9,700 | 259,572 | ||||
Schawk |
38,900 | 704,479 | ||||
3,912,232 | ||||||
Transportation and Logistics - 2.6% | ||||||
182,000 | 1,246,700 | |||||
26,050 | 662,712 | |||||
100,000 | 584,000 | |||||
Forward Air |
50,700 | 1,667,016 | ||||
Frozen Food Express Industries |
92,000 | 765,440 | ||||
8,600 | 56,502 | |||||
6,450 | 102,426 | |||||
30,400 | 410,704 | |||||
Pacific CMA a |
200,000 | 52,000 | ||||
Patriot Transportation Holding a |
3,000 | 268,830 | ||||
Universal Truckload Services a |
134,200 | 3,248,982 | ||||
Vitran Corporation Cl. A a |
8,000 | 157,200 | ||||
9,222,512 | ||||||
Other Industrial Services - 0.3% | ||||||
Landauer |
21,300 | 1,075,224 | ||||
Team a |
2,200 | 83,930 | ||||
1,159,154 | ||||||
Total | 49,359,535 | |||||
Natural Resources - 10.4% | ||||||
Energy Services - 4.3% | ||||||
Calfrac Well Services |
1,000 | 16,683 | ||||
Carbo Ceramics |
18,750 | 872,812 | ||||
Conrad Industries a |
115,000 | 690,000 | ||||
Dawson Geophysical a |
1,200 | 59,436 | ||||
Dril-Quip a |
55,000 | 2,380,400 | ||||
Enerflex Systems |
1,900 | 18,679 | ||||
Environmental Power a |
90,000 | 630,000 | ||||
21,000 | 443,940 | |||||
Gulf Island Fabrication |
34,400 | 919,856 | ||||
65,200 | 2,845,980 | |||||
Input/Output a |
43,500 | 599,430 | ||||
Pason Systems |
222,400 | 2,758,569 | ||||
TGC Industries a |
11,280 | 97,121 | ||||
108,200 | 2,438,828 | |||||
World Energy Solutions a |
779,600 | 641,507 | ||||
15,413,241 | ||||||
Oil and Gas - 1.5% | ||||||
Bonavista Energy Trust |
69,700 | 1,862,490 | ||||
8,700 | 144,159 | |||||
CE Franklin a |
47,810 | 444,633 | ||||
10,000 | 219,500 | |||||
Edge Petroleum a |
13,200 | 165,264 | ||||
5,500 | 59,675 | |||||
82,400 | 475,448 | |||||
Nuvista Energy a |
121,000 | 1,562,676 | ||||
8,000 | 31,600 | |||||
104,200 | 0 | |||||
Pioneer Drilling a |
7,500 | 95,175 | ||||
Savanna Energy Services a |
2,500 | 41,815 | ||||
1,130 | 38,951 | |||||
1,200 | 27,420 | |||||
5,168,806 | ||||||
Precious Metals and Mining - 3.3% | ||||||
Aurizon Mines a |
257,000 | 902,070 | ||||
15,500 | 751,285 | |||||
Central African Gold a |
329,000 | 67,979 | ||||
Central African Gold (Warrants) a |
119,950 | 23,604 | ||||
20,000 | 118,146 | |||||
Cumberland Resources a |
200,000 | 1,320,000 | ||||
Duluth Metals a |
14,200 | 14,760 | ||||
Endeavour Silver a |
50,000 | 224,500 | ||||
Entree Gold a |
177,900 | 286,419 | ||||
85,036 | 1,502,586 | |||||
Gold Reserve a |
14,000 | 93,940 | ||||
168,100 | 739,640 | |||||
250,000 | 427,500 | |||||
341,300 | 1,750,869 | |||||
Midway Gold a |
227,500 | 668,016 | ||||
Minefinders Corporation a |
116,000 | 1,381,560 | ||||
5,000 | 10,550 | |||||
Northern Orion Resources a |
51,400 | 209,198 | ||||
Northgate Minerals a |
270,000 | 936,900 | ||||
Spur Ventures a |
44,100 | 22,155 | ||||
Vista Gold a |
50,000 | 374,500 | ||||
11,826,177 | ||||||
Real Estate - 0.4% | ||||||
HomeFed Corporation |
11,352 | 692,472 | ||||
Kennedy-Wilson a |
21,500 | 618,125 | ||||
11,000 | 77,880 | |||||
1,388,477 | ||||||
Other Natural Resources - 0.9% | ||||||
PICO Holdings a |
45,700 | 1,951,847 | ||||
Pope Resources L.P. |
33,000 | 1,323,960 | ||||
3,275,807 | ||||||
Total | 37,072,508 | |||||
Technology - 25.4% | ||||||
Aerospace and Defense - 2.3% | ||||||
Allied Defense Group (The) a |
42,400 | 362,520 | ||||
Astronics Corporation a |
26,400 | 464,640 | ||||
Axsys Technologies a |
6,400 | 100,992 | ||||
Ducommun a |
72,100 | 1,855,133 | ||||
HEICO Corporation |
41,600 | 1,517,984 | ||||
HEICO Corporation Cl. A |
24,160 | 757,416 | ||||
Integral Systems |
98,222 | 2,374,026 | ||||
LMI Aerospace a |
6,100 | 113,643 | ||||
SIFCO Industries a |
45,800 | 438,764 | ||||
268,490 | 410,790 | |||||
8,395,908 | ||||||
Components and Systems - 3.5% | ||||||
116,250 | 1,839,075 | |||||
Advanced Photonix Cl. A a |
77,900 | 154,242 | ||||
13,649 | 129,938 | |||||
CSP a |
122,581 | 1,131,423 | ||||
75,747 | 518,109 | |||||
Dalsa Corporation a |
5,000 | 52,014 | ||||
2,000 | 7,300 | |||||
Excel Technology a |
91,900 | 2,511,627 | ||||
Giga-tronics a |
3,200 | 6,336 | ||||
Mobility Electronics a |
46,000 | 143,060 | ||||
MOCON |
15,600 | 200,616 | ||||
103,200 | 1,039,224 | |||||
47,315 | 334,517 | |||||
Performance Technologies a |
49,550 | 248,246 | ||||
Richardson Electronics |
152,100 | 1,420,614 | ||||
Rimage Corporation a |
20,000 | 518,200 | ||||
89,000 | 380,920 | |||||
123,700 | 1,180,098 | |||||
TransAct Technologies a |
78,600 | 547,056 | ||||
12,362,615 | ||||||
Distribution - 0.9% | ||||||
Agilysys |
90,000 | 2,022,300 | ||||
Bell Industries a |
85,700 | 424,215 | ||||
Jaco Electronics a |
29,000 | 103,530 | ||||
40,000 | 421,200 | |||||
6,000 | 59,820 | |||||
Pomeroy IT Solutions a |
6,900 | 62,238 | ||||
3,093,303 | ||||||
Internet Software and Services - 3.1% | ||||||
4,100 | 53,013 | |||||
296,900 | 688,808 | |||||
CMGI a |
1,595,000 | 3,381,400 | ||||
190,000 | 596,600 | |||||
27,700 | 75,344 | |||||
273,400 | 2,252,816 | |||||
Inforte Corporation a |
12,400 | 43,028 | ||||
Jupitermedia Corporation a |
355,800 | 2,355,396 | ||||
Lionbridge Technologies a |
39,900 | 203,091 | ||||
LookSmart a |
4,000 | 15,320 | ||||
32,000 | 122,880 | |||||
NIC a |
26,800 | 143,648 | ||||
41,600 | 349,024 | |||||
5,200 | 64,584 | |||||
PFSweb a |
7,242 | 7,459 | ||||
SkyTerra Communications a |
62,200 | 522,480 | ||||
Stamps.com a |
21,200 | 304,644 | ||||
11,179,535 | ||||||
IT Services - 6.1% | ||||||
CIBER a |
182,662 | 1,437,550 | ||||
24,800 | 586,024 | |||||
Computer Task Group a |
431,100 | 1,944,261 | ||||
Covansys Corporation a |
172,500 | 4,257,300 | ||||
Diamond Management & Technology Consultants |
138,100 | 1,614,389 | ||||
101,500 | 2,878,540 | |||||
Rainmaker Systems a |
2,000 | 16,800 | ||||
500,000 | 3,430,000 | |||||
Syntel |
54,300 | 1,881,495 | ||||
182,300 | 3,647,823 | |||||
21,694,182 | ||||||
Semiconductors and Equipment - 2.5% | ||||||
California Micro Devices a |
16,700 | 78,156 | ||||
48,000 | 684,000 | |||||
Catalyst Semiconductor a |
9,200 | 33,396 | ||||
CEVA a |
9,800 | 70,854 | ||||
Cohu |
17,800 | 334,640 | ||||
7,000 | 169,610 | |||||
ESS Technology a |
25,000 | 32,000 | ||||
281,700 | 597,204 | |||||
Exar Corporation a |
121,208 | 1,604,794 | ||||
8,000 | 74,320 | |||||
8,200 | 63,714 | |||||
Integrated Silicon Solution a |
15,000 | 83,550 | ||||
40,550 | 1,069,304 | |||||
Jazz Technologies (Units) a |
205,000 | 1,158,250 | ||||
Jinpan International |
16,750 | 261,802 | ||||
11,400 | 38,532 | |||||
MIPS Technologies a |
4,100 | 36,613 | ||||
7,000 | 46,900 | |||||
NetList a |
9,200 | 64,032 | ||||
13,000 | 182,000 | |||||
30,500 | 344,345 | |||||
29,750 | 462,613 | |||||
QuickLogic Corporation a |
20,000 | 56,200 | ||||
20,000 | 235,000 | |||||
25,500 | 331,500 | |||||
110,000 | 712,800 | |||||
8,826,129 | ||||||
Software - 4.1% | ||||||
Aladdin Knowledge Systems a |
27,300 | 471,471 | ||||
Applix a |
20,000 | 268,200 | ||||
AsiaInfo Holdings a |
40,000 | 274,800 | ||||
49,700 | 261,919 | |||||
22,000 | 239,800 | |||||
Descartes Systems Group (The) a |
56,500 | 246,905 | ||||
Evans & Sutherland Computer a |
83,500 | 263,025 | ||||
Fundtech a |
55,000 | 756,800 | ||||
ILOG ADR a |
35,000 | 465,500 | ||||
190,000 | 955,700 | |||||
59,500 | 894,285 | |||||
Majesco Entertainment a |
2,500 | 3,750 | ||||
MIND C.T.I. |
20,000 | 55,800 | ||||
Moldflow Corporation a |
7,500 | 112,725 | ||||
OpenTV Cl. A a |
301,900 | 739,655 | ||||
Pegasystems |
320,200 | 2,961,850 | ||||
Pervasive Software a |
22,500 | 92,025 | ||||
43,000 | 564,590 | |||||
41,800 | 1,508,980 | |||||
5,000 | 40,700 | |||||
TeleCommunication Systems Cl. A a |
10,000 | 37,200 | ||||
Transaction Systems Architects Cl. A a |
97,600 | 3,161,264 | ||||
Trintech Group ADR a |
91,252 | 363,183 | ||||
Unica Corporation a |
3,200 | 40,160 | ||||
uWink a |
5,000 | 5,700 | ||||
14,785,987 | ||||||
Telecommunications - 2.9% | ||||||
Anaren a |
25,200 | 443,772 | ||||
Atlantic Tele-Network |
5,000 | 130,650 | ||||
C-COR.net a |
5,000 | 69,300 | ||||
Captaris a |
43,300 | 250,707 | ||||
Catapult Communications a |
4,000 | 38,960 | ||||
Centillium Communications a |
11,000 | 21,120 | ||||
Channell Commercial a |
5,000 | 19,900 | ||||
Communications Systems |
34,200 | 354,996 | ||||
76,200 | 351,282 | |||||
10,000 | 53,400 | |||||
6,200 | 119,474 | |||||
10,000 | 31,200 | |||||
Hurray! Holding Company ADR a |
10,100 | 51,914 | ||||
2,900 | 19,256 | |||||
600,000 | 1,080,000 | |||||
North Pittsburgh Systems |
23,200 | 505,064 | ||||
PC-Tel a |
49,600 | 504,432 | ||||
55,420 | 505,430 | |||||
Sunrise Telecom a |
163,450 | 480,543 | ||||
24,782 | 205,691 | |||||
25,000 | 62,500 | |||||
UCN a |
239,500 | 893,335 | ||||
91,812 | 3,027,042 | |||||
WJ Communications a |
209,300 | 362,089 | ||||
591,600 | 733,584 | |||||
10,315,641 | ||||||
Total | 90,653,300 | |||||
Miscellaneous e - 2.3% | ||||||
Total | 8,135,112 | |||||
TOTAL COMMON STOCKS | ||||||
(Cost $251,532,006) |
391,019,620 | |||||
PREFERRED STOCKS - 1.5% | ||||||
69,000 | 3,470,700 | |||||
Seneca Foods Conv. a |
75,409 | 1,779,652 | ||||
TOTAL PREFERRED STOCKS | ||||||
(Cost $4,393,607) |
5,250,352 | |||||
REPURCHASE AGREEMENT - 5.2% | ||||||
State
Street Bank & Trust Company, 5.10% dated 3/30/07, due 4/2/07, maturity value $18,458,842
|
18,451,000 | |||||
PRINCIPAL | ||||||
AMOUNT | ||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED - 11.9% | ||||||
U.S. Treasury Bonds 6.00%-10.375% due 11/15/12-8/15/26 |
$ 469 | 479 | ||||
U.S. Treasury Notes 4.375% due 12/31/07 |
5 | 5 | ||||
U.S. Treasury Strip-Principal due 11/15/21 |
1,900 | 1,900 | ||||
Money Market Funds State Street Navigator Securities Lending Prime Portfolio (7 day yield-5.25%) |
42,520,999 | |||||
TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED | ||||||
(Cost $42,523,383) |
42,523,383 | |||||
TOTAL INVESTMENTS - 128.3% | ||||||
(Cost $316,899,996) |
457,244,355 | |||||
LIABILITIES LESS CASH AND OTHER ASSETS - (11.5)% | (40,962,466 | ) | ||||
PREFERRED STOCK - (16.8)% | (60,000,000 | ) | ||||
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0% | $ | 356,281,889 | ||||
Affiliated Company | Shares 12/31/06 |
Market Value
12/31/06 |
Cost of Purchases |
Cost of Sales |
Realized Gain (Loss) |
Dividend Income |
Shares 3/31/07 |
Market Value
3/31/07 |
||||||||||||
BKF Capital Group | 406,500 | $ | 1,361,775 | - | - | - | - | 406,500 | $ | 1,321,125 | ||||||||||
Highbury Financial | 580,400 | 3,383,732 | - | - | - | - | 580,400 | 3,319,888 | ||||||||||||
$ | 4,745,507 | - | - | $ | 4,641,013 | |||||||||||||||
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $317,601,080. At March 31, 2007, net unrealized appreciation for all securities was $139,643,275, consisting of aggregate gross unrealized appreciation of $156,308,520 and aggregate gross unrealized depreciation of $16,665,245. The primary difference in 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 (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. Securities for which market quotations are not readily
available are valued at their fair value under procedures established by the Funds 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 Funds use an independent pricing service to provide fair
value estimates for relevent 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 deveolped between the movement of prices of non-U.S. equity securities and
indicies of U.S.-traded securities, futures contracts and other indications to estimate
the fair value of relevant non-U.S. securities. The Funds will value their non-U.S.
securities in U.S. dollars on the basis of foreign currency exchange rates provided
to the Funds by their custodian, State Street Bank and Trust Company. 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.
Repurchase Agreements:
The Fund
may enter into repurchase agreements with institutions that the Funds investment
adviser has determined are creditworthy. The Fund restricts repurchase agreements
to maturities of no more than seven days. Securities pledged as collateral for repurchase
agreements, which are held until maturity of the repurchase agreements, are marked-to-market
daily and maintained at a value at least equal to the principal amount of the repurchase
agreement (including accrued interest). Repurchase agreements could involve certain
risks in the event of default or insolvency of the counter-party, including possible
delays or restrictions upon the ability of the Fund to dispose of its underlying
securities.
Securities Lending:
The Fund loans
securities to qualified institutional investors for the purpose of realizing additional
income. Collateral on all securities loaned for the Fund is accepted in cash and
cash equivalents and invested temporarily by the custodian. The collateral is equal
to at least 100% of the current market value of the loaned securities. The market
value of the loaned securities is determined at the close of business of the Fund
and any additional required collateral is delivered to the Fund on the next business
day.
Other information regarding the Fund is available in the Funds most
recent Prospectus and Report to Stockholders. This information is available through
The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commissions website (www.sec.gov).
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 29, 2007
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, 2007
By:
/s/ John D.
Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 29, 2007