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: 12/31/2006
Date of reporting period: 9/30/2006
Item 1 Schedule of Investments
SCHEDULES OF INVESTMENTS | ||||||
ROYCE MICRO-CAP TRUST | ||||||
SEPTEMBER 30, 2006 (UNAUDITED) | ||||||
COMMON STOCKS - 106.2% |
SHARES | VALUE | ||||||||
Consumer Products - 5.6% |
|||||||||
Apparel and Shoes - 2.4% |
|||||||||
Delta Apparel |
129,300 | $ | 2,522,643 | ||||||
Hartmarx Corporation a |
70,000 | 473,900 | |||||||
14,200 | 0 | ||||||||
3,100 | 92,876 | ||||||||
Steven Madden a |
21,750 | 853,470 | |||||||
Shoe Pavilion a |
146,000 | 1,065,800 | |||||||
Stride Rite |
10,000 | 139,600 | |||||||
Weyco Group |
120,000 | 2,684,400 | |||||||
7,832,689 | |||||||||
Collectibles - 0.4% |
|||||||||
Topps Company (The) |
148,500 | 1,330,560 | |||||||
Food/Beverage/Tobacco - 0.3% |
|||||||||
25,600 | 942,080 | ||||||||
20,000 | 34,200 | ||||||||
976,280 | |||||||||
Home Furnishing and Appliances - 0.3% |
|||||||||
41,000 | 156,620 | ||||||||
Lifetime Brands |
42,054 | 778,840 | |||||||
935,460 | |||||||||
Publishing - 0.1% |
|||||||||
Educational Development |
10,600 | 72,080 | |||||||
Sports and Recreation - 0.8% |
|||||||||
Monaco Coach |
142,400 | 1,586,336 | |||||||
National R.V. Holdings a |
31,800 | 110,346 | |||||||
Orange 21 a |
7,400 | 36,038 | |||||||
Sturm, Ruger & Company a |
95,000 | 735,300 | |||||||
2,468,020 | |||||||||
Other Consumer Products - 1.3% |
|||||||||
Burnham Holdings Cl. A |
79,500 | 1,367,400 | |||||||
Cobra Electronics |
10,000 | 85,000 | |||||||
Cross (A. T.) Company Cl. A a |
100,000 | 636,000 | |||||||
JAKKS Pacific a |
25,000 | 445,750 | |||||||
Lazare Kaplan International a |
151,700 | 1,486,660 | |||||||
4,000 | 60,960 | ||||||||
4,081,770 | |||||||||
Total |
17,696,859 | ||||||||
Consumer Services - 7.0% |
|||||||||
Direct Marketing - 0.3% |
|||||||||
Dover Saddlery a |
9,500 | 68,495 | |||||||
FTD Group a |
55,000 | 849,750 | |||||||
5,000 | 57,950 | ||||||||
976,195 | |||||||||
Leisure and Entertainment - 0.3% |
|||||||||
9,600 | 97,920 | ||||||||
25,000 | 122,250 | ||||||||
Multimedia Games a |
5,000 | 45,400 | |||||||
New Frontier Media a |
50,000 | 412,500 | |||||||
Progressive Gaming International a |
9,500 | 77,900 | |||||||
5,000 | 1,450 | ||||||||
20,000 | 151,800 | ||||||||
909,220 | |||||||||
Media and Broadcasting - 0.2% |
|||||||||
69,750 | 759,578 | ||||||||
Restaurants and Lodgings - 0.3% |
|||||||||
Benihana Cl. A a |
800 | 23,200 | |||||||
2,100 | 62,853 | ||||||||
Champps Entertainment a |
10,000 | 60,800 | |||||||
Famous Daves of America a |
54,670 | 830,984 | |||||||
977,837 | |||||||||
Retail Stores - 5.6% |
|||||||||
A.C. Moore Arts & Crafts a |
47,600 | 905,828 | |||||||
172,000 | 2,829,400 | ||||||||
Buckle (The) |
25,500 | 967,470 | |||||||
Cache a |
3,200 | 57,248 | |||||||
Casual Male Retail Group a |
2,000 | 27,460 | |||||||
Cato Corporation Cl. A |
71,850 | 1,574,234 | |||||||
45,077 | 539,572 | ||||||||
Deb Shops |
19,900 | 510,236 | |||||||
Freds Cl. A a |
7,500 | 94,650 | |||||||
La Senza Corporation |
99,900 | 2,848,412 | |||||||
90,000 | 1,359,000 | ||||||||
Shoe Carnival a |
11,000 | 277,420 | |||||||
Stein Mart |
148,900 | 2,264,769 | |||||||
United Retail Group a |
60,600 | 1,107,768 | |||||||
142,000 | 1,988,000 | ||||||||
51,900 | 318,666 | ||||||||
Wild Oats Markets a |
3,000 | 48,510 | |||||||
17,718,643 | |||||||||
Other Consumer Services - 0.3% |
|||||||||
Ambassadors Group |
15,000 | 424,200 | |||||||
Ambassadors International |
6,100 | 192,699 | |||||||
20,000 | 58,600 | ||||||||
Cash America International |
2,000 | 78,160 | |||||||
26,000 | 141,440 | ||||||||
895,099 | |||||||||
Total |
22,236,572 | ||||||||
Diversified Investment Companies - 1.9% |
|||||||||
Closed-End Mutual Funds - 1.9% |
|||||||||
ASA Bermuda |
73,300 | 4,178,100 | |||||||
Brantley Capital a |
56,100 | 100,980 | |||||||
Central Fund of Canada Cl. A a |
207,000 | 1,740,870 | |||||||
Total |
6,019,950 | ||||||||
Financial Intermediaries - 9.0% |
|||||||||
Banking - 2.8% |
|||||||||
Abigail Adams National Bancorp |
160,500 | 2,166,750 | |||||||
Arrow Financial |
14,752 | 374,102 | |||||||
51,380 | 1,309,676 | ||||||||
First National Lincoln |
40,200 | 680,184 | |||||||
FirstBank NW |
9,860 | 274,502 | |||||||
Lakeland Financial |
45,000 | 1,057,950 | |||||||
Meta Financial Group |
44,800 | 1,102,080 | |||||||
Peapack-Gladstone Financial |
25,800 | 631,326 | |||||||
Queen City Investments a |
948 | 857,940 | |||||||
Quest Capital |
30,000 | 75,151 | |||||||
Sterling Bancorp |
22,869 | 449,605 | |||||||
8,979,266 | |||||||||
Insurance - 2.4% |
|||||||||
American Safety Insurance Holdings a |
20,000 | 366,000 | |||||||
First Acceptance a |
258,405 | 2,969,073 | |||||||
Independence Holding |
33,534 | 729,700 | |||||||
NYMAGIC |
65,400 | 2,073,180 | |||||||
17,200 | 825,772 | ||||||||
Wellington Underwriting |
444,712 | 759,799 | |||||||
7,723,524 | |||||||||
Real Estate Investment Trusts - 0.7% |
|||||||||
Capstead Mortgage |
154,900 | 1,336,787 | |||||||
Opteum Cl. A |
99,000 | 796,950 | |||||||
2,133,737 | |||||||||
Securities Brokers - 1.4% |
|||||||||
First Albany Companies a |
95,000 | 399,000 | |||||||
111,200 | 2,596,520 | ||||||||
Sanders Morris Harris Group |
21,000 | 262,710 | |||||||
21,233 | 673,935 | ||||||||
6,500 | 104,325 | ||||||||
30,000 | 452,100 | ||||||||
4,488,590 | |||||||||
Other Financial Intermediaries - 1.7% |
|||||||||
Electronic Clearing House a |
20,000 | 360,000 | |||||||
MVC Capital |
211,200 | 2,737,152 | |||||||
123,700 | 1,295,139 | ||||||||
NGP Capital Resources Company |
58,600 | 854,974 | |||||||
5,247,265 | |||||||||
Total |
28,572,382 | ||||||||
Financial Services - 2.5% |
|||||||||
Insurance Brokers - 0.1% |
|||||||||
Crawford & Company Cl. A |
50,000 | 299,500 | |||||||
Investment Management - 1.9% |
|||||||||
ADDENDA Capital |
78,000 | 1,657,347 | |||||||
Epoch Holding Corporation a |
218,300 | 1,440,780 | |||||||
Hennessy Advisors |
16,500 | 409,200 | |||||||
317,200 | 1,769,976 | ||||||||
Highbury Financial (Warrants) a |
634,400 | 564,616 | |||||||
Rockwater Capital a |
50,000 | 310,892 | |||||||
6,152,811 | |||||||||
Other Financial Services - 0.5% |
|||||||||
102,600 | 897,750 | ||||||||
Chardan North China Acquisition (Warrants) a |
148,000 | 544,640 | |||||||
MicroFinancial |
10,000 | 32,600 | |||||||
1,474,990 | |||||||||
Total |
7,927,301 | ||||||||
Health - 15.7% |
|||||||||
Commercial Services - 2.1% |
|||||||||
First Consulting Group a |
274,700 | 2,678,325 | |||||||
121,400 | 4,017,126 | ||||||||
6,695,451 | |||||||||
Drugs and Biotech - 5.3% |
|||||||||
233,600 | 880,672 | ||||||||
3,000 | 43,230 | ||||||||
AnorMED a |
120,600 | 1,525,590 | |||||||
70,000 | 108,500 | ||||||||
Axonyx a |
50,000 | 45,000 | |||||||
11,300 | 72,998 | ||||||||
Cambrex Corporation |
16,000 | 331,360 | |||||||
144,250 | 1,465,580 | ||||||||
25,600 | 295,680 | ||||||||
Cell Genesys a |
58,000 | 265,060 | |||||||
112,200 | 622,710 | ||||||||
25,000 | 324,750 | ||||||||
5,000 | 32,150 | ||||||||
12,700 | 56,769 | ||||||||
Draxis Health a |
15,000 | 65,700 | |||||||
Durect Corporation a |
44,100 | 180,810 | |||||||
36,700 | 153,406 | ||||||||
15,000 | 49,950 | ||||||||
163,200 | 1,379,040 | ||||||||
6,500 | 27,950 | ||||||||
Gene Logic a |
234,479 | 363,442 | |||||||
271,700 | 793,364 | ||||||||
20,000 | 53,000 | ||||||||
Hi-Tech Pharmacal a |
81,930 | 1,035,595 | |||||||
Idenix Pharmaceuticals a |
5,000 | 48,500 | |||||||
44,000 | 155,760 | ||||||||
Infinity Pharmaceuticals a |
8,750 | 118,125 | |||||||
Lannett Company a |
91,400 | 484,420 | |||||||
42,000 | 798,000 | ||||||||
Maxygen a |
5,000 | 41,550 | |||||||
14,333 | 38,269 | ||||||||
Momenta Pharmaceuticals a |
65,000 | 878,800 | |||||||
25,000 | 616,250 | ||||||||
5,000 | 28,900 | ||||||||
2,700 | 41,202 | ||||||||
Neurogen Corporation a |
30,000 | 202,200 | |||||||
41,000 | 111,520 | ||||||||
Orchid Cellmark a |
78,000 | 180,960 | |||||||
Origin Agritech a |
60,900 | 740,544 | |||||||
Pharmacyclics a |
98,000 | 476,280 | |||||||
25,000 | 485,750 | ||||||||
10,000 | 55,600 | ||||||||
25,000 | 29,000 | ||||||||
69,800 | 372,034 | ||||||||
Theragenics Corporation a |
145,800 | 419,904 | |||||||
30,000 | 264,000 | ||||||||
16,759,874 | |||||||||
Health Services - 2.1% |
|||||||||
ATC Healthcare Cl. A a |
35,000 | 14,350 | |||||||
Albany Molecular Research a |
40,000 | 374,400 | |||||||
Bio-Imaging Technologies a |
42,400 | 179,352 | |||||||
Covalent Group a |
25,000 | 80,000 | |||||||
Gentiva Health Services a |
23,000 | 378,120 | |||||||
HMS Holdings a |
11,900 | 150,178 | |||||||
Healthcare Services Group |
2,800 | 70,448 | |||||||
100,000 | 438,000 | ||||||||
Hooper Holmes a |
88,600 | 298,582 | |||||||
Horizon Health a |
50,000 | 763,500 | |||||||
18,000 | 541,620 | ||||||||
Mediware Information Systems a |
55,000 | 432,850 | |||||||
54,000 | 839,700 | ||||||||
On Assignment a |
41,100 | 403,191 | |||||||
Quovadx a |
5,000 | 13,050 | |||||||
RehabCare Group a |
22,000 | 288,200 | |||||||
Res-Care a |
32,000 | 642,880 | |||||||
51,000 | 547,740 | ||||||||
U.S. Physical Therapy a |
10,000 | 119,200 | |||||||
6,575,361 | |||||||||
Medical Products and Devices - 6.0% |
|||||||||
Adeza Biomedical a |
23,200 | 380,712 | |||||||
Allied Healthcare Products a |
255,800 | 1,340,392 | |||||||
AngioDynamics a |
14,000 | 289,940 | |||||||
Anika Therapeutics a |
24,000 | 319,920 | |||||||
Bruker BioSciences a |
187,200 | 1,312,272 | |||||||
Caliper Life Sciences a |
52,400 | 255,712 | |||||||
Cardiac Science a |
29,947 | 221,608 | |||||||
CONMED Corporation a |
3,900 | 82,329 | |||||||
26,500 | 704,635 | ||||||||
Del Global Technologies a |
168,279 | 227,177 | |||||||
32,666 | 135,237 | ||||||||
10,500 | 42,105 | ||||||||
114,100 | 1,558,606 | ||||||||
IRIDEX Corporation a |
43,600 | 381,500 | |||||||
25,000 | 731,750 | ||||||||
Langer a |
7,100 | 27,335 | |||||||
83,500 | 2,245,315 | ||||||||
Merit Medical Systems a |
5,700 | 77,406 | |||||||
Microtek Medical Holdings a |
79,520 | 278,320 | |||||||
Minrad International a |
12,200 | 48,678 | |||||||
25,500 | 471,495 | ||||||||
12,000 | 185,400 | ||||||||
26,500 | 503,765 | ||||||||
Orthofix International a |
28,000 | 1,273,160 | |||||||
84,000 | 109,200 | ||||||||
PLC Systems a |
105,200 | 92,576 | |||||||
Possis Medical a |
28,900 | 284,665 | |||||||
Shamir Optical Industry a |
7,500 | 67,800 | |||||||
Sirona Dental Systems |
25,000 | 823,250 | |||||||
STAAR Surgical a |
5,000 | 37,600 | |||||||
2,000 | 46,200 | ||||||||
23,000 | 167,210 | ||||||||
252,900 | 710,649 | ||||||||
Utah Medical Products |
42,300 | 1,342,179 | |||||||
Young Innovations |
61,450 | 2,209,742 | |||||||
18,985,840 | |||||||||
Personal Care - 0.2% |
|||||||||
CCA Industries |
9,040 | 87,236 | |||||||
20,000 | 351,200 | ||||||||
Natures Sunshine Products |
7,500 | 75,750 | |||||||
Nutraceutical International a |
15,000 | 204,900 | |||||||
719,086 | |||||||||
Total |
49,735,612 | ||||||||
Industrial Products - 14.4% |
|||||||||
Automotive - 0.9% |
|||||||||
Fuel Systems Solutions a |
6,500 | 82,680 | |||||||
11,400 | 250,458 | ||||||||
Noble International |
41,600 | 520,416 | |||||||
55,000 | 737,000 | ||||||||
Spartan Motors |
2,800 | 52,724 | |||||||
Strattec Security a |
28,300 | 1,083,041 | |||||||
Wescast Industries Cl. A |
12,900 | 143,801 | |||||||
2,870,120 | |||||||||
Building Systems and Components - 0.9% |
|||||||||
Aaon |
63,700 | 1,452,997 | |||||||
Craftmade International |
25,500 | 436,815 | |||||||
1,500 | 12,840 | ||||||||
LSI Industries |
63,812 | 1,036,945 | |||||||
Modtech Holdings a |
3,800 | 21,128 | |||||||
Southern Energy Homes a |
11,600 | 97,672 | |||||||
3,058,397 | |||||||||
Construction Materials - 1.7% |
|||||||||
Ash Grove Cement Company a |
8,000 | 1,584,000 | |||||||
Monarch Cement |
50,410 | 1,477,013 | |||||||
Synalloy Corporation a |
161,000 | 2,263,660 | |||||||
5,324,673 | |||||||||
Industrial Components - 1.9% |
|||||||||
67,000 | 620,420 | ||||||||
Bel Fuse Cl. A |
55,200 | 1,511,376 | |||||||
C & D Technologies b |
53,000 | 376,300 | |||||||
Deswell Industries |
105,300 | 1,118,286 | |||||||
Ladish Company a |
10,000 | 288,800 | |||||||
1,370 | 5,576 | ||||||||
50,300 | 1,113,139 | ||||||||
Tech/Ops Sevcon |
76,200 | 527,304 | |||||||
II-VI a |
20,000 | 498,400 | |||||||
6,059,601 | |||||||||
Machinery - 2.8% |
|||||||||
Alamo Group |
38,600 | 877,764 | |||||||
40,200 | 1,015,050 | ||||||||
Baldwin Technology Company Cl. A a |
45,000 | 260,550 | |||||||
16,300 | 436,514 | ||||||||
47,400 | 23,700 | ||||||||
Gorman-Rupp Company |
3,375 | 110,363 | |||||||
Hardinge |
97,000 | 1,290,100 | |||||||
37,100 | 891,513 | ||||||||
Keithley Instruments |
14,000 | 178,500 | |||||||
LeCroy Corporation a |
2,000 | 27,560 | |||||||
Lindsay Manufacturing |
10,000 | 287,500 | |||||||
MTS Systems |
10,000 | 323,400 | |||||||
Mueller (Paul) Company |
9,650 | 357,050 | |||||||
Sun Hydraulics |
38,950 | 798,865 | |||||||
Tennant Company |
88,200 | 2,146,788 | |||||||
9,025,217 | |||||||||
Metal Fabrication and Distribution - 1.9% |
|||||||||
Aleris International a |
4,075 | 205,950 | |||||||
15,000 | 529,350 | ||||||||
Harris Steel Group |
50,000 | 1,288,302 | |||||||
Haynes International a |
34,770 | 1,253,459 | |||||||
Insteel Industries |
34,400 | 683,528 | |||||||
NN |
114,300 | 1,352,169 | |||||||
Novamerican Steel a |
3,500 | 116,900 | |||||||
Universal Stainless & Alloy Products a |
29,230 | 657,675 | |||||||
6,087,333 | |||||||||
Paper and Packaging - 0.1% |
|||||||||
Mod-Pac Corporation a |
23,200 | 255,200 | |||||||
Pumps, Valves and Bearings - 0.3% |
|||||||||
CIRCOR International |
28,000 | 855,400 | |||||||
Specialty Chemicals and Materials - 1.9% |
|||||||||
Aceto Corporation |
402,119 | 2,830,918 | |||||||
American Vanguard |
3,333 | 46,662 | |||||||
Balchem Corporation a |
22,500 | 445,275 | |||||||
Hawkins |
122,667 | 1,744,325 | |||||||
20,000 | 538,000 | ||||||||
Park Electrochemical |
10,000 | 316,800 | |||||||
5,921,980 | |||||||||
Textiles - 0.1% |
|||||||||
Unifi a |
100,000 | 240,000 | |||||||
Other Industrial Products - 1.9% |
|||||||||
7,800 | 63,882 | ||||||||
50,000 | 849,000 | ||||||||
Distributed Energy Systems a |
56,000 | 180,880 | |||||||
Eastern Company (The) |
26,500 | 742,000 | |||||||
Maxwell Technologies a |
15,300 | 311,202 | |||||||
Peerless Manufacturing a |
42,200 | 1,084,540 | |||||||
Quixote Corporation |
35,500 | 632,610 | |||||||
Raven Industries |
73,000 | 2,190,730 | |||||||
6,054,844 | |||||||||
Total |
45,752,765 | ||||||||
Industrial Services - 12.5% |
|||||||||
Advertising and Publishing - 0.5% |
|||||||||
Greenfield Online a |
20,000 | 207,800 | |||||||
MDC Partners Cl. A a |
84,000 | 608,160 | |||||||
50,000 | 711,500 | ||||||||
1,527,460 | |||||||||
Commercial Services - 5.3% |
|||||||||
Acacia Research-Acacia Technologies a |
48,750 | 553,312 | |||||||
Acquicor Technology (Units) a |
205,000 | 1,445,250 | |||||||
American Bank Note Holographics a |
242,200 | 811,370 | |||||||
BB Holdings a |
390,000 | 1,142,789 | |||||||
Carlisle Group a |
151,000 | 265,761 | |||||||
87,000 | 635,100 | ||||||||
Clark |
66,800 | 752,836 | |||||||
Collectors Universe |
11,700 | 163,215 | |||||||
CorVel Corporation a |
31,850 | 1,117,298 | |||||||
Exponent a |
136,600 | 2,277,122 | |||||||
51,200 | 2,163,200 | ||||||||
Kforce a |
55,000 | 656,150 | |||||||
PDI a |
15,000 | 174,300 | |||||||
RCM Technologies a |
1,000 | 5,070 | |||||||
Renaissance Learning |
2,365 | 33,843 | |||||||
SM&A a |
31,300 | 191,243 | |||||||
47,000 | 722,390 | ||||||||
44,800 | 398,720 | ||||||||
61,100 | 520,572 | ||||||||
Volt Information Sciences a |
35,200 | 1,251,360 | |||||||
Westaff a |
362,500 | 1,482,625 | |||||||
16,763,526 | |||||||||
Engineering and Construction - 1.1% |
|||||||||
3,200 | 100,832 | ||||||||
Comfort Systems USA |
22,800 | 261,288 | |||||||
Devcon International a |
21,700 | 127,596 | |||||||
75,300 | 1,828,284 | ||||||||
Nobility Homes |
2,000 | 53,620 | |||||||
Skyline Corporation |
32,100 | 1,226,541 | |||||||
3,598,161 | |||||||||
Food and Tobacco Processors - 1.4% |
|||||||||
Cal-Maine Foods |
50,000 | 331,500 | |||||||
Galaxy Nutritional Foods a |
176,200 | 65,194 | |||||||
ML Macadamia Orchards L.P. |
120,200 | 658,696 | |||||||
9,600 | 62,400 | ||||||||
Seneca Foods Cl. A a |
62,500 | 1,693,750 | |||||||
Seneca Foods Cl. B a |
42,500 | 1,145,800 | |||||||
51,480 | 544,144 | ||||||||
4,501,484 | |||||||||
Industrial Distribution - 0.7% |
|||||||||
Central Steel & Wire a |
1,088 | 680,000 | |||||||
Elamex a |
60,200 | 45,150 | |||||||
Lawson Products |
19,500 | 817,440 | |||||||
Strategic Distribution a |
59,690 | 744,334 | |||||||
2,286,924 | |||||||||
Printing - 0.9% |
|||||||||
Bowne & Co. |
66,500 | 949,620 | |||||||
Champion Industries |
23,500 | 170,375 | |||||||
Courier Corporation |
22,950 | 852,363 | |||||||
Ennis |
9,700 | 210,005 | |||||||
Schawk |
38,900 | 708,758 | |||||||
2,891,121 | |||||||||
Transportation and Logistics - 2.2% |
|||||||||
24,150 | 501,113 | ||||||||
Forward Air |
50,700 | 1,677,663 | |||||||
92,000 | 698,280 | ||||||||
MAIR Holdings a |
8,600 | 49,106 | |||||||
4,050 | 69,215 | ||||||||
Pacific CMA a |
200,000 | 90,000 | |||||||
Patriot Transportation Holding a |
3,000 | 226,680 | |||||||
Universal Truckload Services a |
134,200 | 3,485,174 | |||||||
Vitran Corporation Cl. A a |
8,000 | 148,000 | |||||||
6,945,231 | |||||||||
Other Industrial Services - 0.4% |
|||||||||
Landauer |
21,300 | 1,080,975 | |||||||
Team a |
2,200 | 55,132 | |||||||
1,136,107 | |||||||||
Total |
39,650,014 | ||||||||
Natural Resources - 8.6% |
|||||||||
Energy Services - 3.6% |
|||||||||
Calfrac Well Services |
1,000 | 19,548 | |||||||
Carbo Ceramics |
18,750 | 675,563 | |||||||
Conrad Industries a |
154,000 | 592,900 | |||||||
Dawson Geophysical a |
2,400 | 71,280 | |||||||
Dril-Quip a |
27,500 | 1,861,200 | |||||||
Enerflex Systems |
1,900 | 46,746 | |||||||
Gulf Island Fabrication |
45,400 | 1,184,486 | |||||||
65,200 | 2,075,968 | ||||||||
Input/Output a |
43,500 | 431,955 | |||||||
Pason Systems |
222,400 | 3,139,765 | |||||||
StealthGas |
4,900 | 61,201 | |||||||
TGC Industries a |
11,280 | 92,496 | |||||||
Valley National Gases a |
30,100 | 751,597 | |||||||
35,900 | 560,758 | ||||||||
11,565,463 | |||||||||
Oil and Gas - 1.6% |
|||||||||
Bonavista Energy Trust |
69,700 | 2,012,897 | |||||||
56,210 | 631,238 | ||||||||
10,000 | 118,300 | ||||||||
Edge Petroleum a |
2,000 | 32,940 | |||||||
5,500 | 52,635 | ||||||||
Nuvista Energy a |
121,000 | 1,312,029 | |||||||
Particle Drilling Technologies a |
8,000 | 20,720 | |||||||
104,200 | 0 | ||||||||
Pioneer Drilling Company a |
7,500 | 96,300 | |||||||
Savanna Energy Services a |
2,500 | 40,930 | |||||||
198,770 | 323,995 | ||||||||
39,700 | 285,046 | ||||||||
4,927,030 | |||||||||
Precious Metals and Mining - 2.1% |
|||||||||
Aurizon Mines a |
237,000 | 628,050 | |||||||
15,500 | 385,485 | ||||||||
Cumberland Resources a |
220,000 | 1,163,800 | |||||||
Gammon Lake Resources a |
85,236 | 974,247 | |||||||
Gold Reserve a |
14,000 | 57,260 | |||||||
168,100 | 458,913 | ||||||||
Metallica Resources a |
281,300 | 869,217 | |||||||
Minefinders Corporation a |
116,000 | 1,059,080 | |||||||
5,000 | 13,778 | ||||||||
Northern Orion Resources a |
51,400 | 200,460 | |||||||
Northgate Minerals a |
270,000 | 864,000 | |||||||
Spur Ventures a |
44,100 | 28,407 | |||||||
6,702,697 | |||||||||
Real Estate - 0.4% |
|||||||||
HomeFed Corporation |
11,352 | 760,584 | |||||||
Kennedy-Wilson a |
21,500 | 407,425 | |||||||
1,168,009 | |||||||||
Other Natural Resources - 0.9% |
|||||||||
PICO Holdings a |
55,700 | 1,813,035 | |||||||
Pope Resources L.P. |
33,000 | 1,063,920 | |||||||
2,876,955 | |||||||||
Total |
27,240,154 | ||||||||
Technology - 24.1% |
|||||||||
Aerospace and Defense - 2.3% |
|||||||||
Allied Defense Group (The) a |
63,560 | 1,045,562 | |||||||
Astronics Corporation a |
26,400 | 415,800 | |||||||
6,400 | 108,800 | ||||||||
Ducommun a |
72,100 | 1,345,386 | |||||||
HEICO Corporation |
41,600 | 1,426,880 | |||||||
HEICO Corporation Cl. A |
24,160 | 701,848 | |||||||
Integral Systems |
47,100 | 1,472,346 | |||||||
SIFCO Industries a |
45,800 | 192,360 | |||||||
253,690 | 535,286 | ||||||||
7,244,268 | |||||||||
Components and Systems - 3.6% |
|||||||||
AZZ a |
41,600 | 1,518,400 | |||||||
Advanced Photonix Cl. A a |
117,900 | 200,430 | |||||||
CSP a |
122,581 | 1,054,197 | |||||||
70,947 | 549,130 | ||||||||
Dalsa Corporation a |
5,000 | 62,626 | |||||||
2,000 | 7,800 | ||||||||
Excel Technology a |
90,900 | 2,689,731 | |||||||
Giga-tronics a |
3,200 | 4,544 | |||||||
17,000 | 108,290 | ||||||||
2,900 | 52,664 | ||||||||
11,000 | 61,160 | ||||||||
MOCON |
15,600 | 150,696 | |||||||
33,700 | 457,983 | ||||||||
51,600 | 387,000 | ||||||||
Performance Technologies a |
126,850 | 862,580 | |||||||
Richardson Electronics |
86,100 | 777,483 | |||||||
Rimage Corporation a |
20,000 | 448,400 | |||||||
120,700 | 1,412,190 | ||||||||
TransAct Technologies a |
78,600 | 699,540 | |||||||
Zomax a |
20,000 | 40,800 | |||||||
11,545,644 | |||||||||
Distribution - 0.7% |
|||||||||
Agilysys |
90,000 | 1,263,600 | |||||||
Bell Industries a |
85,700 | 256,243 | |||||||
Jaco Electronics a |
29,000 | 105,270 | |||||||
40,000 | 509,600 | ||||||||
PC Mall a |
6,000 | 43,140 | |||||||
Pomeroy IT Solutions a |
6,900 | 56,442 | |||||||
2,234,295 | |||||||||
Internet Software and Services - 3.2% |
|||||||||
4,100 | 44,690 | ||||||||
1,595,000 | 1,690,700 | ||||||||
88,840 | 854,641 | ||||||||
38,700 | 140,868 | ||||||||
165,000 | 1,338,150 | ||||||||
273,400 | 1,350,596 | ||||||||
Inforte Corporation a |
11,400 | 47,082 | |||||||
355,800 | 3,081,228 | ||||||||
LookSmart a |
4,000 | 11,760 | |||||||
10,000 | 33,000 | ||||||||
26,800 | 138,020 | ||||||||
Packeteer a |
7,200 | 61,992 | |||||||
PFSweb a |
7,242 | 5,069 | |||||||
Stamps.com a |
21,200 | 404,072 | |||||||
Stellent |
15,000 | 162,600 | |||||||
150,400 | 574,528 | ||||||||
Web.com a |
61,500 | 255,840 | |||||||
10,194,836 | |||||||||
IT Services - 5.3% |
|||||||||
182,662 | 1,211,049 | ||||||||
32,500 | 376,675 | ||||||||
Computer Task Group a |
381,100 | 1,516,778 | |||||||
172,500 | 2,956,650 | ||||||||
138,100 | 1,538,434 | ||||||||
Forrester Research a |
101,500 | 2,670,465 | |||||||
2,000 | 11,440 | ||||||||
500,000 | 2,725,000 | ||||||||
Syntel |
54,300 | 1,229,895 | |||||||
182,300 | 2,760,022 | ||||||||
16,996,408 | |||||||||
Semiconductors and Equipment - 1.6% |
|||||||||
California Micro Devices a |
66,400 | 338,640 | |||||||
48,000 | 598,080 | ||||||||
Catalyst Semiconductor a |
9,200 | 31,096 | |||||||
ESS Technology a |
25,000 | 23,250 | |||||||
281,700 | 771,858 | ||||||||
Exar Corporation a |
41,208 | 547,654 | |||||||
15,000 | 83,700 | ||||||||
40,550 | 681,240 | ||||||||
5,400 | 18,090 | ||||||||
Jinpan International |
58,050 | 649,579 | |||||||
10,000 | 67,500 | ||||||||
3,200 | 42,112 | ||||||||
29,000 | 317,840 | ||||||||
29,750 | 420,368 | ||||||||
QuickLogic Corporation a |
20,000 | 70,800 | |||||||
25,500 | 263,670 | ||||||||
White Electronic Designs a |
10,000 | 49,700 | |||||||
4,975,177 | |||||||||
Software - 4.6% |
|||||||||
Aladdin Knowledge Systems a |
27,300 | 460,005 | |||||||
Altiris a |
3,500 | 73,815 | |||||||
Applix a |
20,000 | 180,200 | |||||||
AsiaInfo Holdings a |
50,000 | 225,000 | |||||||
Descartes Systems Group (The) a |
56,500 | 221,480 | |||||||
DocuCorp International a |
81,900 | 638,820 | |||||||
Evans & Sutherland Computer a |
77,400 | 348,300 | |||||||
Fundtech a |
55,000 | 542,300 | |||||||
ILOG ADR a |
35,000 | 421,750 | |||||||
Indus International a |
164,500 | 412,895 | |||||||
InterVideo a |
4,600 | 58,604 | |||||||
190,000 | 889,200 | ||||||||
59,500 | 917,490 | ||||||||
Majesco Entertainment Company a |
2,500 | 3,375 | |||||||
5,000 | 64,150 | ||||||||
18,199 | 91,541 | ||||||||
MetaSolv a |
205,800 | 623,574 | |||||||
Moldflow Corporation a |
7,500 | 89,325 | |||||||
MIND C.T.I. |
20,000 | 52,200 | |||||||
111,070 | 364,310 | ||||||||
Pegasystems b |
320,200 | 2,795,346 | |||||||
22,500 | 86,400 | ||||||||
43,000 | 513,420 | ||||||||
41,800 | 1,042,074 | ||||||||
5,000 | 44,450 | ||||||||
10,000 | 26,900 | ||||||||
Transaction Systems Architects Cl. A a |
100,100 | 3,435,432 | |||||||
Unica Corporation a |
3,200 | 32,960 | |||||||
14,655,316 | |||||||||
Telecommunications - 2.8% |
|||||||||
Anaren a |
24,200 | 509,894 | |||||||
C-COR.net a |
5,000 | 42,900 | |||||||
Captaris a |
67,300 | 394,378 | |||||||
Catapult Communications a |
5,000 | 41,800 | |||||||
Centillium Communications a |
11,000 | 22,440 | |||||||
Channell Commercial a |
5,000 | 15,350 | |||||||
Communications Systems |
79,500 | 742,530 | |||||||
45,650 | 683,381 | ||||||||
10,000 | 74,200 | ||||||||
133,700 | 593,628 | ||||||||
Globecomm Systems a |
36,400 | 310,856 | |||||||
Hurray! Holding Company ADR a |
10,100 | 63,125 | |||||||
2,900 | 18,386 | ||||||||
North Pittsburgh Systems |
15,700 | 395,169 | |||||||
PC-Tel a |
49,600 | 520,800 | |||||||
Radyne a |
66,720 | 816,653 | |||||||
SpectraLink Corporation a |
57,000 | 467,970 | |||||||
24,782 | 199,991 | ||||||||
UCN a |
120,000 | 282,000 | |||||||
ViaSat a |
91,812 | 2,302,645 | |||||||
351,600 | 376,212 | ||||||||
8,874,308 | |||||||||
Total |
76,720,252 | ||||||||
Miscellaneous (d) - 4.9% |
|||||||||
Total |
15,685,514 | ||||||||
TOTAL COMMON STOCKS |
|||||||||
(Cost $226,717,639) |
337,237,375 | ||||||||
PREFERRED STOCK - 0.6% |
|||||||||
Seneca Foods Conv. a |
75,409 | 1,809,816 | |||||||
TOTAL PREFERRED STOCK |
|||||||||
(Cost $943,607) |
1,809,816 | ||||||||
REPURCHASE AGREEMENTS - 12.4% |
|||||||||
State Street Bank & Trust Company, 5.10% dated 9/29/06, due 10/2/06, maturity value $19,428,254 (collateralized by obligations of various U.S. Government Agencies, valued at $19,906,290) |
|||||||||
(Cost $19,420,000) |
19,420,000 | ||||||||
Lehman Brothers (Tri-Party), 5.18% dated 9/29/06, due 10/2/06, maturity value $20,008,633 (collateralized by obligations of various U.S. Government Agencies, valued at $20,413,415) |
|||||||||
(Cost $20,000,000) |
20,000,000 | ||||||||
TOTAL REPURCHASE AGREEMENTS |
|||||||||
(Cost $39,420,000) |
39,420,000 | ||||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED - 10.4% |
|||||||
Money Market Funds |
|||||||
State Street Navigator Securities Lending Prime Portfolio (7 day yield-5.24%) |
|||||||
(Cost $33,189,470) |
33,189,470 | ||||||
TOTAL INVESTMENTS - 129.6% |
|||||||
(Cost $300,270,716) |
411,656,661 | ||||||
LIABILITIES LESS CASH AND OTHER ASSETS - (10.7)% |
(33,951,417 | ) | |||||
PREFERRED STOCK - (18.9)% |
(60,000,000 | ) | |||||
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0% |
$ | 317,705,244 | |||||
Shares | Market Value | Cost of | Cost of | Realized | Dividend | Shares | Market Value | ||||||||||||||||||||||||||
Affiliated Company | 12/31/05 | 12/31/05 | Purchases | Sales | Gain (Loss) | Income | 9/30/06 | 9/30/06 | |||||||||||||||||||||||||
Abigail Adams National Bancorp* |
244,400 | $3,421,624 | | $1,342,400 | $ | (235,259 | ) | $72,413 | |||||||||||||||||||||||||
$3,421,624 | $ | (235,259 | ) | $72,413 | |||||||||||||||||||||||||||||
* | Not an Affiliated Company at September 30, 2006. |
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $301,051,024. At September 30, 2006, net unrealized appreciation for all securities was $110,605,637, consisting of aggregate gross unrealized appreciation of $126,664,880 and aggregate gross unrealized depreciation of $16,059,243. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold for book and tax purposes.
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 or Nasdaq, 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 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. 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 Shareholders. 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: November 13, 2006
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: November 13, 2006
By:
/s/ John D. Diederich
John D.
Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 13, 2006