N-Q/A 1 e69703_rev.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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

Registrant’s telephone number, including area code: (212) 486-1445

Date of fiscal year end: 12/31/2004

Date of reporting period: 9/30/2004

Item 1 - Schedule of Investments
Portfolio of Investments

Royce Micro-Cap Trust, Inc.
September 30, 2004


ROYCE MICRO-CAP TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)

COMMON STOCKS - 105.0%              
  SHARES     VALUE  
               
Consumer Products - 6.3%              
Apparel and Shoes - 2.7%              

Ashworth a

   3,100     $ 25,420  

Delta Apparel

   146,500       3,486,700  

Steven Madden a,c

   14,500       255,925  

Marisa Christina a,c

   76,600       104,099  

Oshkosh B’Gosh Cl. A

   37,000       747,400  

Skechers U.S.A. Cl. A a

   10,000       145,200  

Weyco Group

   60,000       2,220,000  
         
 
            6,984,744  
         
 
               
Collectibles - 0.7%              

The Boyds Collection a,c

   227,700       541,926  

Enesco Group a

   37,400       256,190  

Topps Company (The)

   101,000       987,780  
         
 
            1,785,896  
         
 
               
Food/Beverage/Tobacco - 0.2%              

Green Mountain Coffee Roasters a,c

   26,600       559,132  
         
 
               
               
Home Furnishing and Appliances - 0.5%              

Falcon Products a

   150,000       289,500  

Lifetime Hoan c

   65,554       973,477  

Stanley Furniture Company

   2,500       110,000  
         
 
            1,372,977  
         
 
               
Publishing - 0.4%              

Information Holdings a

   40,000       1,089,200  
         
 
               
               
Sports and Recreation - 0.8%              

Monaco Coach

   73,900       1,599,935  

National R.V. Holdings a

   31,800       395,274  
         
 
            1,995,209  
         
 
               
Other Consumer Products - 1.0%              

Burnham Holdings Cl. A

   1,000       25,500  

Cobra Electronics a

   10,000       72,100  

Cross (A. T.) Company Cl. A a

   100,000       555,000  

EZCORP Cl. A a,c

   15,000       130,515  

JAKKS Pacific a

   30,000       690,000  

Lazare Kaplan International a

   151,700       1,168,090  
         
 
            2,641,205  
         
 
               
Total           16,428,363  
         
 
               
Consumer Services - 5.8%              
Direct Marketing - 0.1%              

J. Jill Group a,c

   4,500       89,325  

Sportsman’s Guide (The) a

   5,000       101,150  

ValueVision Media Cl. A a,c

   5,000       66,950  
         
 
            257,425  
         
 
Leisure and Entertainment - 0.1%              

IMAX Corporation a,c

   25,000       140,750  

Singing Machine Company (The) a,c

   5,000       2,650  

TiVo a,c

   20,000       132,400  
         
 
            275,800  
         
 
               
Media and Broadcasting - 0.4%              

Outdoor Channel Holdings a,c

   69,750       1,081,125  
         
 
               
               
Restaurants and Lodgings - 0.3%              

Angelo and Maxie’s a

   3,333       2,366  

Benihana Cl. A a

   34,570       462,547  

BUCA a,c

   30,000       127,200  

California Pizza Kitchen a

   10,000       218,500  
         
 
            810,613  
         
 
               
Retail Stores - 4.4%              

America’s Car-Mart a,c

   9,000       303,750  

Brookstone a

   51,750       977,558  

Buckle (The)

   36,500       1,002,655  

Cato Corporation Cl. A

   58,000       1,290,500  

Deb Shops

   19,900       485,560  

Dress Barn (The) a,c

   53,660       936,367  

Factory Card & Party Outlet a,c

   17,000       165,750  

La Senza Corporation

   99,900       900,107  

REX Stores a

   38,000       533,900  

Shoe Carnival a

   11,000       129,690  

Stein Mart a

   285,200       4,340,744  

United Retail Group a

   60,600       156,348  

Wet Seal (The) Cl. A a,c

   197,000       327,020  
         
 
            11,549,949  
         
 
               
Other Consumer Services - 0.5%              

Ambassadors Group

   7,500       202,500  

Ambassadors International

   6,100       77,104  

Autobytel a,c

   20,000       179,400  

E-LOAN a,c

   85,000       181,050  

Rent-Way a,c

   72,000       493,200  
         
 
            1,133,254  
         
 
               
Total           15,108,166  
         
 
               
Diversified Investment Companies - 2.3%              

Closed-End Mutual Funds - 2.3%

              

ASA

   81,500       3,486,570  

Central Fund of Canada Cl. A

   237,000       1,362,750  

MVC Capital a

   132,200       1,238,714  
         
 
Total           6,088,034  
         
 
               
               
Financial Intermediaries - 7.3%              

Banking - 2.2%

              

Abigail Adams National Bancorp

   17,000       280,500  

Arrow Financial

   13,905       417,428  

First Midwest Financial

   64,800       1,441,800  

First National Lincoln

   40,200       773,850  

FirstBank NW

   4,930       141,146  

Lakeland Financial

   22,500       762,750  

Pacific Mercantile Bancorp a

   43,200       538,704  

Peapack-Gladstone Financial

   8,580       260,403  

Queen City Investments a

   948       578,280  

Sterling Bancorp

   18,150       490,958  
         
 
            5,685,819  
         
 
               
Insurance - 4.1%              

American Safety Insurance Holdings a

   5,000       68,500  

Argonaut Group a

   30,900       576,903  

Independence Holding

   33,534       592,546  

NYMAGIC

   65,400       1,431,606  

Navigators Group a

   37,200       1,087,728  

PICO Holdings a,c

   145,100       2,761,253  

PXRE Group

   73,164       1,712,769  

ProAssurance Corporation a,c

   29,300       1,026,086  

Wellington Underwriting a

   444,712       669,992  

Zenith National Insurance

   19,100       808,121  
         
 
            10,735,504  
         
 
               
Real Estate Investment Trusts - 0.7%              

First Acceptance a

   258,405       1,847,596  
         
 
               
               
Securities Brokers - 0.2%              

First Albany

   9,600       87,744  

Sanders Morris Harris Group

   21,000       253,260  

Stifel Financial a

   11,733       229,973  
         
 
            570,977  
         
 
               
Other Financial Intermediaries - 0.1%              

Electronic Clearing House a,c

   20,000       176,020  
         
 
               
Total           19,015,916  
         
 
               
               
Financial Services - 1.4%              

Insurance Brokers - 0.6%

              

Clark a

   48,900       662,106  

CorVel Corporation a,c

   28,750       853,300  
         
 
            1,515,406  
         
 
               
Other Financial Services - 0.8%              

MicroFinancial a

   10,000       37,900  

PRG-Schultz International a,c

   365,000       2,095,100  
         
 
            2,133,000  
         
 
               
Total           3,648,406  
         
 
               
Health - 12.0%              

Commercial Services - 3.0%

              

Bruker BioSciences a

   295,300       1,021,738  

First Consulting Group a

   274,700       1,302,078  

ICON ADR a,b

   800       26,328  

PAREXEL International a,c

   121,400       2,379,440  

TriZetto Group (The) a,c

   182,000       1,061,060  

Young Innovations

   61,450       2,027,850  
         
 
            7,818,494  
         
 
               
Drugs and Biotech - 2.1%              

Able Laboratories a,c

   2,500       47,900  

Antigenics a,c

   60,800       366,624  

Arena Pharmaceuticals a,c

   28,900       124,559  

BioSource International a

   177,900       1,254,195  

CancerVax Corporation a,c

   15,000       121,500  

Cerus Corporation a,c

   20,000       48,200  

Durect Corporation a,c

   44,100       61,740  

DUSA Pharmaceuticals a

   8,400       96,432  

Emisphere Technologies a

   169,700       520,979  

Genitope Corporation a,c

   10,000       99,200  

Geron Corporation a,c

   6,000       35,940  

Hi-Tech Pharmacal a,c

   43,300       689,336  

Maxim Pharmaceuticals a,c

   6,200       16,554  

Maxygen a

   5,000       49,450  

Myriad Genetics a,c

   26,500       453,150  

Nabi Biopharmaceuticals a

   5,000       66,900  

Orchid BioSciences a,c

   51,900       416,757  

Regeneration Technologies a,c

   26,000       208,520  

Sangamo BioSciences a

   10,000       48,700  

VIVUS a,c

   162,200       729,900  
         
 
            5,456,536  
         
 
               
Health Services - 2.0%              

ATC Healthcare Cl. A a

   35,000       21,350  

Bio-Imaging Technologies a,c

   66,800       325,984  

Covalent Group a

   25,000       72,500  

Gentiva Health Services a

   13,000       212,810  

HMS Holdings a

   71,000       461,500  

MIM Corporation a,c

   101,100       584,358  

MedCath Corporation a,c

   18,000       284,760  

NovaMed a,c

   40,000       168,800  

On Assignment a

   26,100       115,884  

Quovadx a,c

   5,000       9,550  

RehabCare Group a

   22,000       506,660  

SFBC International a

   15,000       394,650  

Sierra Health Services a,c

   40,000       1,917,200  

Sun Healthcare Group a,c

   10,000       80,500  

Superior Consultant Holdings a

   10,000       65,000  

U.S. Physical Therapy a

   10,000       135,900  
         
 
            5,357,406  
         
 
               
Medical Products and Devices - 3.0%              

Aksys a,c

   76,000       361,000  

Allied Healthcare Products a

   283,500       1,958,985  

CONMED Corporation a

   3,900       102,570  

Exactech a,c

   60,200       1,231,090  

Medical Action Industries a,c

   58,500       972,738  

Molecular Devices a

   25,500       601,035  

NMT Medical a

   44,000       171,600  

OrthoLogic Corporation a

   20,000       140,800  

Orthofix International a

   28,000       961,800  

PLC Systems a

   105,200       77,848  

Possis Medical a,c

   10,000       156,600  

Synovis Life Technologies a,c

   25,000       239,000  

Utah Medical Products

   42,300       761,400  
         
 
            7,736,466  
         
 
               
Personal Care - 1.9%              

CCA Industries

   57,000       518,130  

Helen of Troy a,c

   20,000       544,400  

Inter Parfums

   36,000       491,400  

Lifeline Systems a

   20,400       498,168  

Nature’s Sunshine Products

   41,000       621,970  

Ocular Sciences a

   47,300       2,268,981  
         
 
            4,943,049  
         
 
               
Total           31,311,951  
         
 
               
Industrial Products - 14.4%              

Automotive - 1.2%

              

LKQ Corporation a,c

   100,000       1,827,000  

Spartan Motors

   2,800       39,312  

Strattec Security a

   3,300       205,458  

Wescast Industries Cl. A

   37,900       998,286  
         
 
            3,070,056  
         
 
               
Building Systems and Components - 1.3%              

Juno Lighting

   92,200       2,797,348  

LSI Industries

   67,812       707,957  
         
 
            3,505,305  
         
 
               
Construction Materials - 1.5%              

Ash Grove Cement Company

   8,000       1,056,000  

Monarch Cement

   50,410       1,071,213  

Synalloy Corporation a

   171,000       1,710,000  
         
 
            3,837,213  
         
 
               
Industrial Components - 2.5%              

Aaon a,c

   47,500       826,500  

Bel Fuse Cl. A

   52,600       1,475,430  

Penn Engineering & Manufacturing

   56,600       1,053,892  

Penn Engineering & Manufacturing Cl. A

   30,800       475,860  

Planar Systems a

   10,000       112,100  

Plug Power a,c

   1,370       8,782  

Powell Industries a,c

   85,300       1,437,305  

Scientific Technologies a

   10,700       55,640  

Tech/Ops Sevcon

   76,200       452,628  

II-VI a

   10,000       350,100  

Woodhead Industries

   10,000       138,000  
         
 
            6,386,237  
         
 
               
Machinery - 1.7%              

Astec Industries a

   40,200       768,624  

Cascade Corporation

   28,800       799,488  

Hurco Companies a

   16,100       215,579  

Keithley Instruments

   14,000       244,300  

Lindsay Manufacturing

   10,000       268,300  

MTS Systems

   10,000       212,500  

Mueller (Paul) Company

   13,650       395,850  

Pason Systems

   62,100       1,524,953  
         
 
            4,429,594  
         
 
               
Metal Fabrication and Distribution - 1.4%              

Commonwealth Industries a

   64,490       602,337  

Encore Wire a,c

   15,000       198,600  

Metals USA a,c

   70,000       1,241,800  

NN

   138,300       1,583,535  

Universal Stainless & Alloy Products a

   7,700       105,875  
         
 
            3,732,147  
         
 
               
Paper and Packaging - 0.1%              

Mod-Pac Corporation a

   23,200       262,160  
         
 
               
               
Pumps, Valves and Bearings - 0.9%              

Gardner Denver a,c

   14,600       402,522  

Gorman-Rupp Company

   3,375       68,715  

Sun Hydraulics

   148,350       1,895,913  
         
 
            2,367,150  
         
 
               
Specialty Chemicals and Materials - 2.5%              

Aceto

   171,446       2,468,822  

American Pacific

   36,000       268,884  

Balchem Corporation

   10,000       298,000  

CFC International a

   136,700       956,900  

Eastern Company (The)

   26,500       430,625  

Hawkins

   122,667       1,465,871  

NuCo2 a,c

   20,000       389,400  

Park Electrochemical

   10,000       212,000  
         
 
            6,490,502  
         
 
               
Textiles - 0.2%              

Fab Industries a

   56,400       228,420  

Tag-It Pacific a,c

   94,400       330,400  
         
 
            558,820  
         
 
               
Other Industrial Products - 1.1%              

Airboss of America a

   144,300       250,907  

Maxwell Technologies a

   15,300       157,743  

Myers Industries

   32,276       353,422  

Peerless Manufacturing a

   42,200       603,460  

Quixote Corporation

   34,500       665,160  

Raven Industries

   20,000       889,000  
         
 
            2,919,692  
         
 
               
Total           37,558,876  
         
 
               
Industrial Services - 14.6%              

Advertising and Publishing - 1.1%

              

FindWhat.com a,c

   10,000       187,300  

MDC Partners Cl. A a

   91,000       1,153,880  

Modem Media a

   141,200       759,656  

NetRatings a,c

   50,000       891,500  
         
 
            2,992,336  
         
 
Commercial Services - 6.1%              

APAC Customer Services a

   45,000       75,150  

Administaff a

   10,000       117,000  

American Bank Note Holographics a

   267,200       668,000  

Bennett Environmental a

   20,900       103,455  

Butler International a

   38,500       65,835  

Carlisle Holdings a

   390,000       2,480,400  

Edgewater Technology a,c

   18,339       90,778  

Exponent a,c

   68,300       1,881,665  

Geo Group (The) a

   51,200       1,047,040  

Gevity HR

   2,000       30,760  

Hardinge

   5,000       52,000  

iGATE Corporation a

   322,300       1,186,064  

Kforce a

   55,000       460,900  

NCO Group a,c

   20,000       539,000  

NIC a

   26,800       143,648  

New Horizons Worldwide a

   132,000       566,280  

Pegasus Solutions a

   59,700       711,624  

Pegasystems a,c

   211,600       1,476,968  

Pemstar a,c

   197,900       360,178  

RemedyTemp Cl. A a

   98,200       1,025,208  

SM &A a,c

   2,500       17,475  

TRC Companies a,c

   29,000       544,330  

Volt Information Sciences a

   36,600       1,052,982  

Westaff a

   362,500       1,131,000  
         
 
            15,827,740  
         
 
               
Engineering and Construction - 1.5%              

Comfort Systems USA a

   70,000       462,000  

Devcon International a

   21,700       365,645  

Insituform Technologies Cl. A a,c

   82,800       1,545,876  

Keith Companies a

   10,000       149,000  

Skyline Corporation

   32,100       1,285,605  
         
 
            3,808,126  
         
 
               
Food and Tobacco Processors - 0.9%              

ML Macadamia Orchards L.P.

   120,200       488,012  

Seneca Foods Cl. B a

   42,500       775,625  

Seneca Foods Cl. A a

   62,500       1,140,625  
         
 
            2,404,262  
         
 
               
Industrial Distribution - 1.0%              

Central Steel & Wire

   1,200       636,000  

Elamex a

   70,200       196,560  

Lawson Products

   19,500       798,915  

Strategic Distribution a

   59,690       895,350  
         
 
            2,526,825  
         
 
               
Printing - 0.9%              

Bowne & Co.

   66,500       863,835  

Courier Corporation

   15,300       637,704  

Ennis

   10,700       229,194  

Schawk Cl. A

   42,200       613,166  
         
 
            2,343,899  
         
 
               
Transportation and Logistics - 2.5%              

AirNet Systems a

   196,000       842,800  

America West Holdings Cl. B a,c

   41,000       221,400  

Forward Air a

   43,800       1,752,876  

Frontier Airlines a,c

   33,000       253,440  

Frozen Food Express Industries a

   141,000       1,070,190  

Hub Group Cl. A a

   6,500       242,125  

Knight Transportation a,c

   43,387       929,350  

Marten Transport a,c

   5,000       87,350  

Mesa Air Group a

   5,000       25,500  

Pacific CMA a

   148,500       102,465  

Patriot Transportation Holding a

   28,400       933,224  

Vitran Corporation Cl. A a

   5,500       81,785  
         
 
            6,542,505  
         
 
               
Other Industrial Services - 0.6%              

Landauer

   21,300       999,609  

Perma-Fix Environmental Services a

   168,000       270,480  

Team a

   24,800       383,408  
         
 
            1,653,497  
         
 
               
Total           38,099,190  
         
 
               
Natural Resources - 11.8%              

Energy Services - 4.5%

              

Carbo Ceramics

   12,500       901,750  

Conrad Industries a

   154,000       295,834  

Dril-Quip a

   66,500       1,482,950  

Gulf Island Fabrication

   59,500       1,326,850  

GulfMark Offshore a

   70,200       1,146,366  

Input/Output a,c

   168,500       1,737,235  

Lufkin Industries

   36,000       1,339,920  

NATCO Group Cl. A a

   100,400       868,460  

Tesco Corporation a

   20,000       215,600  

Trican Well Service a

   5,000       189,686  

Valley National Gases a

   30,100       279,930  

Veritas DGC a

   37,700       858,806  

Willbros Group a

   71,900       1,072,029  
         
 
            11,715,416  
         
 
               
Oil and Gas - 4.0%              

ATP Oil & Gas a,c

   57,000       694,260  

Bonavista Energy Trust

   132,000       2,701,031  

Contango Oil & Gas Company a,c

   30,000       200,400  

Delta Petroleum a,c

   25,000       326,000  

Denbury Resources a,c

   53,800       1,366,520  

Evergreen Resources a,c,d

   25,000       1,000,968  

Gulfport Energy a

   362,176       1,358,160  

Nuvista Energy a

   121,000       925,730  

Pioneer Drilling Company a

   71,800       603,120  

Plains Exploration & Production Company a,c

   24,140       575,980  

Toreador Resources a,c

   67,300       642,042  
         
 
            10,394,211  
         
 
               
Precious Metals and Mining - 1.8%              

Apex Silver Mines a

   78,100       1,694,770  

Aurizon Mines a

   50,000       55,500  

Brush Engineered Materials a,c

   15,500       321,005  

Cardero Resource a,c

   5,000       14,819  

Etruscan Resources a,c

   575,900       728,267  

MK Resources Company a

   516,300       1,419,825  

Northern Orion Resources a

   165,000       417,309  
         
 
            4,651,495  
         
 
               
Real Estate - 1.2%              

HomeFed Corporation a

   69,352       2,964,798  

Kennedy-Wilson a,c

   21,500       171,355  
         
 
            3,136,153  
         
 
               
Other Natural Resources - 0.3%              

Pope Resources L.P.

   33,000       712,140  
         
 
               
Total           30,609,415  
         
 
               
               
Technology - 24.7%              

Aerospace and Defense - 2.3%

              

Astronics Corporation a

   93,800       480,256  

CPI Aerostructures a

   53,000       482,300  

Ducommun a

   84,500       1,888,575  

Fairchild Corporation (The) Cl. A a

   76,500       304,470  

HEICO Corporation

   50,600       894,608  

HEICO Corporation Cl. A

   4,160       56,077  

Herley Industries a

   81,000       1,513,890  

Kaman Corporation Cl. A

   22,500       268,650  

MAIR Holdings a,c

   8,600       70,520  

SIFCO Industries a

   45,800       149,308  
         
 
            6,108,654  
         
 
               
Components and Systems - 6.9%              

Advanced Photonix Cl. A a,c

   267,900       482,220  

AlphaSmart a

   16,200       57,996  

Bonso Electronics International

   31,300       170,898  

Belden CDT

   15,000       327,000  

CSP a

   127,581       941,803  

Del Global Technologies a

   168,279       462,767  

Dot Hill Systems a,c

   66,000       529,320  

Excel Technology a,c

   97,900       2,527,778  

Fargo Electronics a,c

   69,200       670,548  

International DisplayWorks a,c

   82,000       405,900  

Kronos a

   17,375       769,539  

Lowrance Electronics

   80,000       1,961,600  

Mobility Electronics a,c

   1,000       8,240  

MOCON

   22,600       185,320  

Neoware Systems a,c

   38,000       315,400  

Newport Corporation a,c

   45,000       516,150  

OSI Systems a,c

   32,000       515,200  

Overland Storage a,c

   29,000       405,710  

Performance Technologies a,c

   56,050       354,236  

Plexus Corporation a,c

   21,500       237,360  

Printronix a

   32,700       491,514  

Radiant Systems a

   29,200       117,384  

REMEC a,c

   172,800       813,888  

Richardson Electronics

   202,100       1,942,181  

SafeNet a,c

   11,781       310,783  

SimpleTech a,c

   114,000       417,240  

TransAct Technologies a

   78,600       2,031,810  

Zomax a

   20,000       64,200  
         
 
            18,033,985  
         
 
               
Distribution - 1.1%              

Agilysys

   90,000       1,556,100  

Bell Industries a

   85,700       239,960  

Jaco Electronics a

   31,400       169,560  

Nu Horizons Electronics a

   40,000       254,000  

Pomeroy IT Solutions a

   42,000       531,720  
         
 
            2,751,340  
         
 
               
Internet Software and Services - 0.6%              

Imergent a,c

   15,000       127,500  

Inforte Corporation a

   50,000       345,000  

Lionbridge Technologies a

   37,500       322,125  

LookSmart a

   20,000       29,400  

RealNetworks a,c

   65,700       306,162  

Register.com a

   41,857       227,702  

Stamps.com a

   21,200       281,960  

Vastera a,c

   25,000       44,250  
         
 
            1,684,099  
         
 
               
IT Services - 5.4%              

CIBER a

   226,662       1,704,498  

Computer Task Group a

   341,100       1,060,821  

Covansys Corporation a

   242,500       2,798,450  

DiamondCluster International a,c

   158,100       1,928,820  

Forrester Research a

   105,500       1,607,820  

Infocrossing a,c

   20,000       316,300  

Sapient Corporation a

   500,000       3,815,000  

Syntel

   54,300       897,579  

Tier Technologies Cl. B a

   6,800       65,620  
         
 
            14,194,908  
         
 
               
Semiconductors and Equipment - 1.7%              

August Technology a

   43,500       298,845  

ESS Technology a

   25,000       171,250  

Exar Corporation a,c

   68,500       969,960  

FSI International a,c

   34,500       144,210  

Helix Technology

   9,500       129,153  

Inficon Holding ADR a,b

   10,000       66,200  

Intevac a,c

   120,450       756,426  

Monolithic System Technology a

   5,000       21,700  

PDF Solutions a

   30,000       364,500  

Photronics a,c

   29,750       494,445  

QuickLogic Corporation a

   20,000       48,400  

Semitool a

   25,500       193,545  

SIPEX Corporation a,c

   68,000       357,000  

White Electronic Designs a,c

   63,500       311,150  
         
 
            4,326,784  
         
 
               
Software - 4.0%              

Aladdin Knowledge Systems a

   27,300       611,547  

ANSYS a,c

   15,400       765,842  

Applix a

   20,000       88,000  

ILOG ADR a,b,c

   35,000       346,500  

Indus International a,c

   19,200       30,336  

Integral Systems

   58,500       1,141,335  

Intervideo a,c

   24,500       294,000  

JDA Software Group a,c

   59,500       643,790  

MSC.Software a,c

   12,700       102,108  

OpenTV Cl. A a,c

   40,333       123,016  

PLATO Learning a,c

   121,142       1,070,895  

SCO Group (The) a,c

   23,500       90,240  

SPSS a

   91,900       1,225,027  

Synplicity a,c

   4,000       20,640  

Transaction Systems Architects Cl. A a

   140,100       2,603,759  

Verity a,c

   95,000       1,223,600  
         
 
            10,380,635  
         
 
               
Telecommunications - 2.7%              

Anaren a,c

   94,800       1,276,008  

Brooktrout a,c

   27,500       249,150  

C-COR.net a

   5,000       42,250  

Captaris a,c

   50,000       213,000  

Centillium Communications a

   11,000       26,180  

Computer Network Technology a,c

   14,000       56,966  

Comtech Telecommunications a,c

   19,000       514,900  

Giga-tronics a

   3,200       5,344  

Interland a,c

   2,500       8,875  

KVH Industries a,c

   5,000       36,100  

MetaSolv a

   5,800       14,906  

Netopia a

   93,000       199,020  

North Pittsburgh Systems

   15,700       325,147  

Optical Communication Products a

   45,000       94,050  

PC-Tel a

   48,100       397,306  

Radyne ComStream a

   96,400       726,856  

SpectraLink Corporation

   57,000       541,500  

Terremark Worldwide a

   200,000       128,000  

Tollgrade Communications a

   20,000       175,800  

ViaSat a

   95,200       1,913,520  
         
 
            6,944,878  
         
 
               
Total           64,425,283  
         
 
Miscellaneous - 4.4%              
Total           11,317,311  
         
 
               
TOTAL COMMON STOCKS              

(Cost $185,365,921)

           273,610,911  
         
 
               
PREFERRED STOCKS - 0.5%              

Angelo and Maxie’s 10.00% Conv.

   6,991       17,478  

Seneca Foods Conv. a

   75,409       1,368,673  
         
 
               
TOTAL PREFERRED STOCKS              

(Cost $957,998)

           1,386,151  
         
 
               
REPURCHASE AGREEMENT - 17.4%              

State Street Bank & Trust Company, 1.30% dated 9/30/04, due 10/1/04, maturity value $45,421,640 (collateralized by Federal Home Loan Bank due 4/2/18 and Federal National Mortgage Association 5.25% due 1/15/06, valued at $46,336,620)
(Cost $45,420,000)

           45,420,000  
         
 
               
COLLATERAL RECEIVED FOR SECURITIES LOANED-7.7%              

U.S. Treasury Bonds
5.25%-13.25% due 11/15/10-5/15/30

           31,065  

U.S. Treasury Notes
1.875%-6.75% due 11/30/04-7/15/12

           37,690  

Money Market Funds
State Street Navigator Securities Lending

              

Prime Portfolio

           20,104,585  
         
 
Total (Cost $20,173,340)           20,173,340  
         
 
               
TOTAL INVESTMENTS - 130.6%              

(Cost $251,917,259)

           340,590,402  
               

LIABILITES LESS CASH AND OTHER ASSETS - (7.6)%

           (19,860,301 )
               
PREFERRED STOCK - (23.0)%           (60,000,000 )
         
 
               

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%

         $ 260,730,101  
         
 
a Non-income producing.
   
b American Depository Receipt.
   
c A portion of these securities were on loan at September 30, 2004.
  Total market value of loaned securities at September 30, 2004 was $19,435,223.
   
d A security for which market quotations are no longer readily available represents 0.4% of net assets.
  This security has been valued at its fair value under procedures established by the Fund’s Board of Directors.


INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $252,800,326.
At September 30, 2004, net unrealized appreciation for all securities was $87,790,076, consisting of aggregate gross unrealized appreciation of $98,823,096 and aggregate gross unrealized depreciation of $11,033,020. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.

Valuation of investments:
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 are valued at their last reported sales 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 Board of Trustees. 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.

Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s 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, that the Registrant’s disclosure controls and procedures 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 controls over financial reporting during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

Item 3 - Exhibits

     Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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 29, 2004

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 29, 2004

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 29, 2004