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: 12/31/2015
Date of reporting period: 3/31/2015
Item 1 - Schedule of Investments
SCHEDULE OF INVESTMENTS |
ROYCE MICRO-CAP TRUST |
MARCH 31, 2015 (UNAUDITED) |
SHARES | VALUE | |||||
COMMON STOCKS 101.9% | ||||||
Consumer Discretionary 17.3% | ||||||
Auto Components - 2.7% | ||||||
Drew Industries 1 |
60,200 | $ | 3,704,708 | |||
Fuel Systems Solutions 2 |
152,000 | 1,678,080 | ||||
Global & Yuasa Battery |
58,500 | 2,636,541 | ||||
Motorcar Parts of America 2 |
50,000 | 1,389,500 | ||||
Standard Motor Products |
20,900 | 883,234 | ||||
10,292,063 | ||||||
Distributors - 0.8% | ||||||
Core-Mark Holding Company |
16,800 | 1,080,576 | ||||
Weyco Group |
59,600 | 1,782,040 | ||||
2,862,616 | ||||||
Diversified Consumer Services - 1.7% | ||||||
American Public Education 2 |
59,300 | 1,777,814 | ||||
Capella Education |
1,300 | 84,344 | ||||
Collectors Universe |
83,100 | 1,874,736 | ||||
Liberty Tax 2 |
68,000 | 1,892,440 | ||||
Lincoln Educational Services 2 |
425,800 | 970,824 | ||||
6,600,158 | ||||||
Hotels, Restaurants & Leisure - 0.6% | ||||||
Monarch Casino & Resort 2 |
31,997 | 612,423 | ||||
MTY Food Group |
53,100 | 1,451,440 | ||||
Nathans Famous |
2,100 | 113,715 | ||||
2,177,578 | ||||||
Household Durables - 3.1% | ||||||
Cavco Industries 2 |
15,891 | 1,192,779 | ||||
Ethan Allen Interiors 1 |
69,700 | 1,926,508 | ||||
Flexsteel Industries 1 |
84,800 | 2,653,392 | ||||
15,000 | 489,450 | |||||
Lifetime Brands |
158,894 | 2,427,900 | ||||
Skyline Corporation 2 |
183,400 | 638,232 | ||||
Stanley Furniture 2 |
93,468 | 294,424 | ||||
Universal Electronics 2 |
37,900 | 2,139,076 | ||||
11,761,761 | ||||||
Internet & Catalog Retail - 0.8% | ||||||
Blue Nile 2 |
50,000 | 1,592,000 | ||||
FTD Companies 2 |
48,700 | 1,458,078 | ||||
3,050,078 | ||||||
Leisure Products - 1.6% | ||||||
Arctic Cat |
11,500 | 417,680 | ||||
446,000 | 972,280 | |||||
Nautilus 2 |
185,600 | 2,834,112 | ||||
142,000 | 1,807,660 | |||||
Sturm, Ruger & Co. |
1,100 | 54,593 | ||||
6,086,325 | ||||||
Media - 1.1% | ||||||
Rentrak Corporation 2 |
30,900 | 1,716,804 | ||||
RR Media |
6,600 | 50,556 | ||||
Sizmek 2 |
5,800 | 42,108 | ||||
Value Line |
169,000 | 2,469,090 | ||||
4,278,558 | ||||||
Specialty Retail - 2.8% | ||||||
Aeropostale 2 |
165,000 | 572,550 | ||||
27,100 | 1,470,175 | |||||
Destination Maternity |
187,600 | 2,825,256 | ||||
Kirklands 2 |
12,300 | 292,125 | ||||
Le Chateau Cl. A 2 |
685,000 | 275,828 | ||||
Lewis Group |
57,000 | 363,025 | ||||
Shoe Carnival 1 |
31,628 | 931,128 | ||||
Stage Stores 1 |
25,000 | 573,000 | ||||
44,000 | 537,680 | |||||
Tandy Leather Factory |
21,133 | 186,393 | ||||
TravelCenters of America LLC 2 |
106,363 | 1,854,971 | ||||
West Marine 2 |
86,000 | 797,220 | ||||
10,679,351 | ||||||
Textiles, Apparel & Luxury Goods - 2.1% | ||||||
Crown Crafts |
161,259 | 1,252,982 | ||||
Culp |
60,300 | 1,613,025 | ||||
J.G. Boswell Company 4 |
2,490 | 1,805,250 | ||||
44,374 | 1,265,547 | |||||
YGM Trading |
1,262,000 | 2,033,671 | ||||
7,970,475 | ||||||
Total | 65,758,963 | |||||
Consumer Staples 3.0% | ||||||
Beverages - 0.1% | ||||||
Crimson Wine Group 2,4 |
58,124 | 528,928 | ||||
Food Products - 2.7% | ||||||
Alico |
15,900 | 815,034 | ||||
Binggrae |
18,078 | 1,338,935 | ||||
42,900 | 1,061,775 | |||||
John B. Sanfilippo & Son |
30,600 | 1,318,860 | ||||
Landec Corporation 2 |
75,610 | 1,054,759 | ||||
Limoneira Company |
6,400 | 139,520 | ||||
Seneca Foods Cl. A 2 |
51,400 | 1,532,234 | ||||
Seneca Foods Cl. B 2 |
42,500 | 1,485,375 | ||||
SunOpta 2 |
125,800 | 1,335,996 | ||||
806,207 | 306,359 | |||||
10,388,847 | ||||||
Personal Products - 0.2% | ||||||
Inter Parfums 1 |
17,100 | 557,802 | ||||
Total | 11,475,577 | |||||
Energy 1.8% | ||||||
Energy Equipment & Services - 0.7% | ||||||
Canadian Energy Services & Technology |
25,000 | 105,997 | ||||
Dawson Geophysical 2 |
93,654 | 399,902 | ||||
9,500 | 156,845 | |||||
Gulf Island Fabrication |
29,116 | 432,664 | ||||
27,900 | 489,924 | |||||
North American Energy Partners |
50,000 | 145,500 | ||||
57,500 | 311,650 | |||||
Tesco Corporation 1 |
58,000 | 659,460 | ||||
2,701,942 | ||||||
Oil, Gas & Consumable Fuels - 1.1% | ||||||
Ardmore Shipping |
8,500 | 85,595 | ||||
Permian Basin Royalty Trust |
406,333 | 3,287,234 | ||||
102,100 | 57,523 | |||||
StealthGas 2 |
74,500 | 487,975 | ||||
3,918,327 | ||||||
Total | 6,620,269 | |||||
Financials 18.0% | ||||||
Banks - 2.0% | ||||||
Bank of N.T. Butterfield & Son |
438,100 | 867,438 | ||||
BCB Holdings 2 |
723,215 | 107,282 | ||||
Blue Hills Bancorp 2 |
50,000 | 661,000 | ||||
Bryn Mawr Bank |
25,000 | 760,250 | ||||
Chemung Financial 1 |
31,000 | 877,300 | ||||
140,200 | 2,335,732 | |||||
First Bancorp (The) |
40,200 | 701,490 | ||||
Peapack-Gladstone Financial |
53,606 | 1,157,889 | ||||
7,468,381 | ||||||
Capital Markets - 9.1% | ||||||
ASA Gold and Precious Metals |
206,150 | 2,077,992 | ||||
BHF Kleinwort Benson Group 2 |
186,000 | 938,362 | ||||
Cowen Group 2 |
323,900 | 1,684,280 | ||||
27,879 | 4,460,640 | |||||
Equity Trustees |
42,229 | 701,086 | ||||
FBR & Co. 2 |
51,684 | 1,194,417 | ||||
Fiera Capital Cl. A |
78,000 | 848,636 | ||||
25,727 | 764,864 | |||||
JZ Capital Partners |
253,999 | 1,557,908 | ||||
Medley Management Cl. A |
126,800 | 1,393,532 | ||||
MVC Capital 1 |
387,400 | 3,672,552 | ||||
Newtek Business Services |
78,100 | 1,290,993 | ||||
OHA Investment |
230,820 | 1,216,421 | ||||
Queen City Investments 4 |
948 | 1,023,963 | ||||
Silvercrest Asset Management |
||||||
Group Cl. A |
228,600 | 3,257,550 | ||||
Sprott |
622,200 | 1,326,391 | ||||
U.S. Global Investors Cl. A |
651,254 | 2,080,757 | ||||
Urbana Corporation |
237,600 | 377,068 | ||||
Westwood Holdings Group 1 |
34,700 | 2,092,410 | ||||
ZAIS Group Holdings Cl. A 2 |
292,160 | 2,623,597 | ||||
34,583,419 | ||||||
Consumer Finance - 1.1% | ||||||
201,000 | 1,835,130 | |||||
J.G. Wentworth Company Cl. A 2 |
160,000 | 1,662,400 | ||||
Regional Management 2 |
51,400 | 758,664 | ||||
4,256,194 | ||||||
Diversified Financial Services - 0.7% | ||||||
Banca Finnat Euramerica |
1,310,000 | 772,328 | ||||
GAIN Capital Holdings |
25,000 | 244,250 | ||||
45,700 | 740,797 | |||||
Warsaw Stock Exchange |
52,900 | 678,451 | ||||
2,435,826 | ||||||
Insurance - 2.1% | ||||||
Hallmark Financial Services 2 |
114,000 | 1,208,400 | ||||
Independence Holding Company |
105,380 | 1,432,114 | ||||
7,033 | 1,788,492 | |||||
State Auto Financial 1 |
97,264 | 2,362,543 | ||||
United Fire Group 1 |
38,603 | 1,226,417 | ||||
8,017,966 | ||||||
Real Estate Investment Trusts (REITs) - 0.4% | ||||||
BRT Realty Trust 2 |
230,331 | 1,644,564 | ||||
Real Estate Management & Development - 2.6% | ||||||
AV Homes 2 |
53,600 | 855,456 | ||||
53,000 | 835,810 | |||||
88,381 | 3,217,068 | |||||
Griffin Land & Nurseries |
47,746 | 1,434,290 | ||||
Hopefluent Group Holdings |
1,400,000 | 410,320 | ||||
Marcus & Millichap 2 |
2,700 | 101,196 | ||||
112,162 | 2,966,685 | |||||
Tejon Ranch (Warrants) 2 |
13,146 | 10,517 | ||||
9,831,342 | ||||||
Total | 68,237,692 | |||||
Health Care 10.4% | ||||||
Biotechnology - 1.2% | ||||||
Aquinox Pharmaceuticals 2 |
47,622 | 408,597 | ||||
114,102 | 940,200 | |||||
Celsion Corporation 2 |
115,555 | 308,532 | ||||
ChemoCentryx 2 |
70,000 | 528,500 | ||||
Coronado Biosciences 2 |
234,400 | 902,440 | ||||
Heron Therapeutics 2 |
59,147 | 860,589 | ||||
Zealand Pharma 2 |
42,200 | 631,580 | ||||
4,580,438 | ||||||
Health Care Equipment & Supplies - 4.8% | ||||||
Allied Healthcare Products 2 |
61,772 | 100,688 | ||||
42,163 | 750,080 | |||||
Atrion Corporation |
11,671 | 4,032,447 | ||||
140,000 | 583,800 | |||||
Cynosure Cl. A 2 |
3,300 | 101,211 | ||||
Derma Sciences 2 |
74,958 | 634,894 | ||||
137,200 | 3,516,436 | |||||
Inogen 2 |
5,400 | 172,746 | ||||
Invacare Corporation 1 |
89,300 | 1,733,313 | ||||
Meridian Bioscience |
63,100 | 1,203,948 | ||||
STRATEC Biomedical |
14,000 | 686,452 | ||||
Symmetry Surgical 2 |
2,975 | 21,807 | ||||
71,235 | 383,957 | |||||
Syneron Medical 2 |
69,200 | 856,696 | ||||
TearLab Corporation 2 |
100,000 | 199,000 | ||||
Trinity Biotech ADR Cl. A |
55,800 | 1,074,150 | ||||
Utah Medical Products |
38,100 | 2,280,666 | ||||
18,332,291 | ||||||
Health Care Providers & Services - 3.1% | ||||||
Aceto Corporation |
72,219 | 1,588,818 | ||||
Addus HomeCare 2 |
66,000 | 1,519,320 | ||||
9,500 | 334,780 | |||||
40,000 | 1,376,400 | |||||
Cross Country Healthcare 2 |
240,700 | 2,854,702 | ||||
National Research Cl. A |
40,033 | 576,475 | ||||
40,000 | 1,127,600 | |||||
Psychemedics Corporation |
83,200 | 1,381,120 | ||||
U.S. Physical Therapy |
23,857 | 1,133,208 | ||||
11,892,423 | ||||||
Health Care Technology - 0.3% | ||||||
Computer Programs and Systems |
5,000 | 271,300 | ||||
HealthStream 2 |
24,227 | 610,520 | ||||
Vocera Communications 2 |
33,100 | 328,352 | ||||
1,210,172 | ||||||
Pharmaceuticals - 1.0% | ||||||
80,000 | 741,600 | |||||
Lipocine 2 |
37,800 | 260,820 | ||||
Repros Therapeutics 2 |
129,000 | 1,108,110 | ||||
Theravance Biopharma 2 |
83,509 | 1,448,881 | ||||
3,559,411 | ||||||
Total | 39,574,735 | |||||
Industrials 20.7% | ||||||
Aerospace & Defense - 1.7% | ||||||
Breeze-Eastern Corporation 2 |
24,233 | 249,357 | ||||
CPI Aerostructures 2 |
91,194 | 1,112,567 | ||||
89,100 | 2,307,690 | |||||
FLYHT Aerospace Solutions 2 |
800,200 | 142,154 | ||||
Innovative Solutions and Support 2 |
142,828 | 542,746 | ||||
Kratos Defense & Security Solutions 2 |
72,324 | 399,952 | ||||
SIFCO Industries |
45,800 | 997,982 | ||||
35,700 | 874,650 | |||||
6,627,098 | ||||||
Building Products - 2.3% | ||||||
30,300 | 743,259 | |||||
35,400 | 1,937,442 | |||||
Apogee Enterprises |
31,900 | 1,378,080 | ||||
Burnham Holdings Cl. A 4 |
117,000 | 2,485,080 | ||||
Insteel Industries |
52,400 | 1,133,412 | ||||
Patrick Industries 2 |
14,700 | 915,369 | ||||
8,592,642 | ||||||
Commercial Services & Supplies - 1.3% | ||||||
CompX International Cl. A |
107,500 | 1,225,500 | ||||
Heritage-Crystal Clean 2 |
221,077 | 2,586,601 | ||||
Horizon North Logistics |
22,300 | 40,848 | ||||
88,900 | 303,149 | |||||
17,500 | 682,150 | |||||
4,838,248 | ||||||
Construction & Engineering - 3.2% | ||||||
Ameresco Cl. A 2 |
295,700 | 2,188,180 | ||||
Integrated Electrical Services 2 |
570,682 | 5,022,002 | ||||
50,000 | 250,500 | |||||
107,100 | 3,356,514 | |||||
Orbit Garant Drilling 2 |
1,512,500 | 1,516,620 | ||||
12,333,816 | ||||||
Electrical Equipment - 1.1% | ||||||
Encore Wire 1 |
15,000 | 568,200 | ||||
Global Power Equipment Group |
55,649 | 734,567 | ||||
LSI Industries |
99,012 | 806,948 | ||||
Orion Energy Systems 2 |
100,000 | 314,000 | ||||
Powell Industries |
28,400 | 959,068 | ||||
Preformed Line Products |
17,243 | 726,447 | ||||
Vicor 2 |
3,524 | 53,565 | ||||
4,162,795 | ||||||
Industrial Conglomerates - 0.5% | ||||||
Raven Industries 1 |
93,400 | 1,910,964 | ||||
Machinery - 5.8% | ||||||
Alamo Group |
14,200 | 896,446 | ||||
39,250 | 209,595 | |||||
CIRCOR International 1 |
1,100 | 60,170 | ||||
Columbus McKinnon |
10,550 | 284,217 | ||||
Douglas Dynamics |
50,000 | 1,142,000 | ||||
Eastern Company (The) |
39,750 | 797,385 | ||||
Foster (L.B.) Company 1 |
46,400 | 2,203,072 | ||||
111,948 | 2,683,394 | |||||
Hurco Companies |
57,266 | 1,885,769 | ||||
Kadant |
18,200 | 957,502 | ||||
Luxfer Holdings ADR |
27,812 | 371,846 | ||||
NN |
136,000 | 3,410,880 | ||||
Pfeiffer Vacuum Technology |
21,000 | 1,787,494 | ||||
PMFG 2 |
223,245 | 1,038,089 | ||||
Sun Hydraulics |
9,300 | 384,648 | ||||
Tecumseh Products 2 |
265,000 | 749,950 | ||||
Tennant Company 1 |
33,500 | 2,189,895 | ||||
Twin Disc |
5,200 | 91,884 | ||||
Wabash National 2 |
52,500 | 740,250 | ||||
21,884,486 | ||||||
Marine - 0.3% | ||||||
Clarkson |
32,700 | 1,090,953 | ||||
Professional Services - 2.4% | ||||||
Acacia Research 1 |
58,800 | 629,160 | ||||
CBIZ 2 |
47,000 | 438,510 | ||||
Franklin Covey 2 |
65,000 | 1,251,900 | ||||
Heidrick & Struggles International |
98,268 | 2,415,428 | ||||
ICF International 2 |
15,700 | 641,345 | ||||
Kforce 1 |
71,000 | 1,584,010 | ||||
Mistras Group 2 |
4,100 | 78,966 | ||||
Navigant Consulting 2 |
5,100 | 66,096 | ||||
Resources Connection |
20,000 | 350,000 | ||||
RPX Corporation 2 |
104,900 | 1,509,511 | ||||
8,964,926 | ||||||
Road & Rail - 1.1% | ||||||
Marten Transport |
3,300 | 76,560 | ||||
29,460 | 735,616 | |||||
134,200 | 3,379,156 | |||||
4,191,332 | ||||||
Trading Companies & Distributors - 0.8% | ||||||
Houston Wire & Cable |
162,075 | 1,576,990 | ||||
Lawson Products 2 |
47,769 | 1,108,718 | ||||
MFC Industrial 2 |
70,000 | 284,200 | ||||
2,969,908 | ||||||
Transportation Infrastructure - 0.2% | ||||||
Touax |
53,197 | 882,001 | ||||
Total | 78,449,169 | |||||
Information Technology 22.2% | ||||||
Communications Equipment - 1.1% | ||||||
Alliance Fiber Optic Products |
45,300 | 789,126 | ||||
7,500 | 104,100 | |||||
Bel Fuse Cl. A |
67,705 | 1,241,710 | ||||
CalAmp Corporation 2 |
5,500 | 89,045 | ||||
Ceragon Networks 2 |
29,700 | 33,858 | ||||
ClearOne |
25,000 | 266,500 | ||||
Extreme Networks 2 |
320,000 | 1,011,200 | ||||
KVH Industries 2 |
8,900 | 134,568 | ||||
Oclaro 2 |
27,900 | 55,242 | ||||
PCTEL |
44,100 | 352,800 | ||||
Sandvine Corporation 2 |
22,700 | 65,597 | ||||
4,143,746 | ||||||
Electronic Equipment, Instruments & Components - 7.4% | ||||||
Agilysys 2 |
170,587 | 1,678,576 | ||||
Deswell Industries |
544,371 | 1,001,643 | ||||
DTS 2 |
85,400 | 2,909,578 | ||||
Identiv 2 |
46,300 | 397,254 | ||||
Inficon Holding |
3,600 | 1,286,039 | ||||
LRAD Corporation 2 |
401,756 | 944,127 | ||||
Mercury Systems 2 |
5,700 | 88,635 | ||||
38,489 | 2,778,906 | |||||
200,023 | 3,812,438 | |||||
127,800 | 2,048,634 | |||||
PC Connection |
43,716 | 1,140,550 | ||||
Richardson Electronics |
330,900 | 2,971,482 | ||||
Rofin-Sinar Technologies 2 |
71,100 | 1,722,753 | ||||
14,700 | 1,208,487 | |||||
179,400 | 1,616,394 | |||||
Vishay Precision Group 2 |
154,000 | 2,453,220 | ||||
28,058,716 | ||||||
Internet Software & Services - 4.7% | ||||||
304,254 | 2,306,245 | |||||
Frontier Services Group 2 |
14,895,286 | 2,288,584 | ||||
169,060 | 3,191,853 | |||||
LivePerson 2 |
3,700 | 37,870 | ||||
Marchex Cl. B |
95,000 | 387,600 | ||||
QuinStreet 2 |
334,600 | 1,990,870 | ||||
RealNetworks 2 |
244,000 | 1,642,120 | ||||
Reis |
25,000 | 641,000 | ||||
Stamps.com 2 |
10,800 | 726,732 | ||||
Support.com 2 |
1,148,263 | 1,791,290 | ||||
50,000 | 1,359,000 | |||||
United Online 2 |
83,300 | 1,326,969 | ||||
17,690,133 | ||||||
IT Services - 1.5% | ||||||
Cass Information Systems 1 |
29,150 | 1,636,481 | ||||
Computer Task Group 1 |
189,900 | 1,388,169 | ||||
Hackett Group (The) |
170,000 | 1,519,800 | ||||
Innodata 2 |
437,275 | 1,154,406 | ||||
Sykes Enterprises 2 |
6,300 | 156,555 | ||||
5,855,411 | ||||||
Semiconductors & Semiconductor Equipment - 3.2% | ||||||
Amtech Systems 2 |
120,700 | 1,349,426 | ||||
Brooks Automation |
122,700 | 1,427,001 | ||||
Cascade Microtech 2 |
51,200 | 695,296 | ||||
CEVA 2 |
14,107 | 300,761 | ||||
Exar Corporation 2 |
180,208 | 1,811,090 | ||||
Intermolecular 2 |
260,000 | 426,400 | ||||
IXYS Corporation |
18,800 | 231,616 | ||||
Kulicke & Soffa Industries 2 |
54,700 | 854,961 | ||||
402,275 | 844,778 | |||||
Nanometrics 2 |
50,800 | 854,456 | ||||
Nova Measuring Instruments 2 |
71,800 | 827,136 | ||||
Photronics 2 |
162,700 | 1,382,950 | ||||
76,899 | 302,982 | |||||
Ultra Clean Holdings 2 |
70,500 | 504,075 | ||||
Xcerra Corporation 2 |
22,400 | 199,136 | ||||
12,012,064 | ||||||
Software - 2.6% | ||||||
American Software Cl. A |
122,752 | 1,254,525 | ||||
BroadSoft 2 |
17,000 | 568,820 | ||||
BSQUARE Corporation 2 |
98,675 | 462,786 | ||||
Envivio 2 |
489,376 | 866,196 | ||||
ePlus 2 |
27,799 | 2,416,567 | ||||
Gigamon 2 |
9,500 | 201,780 | ||||
Kofax 2 |
97,000 | 1,062,150 | ||||
Model N 2 |
65,000 | 777,400 | ||||
PSI 2 |
22,000 | 283,910 | ||||
Rubicon Project 2 |
10,500 | 188,160 | ||||
SeaChange International 2 |
204,000 | 1,601,400 | ||||
Zix Corporation 2 |
78,600 | 308,898 | ||||
9,992,592 | ||||||
Technology Hardware, Storage & Peripherals - 1.7% | ||||||
Avid Technology 2 |
55,400 | 825,460 | ||||
Intevac 2 |
251,700 | 1,545,438 | ||||
Kortek |
135,007 | 1,633,803 | ||||
Qumu Corporation 2 |
161,800 | 2,168,120 | ||||
TransAct Technologies |
78,600 | 464,526 | ||||
6,637,347 | ||||||
Total | 84,390,009 | |||||
Materials 6.2% | ||||||
Chemicals - 2.0% | ||||||
Balchem Corporation 1 |
11,775 | 652,100 | ||||
Chase Corporation |
13,503 | 590,486 | ||||
FutureFuel Corporation |
109,700 | 1,126,619 | ||||
Hawkins 1 |
29,314 | 1,113,639 | ||||
KMG Chemicals |
58,300 | 1,558,359 | ||||
Quaker Chemical 1 |
30,400 | 2,603,456 | ||||
7,644,659 | ||||||
Construction Materials - 0.6% | ||||||
Ash Grove Cement 4 |
8,000 | 1,608,000 | ||||
Monarch Cement 4 |
22,803 | 639,624 | ||||
2,247,624 | ||||||
Containers & Packaging - 0.3% | ||||||
UFP Technologies 2 |
44,336 | 1,009,974 | ||||
Metals & Mining - 3.3% | ||||||
AuRico Gold |
91,250 | 252,762 | ||||
Central Steel & Wire 4 |
788 | 547,660 | ||||
Comstock Mining 2 |
615,000 | 369,000 | ||||
Exeter Resource 2 |
246,500 | 126,800 | ||||
46,601 | 2,078,871 | |||||
Hecla Mining |
44,518 | 132,664 | ||||
11,900 | 150,654 | |||||
Imdex 2 |
633,900 | 173,707 | ||||
MAG Silver 2 |
96,050 | 590,707 | ||||
Major Drilling Group International |
460,857 | 2,499,773 | ||||
Materion Corporation |
50,000 | 1,921,500 | ||||
Midway Gold 2 |
345,000 | 110,400 | ||||
Olympic Steel |
100,000 | 1,346,000 | ||||
Pretium Resources 2 |
90,000 | 453,358 | ||||
Universal Stainless & Alloy Products 2 |
74,800 | 1,961,256 | ||||
12,715,112 | ||||||
Paper & Forest Products - 0.0% | ||||||
1,500,000 | 0 | |||||
Total | 23,617,369 | |||||
Telecommunication Services 0.1% | ||||||
Diversified Telecommunication Services - 0.1% | ||||||
ORBCOMM 2 |
38,000 | 226,860 | ||||
Total | 226,860 | |||||
Utilities 0.2% | ||||||
Gas Utilities - 0.1% | ||||||
Shizuoka Gas |
40,000 | 265,282 | ||||
Independent Power & Renewable Electricity Producer - 0.0% | ||||||
Alterra Power 2 |
450,000 | 124,354 | ||||
Water Utilities - 0.1% | ||||||
GWR Global Water Resources |
106,000 | 521,401 | ||||
Total | 911,037 | |||||
Miscellaneous 6 2.0% | ||||||
Total | 7,467,604 | |||||
TOTAL COMMON STOCKS | ||||||
(Cost $330,423,368) |
386,729,284 | |||||
PREFERRED STOCK 0.3% | ||||||
45,409 | 1,301,422 | |||||
(Cost $578,719) |
1,301,422 | |||||
REPURCHASE AGREEMENT 12.9% | ||||||
Fixed Income Clearing Corporation, | ||||||
0.00% dated 3/31/15, due 4/1/15, |
||||||
maturity value $48,928,000 (collateralized |
||||||
by obligations of various U.S. Government |
||||||
Agencies, 1.875%-2.625% due 6/30/20-8/15/20, |
||||||
valued at $49,906,950) |
||||||
(Cost $48,928,000) |
48,928,000 | |||||
TOTAL INVESTMENTS 115.1% | ||||||
(Cost $379,930,087) |
436,958,706 | |||||
LIABILITIES LESS CASH | ||||||
AND OTHER ASSETS (15.1)% |
(57,366,343 | ) | ||||
NET ASSETS 100.0% | $ | 379,592,363 | ||||
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $380,828,909. At March 31, 2015, net unrealized appreciation for all securities was $56,129,797, consisting of aggregate gross unrealized appreciation of $94,439,353 and aggregate gross unrealized depreciation of $38,309,556. 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 highest 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 | $355,343,987 | $31,078,938 | $306,359 | $386,729,284 | ||||||||||
Preferred Stocks | | 1,301,422 | | 1,301,422 | ||||||||||
Cash Equivalents | | 48,928,000 | | 48,928,000 | ||||||||||
Level 3 Reconciliation: | ||||||||||||||
Unrealized | ||||||||||||||
Balance as of 12/31/14 | Gain (Loss) | Balance as of 3/31/15 | ||||||||||||
Common Stocks | $325,702 | $(19,343) | $306,359 |
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 revolving credit agreement (the credit agreement) with BNP Paribas Prime
Brokerage Inc. (BNPP). As of March 31, 2015, the Fund has outstanding borrowings
of $60,000,000. During the period ended March 31, 2015, the Fund borrowed an average
daily balance of $60,000,000. 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 is compensated by BNPP for any fees or losses related to the failed
delivery or, in the event a recalled security is not 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 receives a portion of the fees
earned by BNPP in connection with the rehypothecation of portfolio securities.
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/ Christopher D. Clark
Christopher
D. Clark
President, Royce Micro-Cap Trust, Inc.
Date: May 21, 2015
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/ Christopher D. Clark
Christopher
D. Clark
President, Royce Micro-Cap Trust, Inc.
Date: May 21, 2015
By:
/s/ Peter K. Hoglund
Peter K.
Hoglund
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 21, 2015