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: 12/31/2011
Date of reporting period: 3/31/2011
Item 1 - Schedule of Investments
SCHEDULE OF
INVESTMENTS
ROYCE MICRO-CAP TRUST
MARCH 31, 2011 (UNAUDITED)
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SHARES |
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VALUE |
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COMMON STOCKS 100.3% |
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Consumer Discretionary 12.4% |
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Auto Components - 1.5% |
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65,500 |
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$ |
341,255 |
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Drew Industries |
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122,000 |
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2,724,260 |
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10,000 |
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301,800 |
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771,500 |
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36,202 |
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SORL Auto Parts b |
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55,113 |
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333,985 |
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Williams Controls |
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125,000 |
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1,382,500 |
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5,120,002 |
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Distributors - 0.3% |
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Weyco Group |
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48,000 |
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1,174,080 |
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Diversified Consumer Services - 0.3% |
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105,100 |
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661,079 |
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Lincoln Educational Services |
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11,200 |
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177,968 |
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6,925 |
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19,390 |
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858,437 |
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Household Durables - 2.8% |
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Cavco Industries b |
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3,091 |
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|
139,590 |
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CSS Industries |
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20,243 |
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381,580 |
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Ethan Allen Interiors |
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81,600 |
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1,787,040 |
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Flexsteel Industries |
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|
172,500 |
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2,613,375 |
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Hanssem |
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|
33,400 |
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421,706 |
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Koss Corporation |
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73,400 |
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547,564 |
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Natuzzi ADR b |
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409,800 |
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1,893,276 |
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Universal Electronics b |
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47,200 |
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1,395,232 |
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9,179,363 |
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Internet & Catalog Retail - 1.2% |
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87,500 |
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2,327,500 |
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NutriSystem |
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19,100 |
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276,759 |
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US Auto Parts Network b |
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140,900 |
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1,225,830 |
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3,830,089 |
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Leisure Equipment & Products - 0.4% |
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Leapfrog Enterprises Cl. A b |
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106,200 |
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458,784 |
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Sturm, Ruger & Co. |
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32,000 |
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735,040 |
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1,193,824 |
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Media - 0.6% |
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Global Sources b |
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29,605 |
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344,306 |
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Rentrak Corporation b |
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45,000 |
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1,211,400 |
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Value Line |
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32,487 |
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480,808 |
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2,036,514 |
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Specialty Retail - 3.9% |
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Americas Car-Mart b |
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92,800 |
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2,392,384 |
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Charming Shoppes b |
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709,200 |
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3,021,192 |
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Dickson Concepts (International) |
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|
812,800 |
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603,966 |
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Kirklands b |
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43,900 |
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677,816 |
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Le Chateau Cl. A |
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44,000 |
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|
508,757 |
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Lewis Group |
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57,000 |
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|
627,716 |
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Shoe Carnival b |
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12,752 |
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|
357,694 |
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Stein Mart |
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|
178,900 |
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|
1,808,679 |
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Systemax b |
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102,000 |
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1,379,040 |
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West Marine b |
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|
86,000 |
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|
896,980 |
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Wet Seal (The) Cl. A b |
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|
154,679 |
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|
662,026 |
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12,936,250 |
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Textiles, Apparel & Luxury Goods - 1.4% |
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J.G. Boswell Company d |
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2,490 |
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2,016,900 |
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K-Swiss Cl. A b |
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|
72,400 |
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|
815,948 |
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Movado Group b |
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|
77,633 |
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|
1,139,652 |
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True Religion Apparel b |
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15,000 |
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|
352,050 |
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Yamato International |
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40,000 |
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183,217 |
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4,507,767 |
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Total |
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40,836,326 |
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Consumer Staples 3.5% |
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Beverages - 0.4% |
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|
200,000 |
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|
1,310,000 |
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Food & Staples Retailing - 0.1% |
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|
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Winn-Dixie Stores b |
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50,000 |
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|
357,000 |
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|
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Food Products - 2.7% |
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|
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Asian Citrus Holdings |
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|
1,060,000 |
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|
1,171,941 |
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Binggrae |
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|
13,400 |
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|
791,577 |
|
BW Plantation |
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|
1,281,600 |
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|
172,205 |
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Farmer Bros. |
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|
51,400 |
|
|
622,968 |
|
Griffin Land & Nurseries |
|
|
40,271 |
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|
1,295,921 |
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|
|
121,488 |
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|
935,457 |
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Seneca Foods Cl. A b |
|
|
51,400 |
|
|
1,535,318 |
|
Seneca Foods Cl. B b |
|
|
42,500 |
|
|
1,261,825 |
|
Westway Group b |
|
|
220,000 |
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|
979,000 |
|
Yuhe International b |
|
|
39,422 |
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|
262,550 |
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|
|
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||
|
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|
|
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9,028,762 |
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Household Products - 0.1% |
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Oil-Dri Corporation of America |
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10,000 |
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|
213,000 |
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Personal Products - 0.2% |
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|
14,500 |
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|
116,435 |
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|
Schiff Nutrition International Cl. A |
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|
72,928 |
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|
664,374 |
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|
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|
780,809 |
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Total |
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11,689,571 |
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Energy 5.0% |
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Energy Equipment & Services - 3.8% |
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CE Franklin b |
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|
55,450 |
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|
548,955 |
|
Dawson Geophysical b |
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|
53,213 |
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|
2,334,986 |
|
Global Geophysical Services b |
|
|
35,000 |
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|
506,100 |
|
Gulf Island Fabrication |
|
|
29,116 |
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|
936,662 |
|
Lamprell |
|
|
202,400 |
|
|
1,144,532 |
|
North American Energy Partners b |
|
|
50,000 |
|
|
616,500 |
|
OYO Geospace b |
|
|
7,130 |
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|
702,875 |
|
Pason Systems |
|
|
139,200 |
|
|
2,261,372 |
|
Pioneer Drilling b |
|
|
57,500 |
|
|
793,500 |
|
Tesco Corporation b |
|
|
50,000 |
|
|
1,097,500 |
|
Willbros Group b |
|
|
131,100 |
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|
1,431,612 |
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12,374,594 |
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Oil, Gas & Consumable Fuels - 1.2% |
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Approach Resources b |
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|
12,000 |
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|
403,200 |
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|
|
164,000 |
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|
870,840 |
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|
|
|
98,000 |
|
|
1,253,420 |
|
|
|
|
75,000 |
|
|
123,000 |
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|
GeoResources b |
|
|
17,900 |
|
|
559,733 |
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|
|
29,000 |
|
|
92,510 |
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|
VAALCO Energy b |
|
|
88,200 |
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|
684,432 |
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||
|
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3,987,135 |
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Total |
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16,361,729 |
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Financials 16.9% |
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Capital Markets - 7.2% |
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ASA Gold and Precious Metals |
|
|
30,000 |
|
|
951,000 |
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|
|
130,200 |
|
|
139,314 |
|
|
Cohen & Steers |
|
|
27,900 |
|
|
828,072 |
|
Cowen Group Cl. A b |
|
|
402,834 |
|
|
1,615,364 |
|
Diamond Hill Investment Group |
|
|
34,479 |
|
|
2,758,320 |
|
Duff & Phelps Cl. A |
|
|
50,000 |
|
|
799,000 |
|
Epoch Holding Corporation |
|
|
196,500 |
|
|
3,100,770 |
|
FBR Capital Markets b |
|
|
326,600 |
|
|
1,169,228 |
|
Fiera Sceptre |
|
|
78,000 |
|
|
661,331 |
|
INTL FCStone b |
|
|
26,310 |
|
|
668,800 |
|
JZ Capital Partners |
|
|
293,999 |
|
|
1,877,099 |
|
MVC Capital |
|
|
126,200 |
|
|
1,731,464 |
|
NGP Capital Resources |
|
|
98,649 |
|
|
950,976 |
|
Queen City Investments d |
|
|
948 |
|
|
948,010 |
|
Sanders Morris Harris Group |
|
|
209,000 |
|
|
1,674,090 |
|
U.S. Global Investors Cl. A |
|
|
91,500 |
|
|
742,065 |
|
Urbana Corporation b |
|
|
237,600 |
|
|
345,555 |
|
Virtus Investment Partners b |
|
|
45,000 |
|
|
2,651,400 |
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23,611,858 |
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|
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Commercial Banks - 1.9% |
|
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BCB Holdings b |
|
|
806,207 |
|
|
989,387 |
|
Chemung Financial |
|
|
40,000 |
|
|
938,000 |
|
Commercial National Financial |
|
|
20,000 |
|
|
377,200 |
|
Fauquier Bankshares |
|
|
135,800 |
|
|
1,880,830 |
|
Financial Institutions |
|
|
36,000 |
|
|
630,000 |
|
First Bancorp |
|
|
40,200 |
|
|
613,050 |
|
LCNB Corporation |
|
|
30,000 |
|
|
351,000 |
|
Mechanics Bank |
|
|
5 |
|
|
59,625 |
|
Orrstown Financial Services |
|
|
12,700 |
|
|
355,600 |
|
|
|
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||
|
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6,194,692 |
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|
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Consumer Finance - 0.1% |
|
|
|
|
|
|
|
World Acceptance b |
|
|
7,900 |
|
|
515,080 |
|
|
|
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|
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||
Diversified Financial Services - 0.9% |
|
|
|
|
|
|
|
Banca Finnat Euramerica |
|
|
910,000 |
|
|
612,585 |
|
Bolsa Mexicana de Valores |
|
|
300,000 |
|
|
631,555 |
|
PICO Holdings b |
|
|
45,700 |
|
|
1,373,742 |
|
|
|
72,920 |
|
|
302,618 |
|
|
|
|
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|
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||
|
|
|
|
|
|
2,920,500 |
|
|
|
|
|
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||
Insurance - 1.3% |
|
|
|
|
|
|
|
Hilltop Holdings b |
|
|
101,400 |
|
|
1,018,056 |
|
Independence Holding |
|
|
95,800 |
|
|
764,484 |
|
Presidential Life |
|
|
188,100 |
|
|
1,792,593 |
|
SeaBright Holdings |
|
|
74,000 |
|
|
758,500 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
4,333,633 |
|
|
|
|
|
|
|
||
Real Estate Investment Trusts (REITs) - 1.2% |
|
|
|
|
|
|
|
Colony Financial |
|
|
139,717 |
|
|
2,630,871 |
|
PennyMac Mortgage Investment Trust |
|
|
64,200 |
|
|
1,180,638 |
|
Vestin Realty Mortgage II b |
|
|
214,230 |
|
|
332,057 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
4,143,566 |
|
|
|
|
|
|
|
||
Real Estate Management & Development - 3.4% |
|
|
|
|
|
|
|
Avatar Holdings b |
|
|
18,104 |
|
|
358,278 |
|
Consolidated-Tomoka Land |
|
|
56,750 |
|
|
1,838,700 |
|
IFM Investments ADR b |
|
|
58,885 |
|
|
209,042 |
|
Kennedy-Wilson Holdings b |
|
|
465,358 |
|
|
5,053,788 |
|
Tejon Ranch b |
|
|
101,749 |
|
|
3,738,258 |
|
ZipRealty b |
|
|
25,000 |
|
|
72,500 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
11,270,566 |
|
|
|
|
|
|
|
||
Thrifts & Mortgage Finance - 0.9% |
|
|
|
|
|
|
|
Alliance Bancorp, Inc. of Pennsylvania |
|
|
41,344 |
|
|
444,861 |
|
|
|
93,400 |
|
|
1,449,568 |
|
|
CFS Bancorp |
|
|
75,000 |
|
|
421,500 |
|
HopFed Bancorp |
|
|
56,100 |
|
|
516,120 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
2,832,049 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
55,821,944 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Health Care 7.3% |
|
|
|
|
|
|
|
Biotechnology - 0.3% |
|
|
|
|
|
|
|
Sinovac Biotech b |
|
|
51,900 |
|
|
235,107 |
|
3SBio ADR b |
|
|
26,280 |
|
|
454,381 |
|
Vical b |
|
|
120,000 |
|
|
355,200 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
1,044,688 |
|
|
|
|
|
|
|
||
Health Care Equipment & Supplies - 3.9% |
|
|
|
|
|
|
|
Allied Healthcare Products b |
|
|
226,798 |
|
|
988,839 |
|
Atrion Corporation |
|
|
6,500 |
|
|
1,134,055 |
|
CryoLife b |
|
|
50,573 |
|
|
308,495 |
|
DynaVox Cl. A b |
|
|
20,000 |
|
|
110,400 |
|
Exactech b |
|
|
121,000 |
|
|
2,123,550 |
|
|
|
320,000 |
|
|
707,200 |
|
|
Kensey Nash b |
|
|
27,078 |
|
|
674,513 |
|
Medical Action Industries b |
|
|
165,950 |
|
|
1,393,980 |
|
|
|
198,500 |
|
|
32,753 |
|
|
STRATEC Biomedical Systems |
|
|
14,000 |
|
|
559,510 |
|
Syneron Medical b |
|
|
69,200 |
|
|
902,368 |
|
Theragenics Corporation b |
|
|
306,900 |
|
|
644,490 |
|
Utah Medical Products |
|
|
42,300 |
|
|
1,224,162 |
|
Young Innovations |
|
|
61,450 |
|
|
1,929,530 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
12,733,845 |
|
|
|
|
|
|
|
||
Health Care Providers & Services - 1.1% |
|
|
|
|
|
|
|
Bangkok Chain Hospital |
|
|
1,350,000 |
|
|
316,912 |
|
Continucare Corporation b |
|
|
126,200 |
|
|
675,170 |
|
Gentiva Health Services b |
|
|
23,000 |
|
|
644,690 |
|
LHC Group b |
|
|
14,800 |
|
|
444,000 |
|
PDI b |
|
|
65,383 |
|
|
530,256 |
|
PharMerica Corporation b |
|
|
40,000 |
|
|
457,600 |
|
Psychemedics Corporation |
|
|
37,500 |
|
|
414,375 |
|
U.S. Physical Therapy |
|
|
10,000 |
|
|
223,400 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3,706,403 |
|
|
|
|
|
|
|
||
Health Care Technology - 0.2% |
|
|
|
|
|
|
|
Transcend Services b |
|
|
18,900 |
|
|
453,600 |
|
|
|
|
|
|
|
||
Life Sciences Tools & Services - 0.6% |
|
|
|
|
|
|
|
EPS |
|
|
410 |
|
|
959,690 |
|
Furiex Pharmaceuticals b |
|
|
23,758 |
|
|
401,035 |
|
PAREXEL International b |
|
|
28,800 |
|
|
717,120 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
2,077,845 |
|
|
|
|
|
|
|
||
Pharmaceuticals - 1.2% |
|
|
|
|
|
|
|
Adolor Corporation b |
|
|
460,500 |
|
|
649,305 |
|
Bukwang Pharmaceutical |
|
|
44,700 |
|
|
525,667 |
|
Daewoong Pharmaceutical |
|
|
11,904 |
|
|
482,910 |
|
|
|
19,000 |
|
|
382,470 |
|
|
Obagi Medical Products b |
|
|
82,200 |
|
|
1,039,008 |
|
XenoPort b |
|
|
145,000 |
|
|
859,850 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3,939,210 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
23,955,591 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Industrials 26.5% |
|
|
|
|
|
|
|
Aerospace & Defense - 1.8% |
|
|
|
|
|
|
|
Ducommun |
|
|
72,100 |
|
|
1,723,190 |
|
HEICO Corporation |
|
|
42,000 |
|
|
2,625,840 |
|
Innovative Solutions and Support b |
|
|
100,000 |
|
|
585,000 |
|
SIFCO Industries |
|
|
45,800 |
|
|
814,324 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
5,748,354 |
|
|
|
|
|
|
|
||
Air Freight & Logistics - 0.5% |
|
|
|
|
|
|
|
Forward Air |
|
|
50,700 |
|
|
1,552,941 |
|
Pacer International b |
|
|
35,000 |
|
|
184,100 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
1,737,041 |
|
|
|
|
|
|
|
||
Building Products - 3.7% |
|
|
|
|
|
|
|
AAON |
|
|
73,000 |
|
|
2,401,700 |
|
American Woodmark |
|
|
72,000 |
|
|
1,503,360 |
|
Apogee Enterprises |
|
|
57,900 |
|
|
763,701 |
|
Burnham Holdings Cl. A d |
|
|
113,000 |
|
|
1,695,000 |
|
Griffon Corporation b |
|
|
89,500 |
|
|
1,175,135 |
|
NCI Building Systems b |
|
|
8,400 |
|
|
106,428 |
|
Sung Kwang Bend |
|
|
28,000 |
|
|
421,168 |
|
Trex Company b |
|
|
90,000 |
|
|
2,935,800 |
|
WaterFurnace Renewable Energy |
|
|
48,400 |
|
|
1,216,115 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
12,218,407 |
|
|
|
|
|
|
|
||
Commercial Services & Supplies - 2.7% |
|
|
|
|
|
|
|
CompX International Cl. A |
|
|
107,500 |
|
|
1,694,200 |
|
Courier Corporation |
|
|
30,450 |
|
|
425,082 |
|
Ennis |
|
|
12,600 |
|
|
214,578 |
|
Heritage-Crystal Clean b |
|
|
166,401 |
|
|
2,371,214 |
|
Interface Cl. A |
|
|
27,000 |
|
|
499,230 |
|
Team b |
|
|
71,140 |
|
|
1,868,137 |
|
US Ecology |
|
|
104,300 |
|
|
1,817,949 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
8,890,390 |
|
|
|
|
|
|
|
||
Construction & Engineering - 1.2% |
|
|
|
|
|
|
|
Baker (Michael) b |
|
|
19,000 |
|
|
552,330 |
|
Comfort Systems USA |
|
|
32,896 |
|
|
462,847 |
|
Integrated Electrical Services b |
|
|
277,300 |
|
|
953,912 |
|
Layne Christensen b |
|
|
7,400 |
|
|
255,300 |
|
MYR Group b |
|
|
28,500 |
|
|
681,720 |
|
Pike Electric b |
|
|
61,600 |
|
|
586,432 |
|
Sterling Construction b |
|
|
25,000 |
|
|
422,000 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3,914,541 |
|
|
|
|
|
|
|
||
Electrical Equipment - 2.7% |
|
|
|
|
|
|
|
AZZ |
|
|
18,247 |
|
|
832,063 |
|
Deswell Industries |
|
|
564,371 |
|
|
1,681,826 |
|
Encore Wire |
|
|
15,000 |
|
|
365,100 |
|
|
|
152,363 |
|
|
1,221,951 |
|
|
Jinpan International |
|
|
143,624 |
|
|
1,683,273 |
|
LSI Industries |
|
|
79,812 |
|
|
577,839 |
|
Powell Industries b |
|
|
39,800 |
|
|
1,569,712 |
|
Preformed Line Products |
|
|
16,000 |
|
|
1,106,720 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
9,038,484 |
|
|
|
|
|
|
|
||
Industrial Conglomerates - 1.1% |
|
|
|
|
|
|
|
Raven Industries |
|
|
58,400 |
|
|
3,586,928 |
|
|
|
|
|
|
|
||
Machinery - 6.5% |
|
|
|
|
|
|
|
Armstrong Industrial |
|
|
2,082,300 |
|
|
660,785 |
|
CIRCOR International |
|
|
14,000 |
|
|
658,280 |
|
Columbus McKinnon b |
|
|
26,050 |
|
|
480,883 |
|
Eastern Company (The) |
|
|
39,750 |
|
|
760,020 |
|
FAG Bearings India |
|
|
23,700 |
|
|
444,823 |
|
Force Protection b |
|
|
88,700 |
|
|
434,630 |
|
Foster (L.B.) Company Cl. A |
|
|
20,900 |
|
|
900,999 |
|
FreightCar America b |
|
|
53,300 |
|
|
1,732,783 |
|
Graham Corporation |
|
|
65,100 |
|
|
1,558,494 |
|
Hurco Companies b |
|
|
49,866 |
|
|
1,520,913 |
|
NN b |
|
|
114,300 |
|
|
2,087,118 |
|
PMFG b |
|
|
143,800 |
|
|
3,068,692 |
|
Semperit AG Holding |
|
|
12,500 |
|
|
727,112 |
|
Sun Hydraulics |
|
|
58,925 |
|
|
2,539,668 |
|
Tennant Company |
|
|
92,300 |
|
|
3,880,292 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
21,455,492 |
|
|
|
|
|
|
|
||
Professional Services - 3.7% |
|
|
|
|
|
|
|
Acacia Research-Acacia Technologies b |
|
|
23,500 |
|
|
804,170 |
|
Advisory Board (The) b |
|
|
41,400 |
|
|
2,132,100 |
|
CBIZ b |
|
|
47,000 |
|
|
338,870 |
|
Exponent b |
|
|
58,400 |
|
|
2,605,224 |
|
Heidrick & Struggles International |
|
|
20,000 |
|
|
556,600 |
|
JobStreet Corporation |
|
|
50,000 |
|
|
43,417 |
|
Kforce b |
|
|
60,000 |
|
|
1,098,000 |
|
On Assignment b |
|
|
41,100 |
|
|
388,806 |
|
SFN Group b |
|
|
300,000 |
|
|
4,227,000 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
12,194,187 |
|
|
|
|
|
|
|
||
Road & Rail - 1.8% |
|
|
|
|
|
|
|
Frozen Food Express Industries b |
|
|
157,000 |
|
|
543,220 |
|
Patriot Transportation Holding b |
|
|
111,681 |
|
|
2,987,467 |
|
Universal Truckload Services b |
|
|
134,200 |
|
|
2,314,950 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
5,845,637 |
|
|
|
|
|
|
|
||
Trading Companies & Distributors - 0.8% |
|
|
|
|
|
|
|
Aceto Corporation |
|
|
72,219 |
|
|
575,585 |
|
Houston Wire & Cable |
|
|
67,375 |
|
|
985,023 |
|
Lawson Products |
|
|
50,269 |
|
|
1,158,198 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
2,718,806 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
87,348,267 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Information Technology 17.6% |
|
|
|
|
|
|
|
Communications Equipment - 1.1% |
|
|
|
|
|
|
|
Anaren b |
|
|
8,000 |
|
|
160,800 |
|
Bel Fuse Cl. A |
|
|
67,705 |
|
|
1,624,243 |
|
Cogo Group b |
|
|
113,575 |
|
|
916,550 |
|
PC-Tel b |
|
|
44,100 |
|
|
338,247 |
|
Zhone Technologies b |
|
|
266,320 |
|
|
612,536 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3,652,376 |
|
|
|
|
|
|
|
||
Computers & Peripherals - 1.5% |
|
|
|
|
|
|
|
Imation Corporation b |
|
|
112,312 |
|
|
1,251,156 |
|
Novatel Wireless b |
|
|
34,900 |
|
|
190,554 |
|
Rimage Corporation |
|
|
79,200 |
|
|
1,279,080 |
|
Super Micro Computer b |
|
|
71,254 |
|
|
1,142,914 |
|
TransAct Technologies b |
|
|
78,600 |
|
|
939,270 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
4,802,974 |
|
|
|
|
|
|
|
||
Electronic Equipment, Instruments & Components - 6.1% |
|
|
|
|
|
|
|
Agilysys b |
|
|
90,000 |
|
|
516,600 |
|
Diguang International Development b |
|
|
230,000 |
|
|
34,500 |
|
Diploma |
|
|
50,000 |
|
|
256,672 |
|
Domino Printing Sciences |
|
|
80,000 |
|
|
809,158 |
|
Frequency Electronics b |
|
|
175,000 |
|
|
1,795,500 |
|
Hana Microelectronics |
|
|
500,000 |
|
|
396,760 |
|
|
|
107,100 |
|
|
1,424,430 |
|
|
Inficon Holding |
|
|
3,600 |
|
|
754,491 |
|
Mercury Computer Systems b |
|
|
20,900 |
|
|
442,244 |
|
Mesa Laboratories |
|
|
48,267 |
|
|
1,378,988 |
|
Methode Electronics |
|
|
28,400 |
|
|
343,072 |
|
Newport Corporation b |
|
|
80,900 |
|
|
1,442,447 |
|
Park Electrochemical |
|
|
15,400 |
|
|
496,650 |
|
Pulse Electronics |
|
|
150,000 |
|
|
907,500 |
|
|
|
30,150 |
|
|
205,623 |
|
|
Richardson Electronics |
|
|
250,900 |
|
|
3,306,862 |
|
Rogers Corporation b |
|
|
58,400 |
|
|
2,631,504 |
|
SMART Modular Technologies (WWH) b |
|
|
128,600 |
|
|
999,222 |
|
TTM Technologies b |
|
|
114,400 |
|
|
2,077,504 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
20,219,727 |
|
|
|
|
|
|
|
||
Internet Software & Services - 1.0% |
|
|
|
|
|
|
|
|
|
88,300 |
|
|
145,695 |
|
|
iPass |
|
|
354,147 |
|
|
552,469 |
|
Marchex Cl. B |
|
|
95,000 |
|
|
747,650 |
|
Support.com b |
|
|
215,000 |
|
|
1,115,850 |
|
WebMediaBrands b |
|
|
525,000 |
|
|
735,000 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3,296,664 |
|
|
|
|
|
|
|
||
IT Services - 4.6% |
|
|
|
|
|
|
|
Cass Information Systems |
|
|
15,000 |
|
|
589,350 |
|
Computer Task Group b |
|
|
236,100 |
|
|
3,137,769 |
|
Forrester Research |
|
|
54,900 |
|
|
2,102,121 |
|
iGATE Corporation |
|
|
81,200 |
|
|
1,524,124 |
|
Innodata Isogen b |
|
|
593,832 |
|
|
1,437,074 |
|
Integral Systems b |
|
|
123,000 |
|
|
1,496,910 |
|
Sapient Corporation b |
|
|
350,000 |
|
|
4,007,500 |
|
Virtusa Corporation b |
|
|
6,475 |
|
|
121,277 |
|
Yucheng Technologies b |
|
|
144,944 |
|
|
581,225 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
14,997,350 |
|
|
|
|
|
|
|
||
Semiconductors & Semiconductor Equipment - 1.2% |
|
|
|
|
|
|
|
Advanced Analogic Technologies b |
|
|
80,000 |
|
|
302,400 |
|
Exar Corporation b |
|
|
261,208 |
|
|
1,572,472 |
|
Himax Technologies ADR |
|
|
159,468 |
|
|
377,939 |
|
Integrated Silicon Solution b |
|
|
116,400 |
|
|
1,079,028 |
|
PLX Technology b |
|
|
80,000 |
|
|
292,000 |
|
Rudolph Technologies b |
|
|
28,900 |
|
|
316,166 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3,940,005 |
|
|
|
|
|
|
|
||
Software - 2.1% |
|
|
|
|
|
|
|
ACI Worldwide b |
|
|
69,600 |
|
|
2,282,880 |
|
Actuate Corporation b |
|
|
207,500 |
|
|
1,079,000 |
|
American Software Cl. A |
|
|
78,400 |
|
|
578,592 |
|
Fundtech b |
|
|
51,000 |
|
|
887,400 |
|
Pegasystems |
|
|
49,000 |
|
|
1,859,060 |
|
S1 Corporation b |
|
|
60,000 |
|
|
400,800 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
7,087,732 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
57,996,828 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Materials 8.3% |
|
|
|
|
|
|
|
Chemicals - 2.1% |
|
|
|
|
|
|
|
Balchem Corporation |
|
|
63,375 |
|
|
2,377,830 |
|
Hawkins |
|
|
44,866 |
|
|
1,843,095 |
|
Landec Corporation b |
|
|
60,300 |
|
|
391,950 |
|
Quaker Chemical |
|
|
53,700 |
|
|
2,157,129 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
6,770,004 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Construction Materials - 0.8% |
|
|
|
|
|
|
|
Ash Grove Cement d |
|
|
8,000 |
|
|
1,344,000 |
|
Monarch Cement |
|
|
52,303 |
|
|
1,320,651 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
2,664,651 |
|
|
|
|
|
|
|
||
Metals & Mining - 4.6% |
|
|
|
|
|
|
|
Aurizon Mines b |
|
|
47,000 |
|
|
330,410 |
|
Central Steel & Wire d |
|
|
1,088 |
|
|
701,760 |
|
Chesapeake Gold b |
|
|
20,000 |
|
|
251,676 |
|
|
|
618,200 |
|
|
1,657,886 |
|
|
Endeavour Mining (Warrants) b |
|
|
50,000 |
|
|
46,416 |
|
Exeter Resource b |
|
|
140,000 |
|
|
747,600 |
|
Extorre Gold Mines b |
|
|
140,000 |
|
|
840,000 |
|
Gammon Gold b |
|
|
74,636 |
|
|
779,946 |
|
Haynes International |
|
|
14,100 |
|
|
781,845 |
|
Horsehead Holding Corporation b |
|
|
65,000 |
|
|
1,108,250 |
|
MAG Silver b |
|
|
74,750 |
|
|
891,767 |
|
Materion Corporation b |
|
|
27,000 |
|
|
1,101,600 |
|
Midway Gold b |
|
|
345,000 |
|
|
621,000 |
|
Minefinders Corporation b |
|
|
36,000 |
|
|
474,120 |
|
Northgate Minerals b |
|
|
270,000 |
|
|
729,000 |
|
Olympic Steel |
|
|
22,000 |
|
|
721,820 |
|
Ossen Innovation ADR b |
|
|
90,000 |
|
|
314,100 |
|
RTI International Metals b |
|
|
25,000 |
|
|
778,750 |
|
Seabridge Gold b |
|
|
16,700 |
|
|
531,394 |
|
Sprott Resource b |
|
|
104,400 |
|
|
578,265 |
|
Synalloy Corporation |
|
|
58,200 |
|
|
749,034 |
|
Victoria Gold b |
|
|
200,000 |
|
|
169,159 |
|
|
|
50,000 |
|
|
200,000 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
15,105,798 |
|
|
|
|
|
|
|
||
Paper & Forest Products - 0.8% |
|
|
|
|
|
|
|
Pope Resources L.P. |
|
|
51,205 |
|
|
2,393,834 |
|
QX Paper c |
|
|
1,500,000 |
|
|
420,387 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
2,814,221 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
27,354,674 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Telecommunication Services 0.6% |
|
|
|
|
|
|
|
Diversified Telecommunication Services - 0.6% |
|
|
|
|
|
|
|
Atlantic Tele-Network |
|
|
7,500 |
|
|
278,925 |
|
Neutral Tandem b |
|
|
123,500 |
|
|
1,821,625 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
2,100,550 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Utilities 0.2% |
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders - 0.2% |
|
|
|
|
|
|
|
|
|
83,100 |
|
|
603,306 |
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
603,306 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Miscellaneouse 2.0% |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
6,561,517 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
(Cost $232,415,274) |
|
|
|
|
|
330,630,303 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
PREFERRED STOCK 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $578,719) |
|
|
45,409 |
|
|
1,350,464 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENT 17.5% |
|
|
|
|
|
|
|
State Street Bank & Trust Company, |
|
|
|
|
|
57,650,000 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
COLLATERAL RECEIVED FOR SECURITIES |
|
|
|
|
|
|
|
Money Market Funds |
|
|
|
|
|
7,070,643 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 120.4% |
|
|
|
|
|
|
|
(Cost $297,714,636) |
|
|
|
|
|
396,701,410 |
|
|
|
|
|
|
|
|
|
LIABILITIES LESS CASH |
|
|
|
|
|
(7,205,966 |
) |
|
|
|
|
|
|
|
|
PREFERRED STOCK (18.2)% |
|
|
|
|
|
(60,000,000 |
) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
NET ASSETS APPLICABLE TO COMMON |
|
|
|
|
$ |
329,495,444 |
|
|
|
|
|
|
|
|
|
All or a portion of these securities were on loan at March 31, 2011. Total market value of loaned securities at March 31, 2011 was $6,869,352. |
|
Non-income producing. |
|
Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Funds Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. |
|
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. |
|
Includes securities first acquired in 2011 and less than 1% of net assets applicable to Common Stockholders. |
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $298,129,108. At March 31, 2011, net unrealized appreciation for all securities was $98,572,302, consisting of aggregate gross unrealized appreciation of $122,624,353 and aggregate gross unrealized depreciation of $24,052,051. 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 under
procedures approved 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 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 Funds 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 the Funds own assumptions in determining the fair value of investments). |
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2011. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common stocks |
|
|
$293,908,664 |
|
|
$36,265,050 |
|
|
$456,589 |
|
|
$330,630,303 |
|
Preferred stocks |
|
|
|
|
|
1,350,464 |
|
|
|
|
|
1,350,464 |
|
Cash equivalents |
|
|
7,070,643 |
|
|
57,650,000 |
|
|
|
|
|
64,720,643 |
|
Level 3 Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of 12/31/10 |
|
|
Purchases |
|
|
Transfers Out |
|
|
Sales |
|
|
Realized and Unrealized Gain (Loss) |
|
|
Balance as of 3/31/11 |
|
Common stocks |
|
|
$36,229 |
|
|
$459,067 |
|
|
$ |
|
|
$ |
|
|
$(38,707) |
|
|
$456,589 |
|
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 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.
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 Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.
Item 3 - Exhibits
Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Royce Micro-Cap Trust, Inc.
By:
/s/Charles M. Royce
Charles M. Royce
President, Royce Micro-Cap Trust, Inc.
Date: May 24, 2011
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 24, 2011
By:
/s/John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 24, 2011