N-Q 1 e79259.htm

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

Registrant’s 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  

Kleinert’s a,c

     14,200         0  

Jos. A. Bank Clothiers a,b

     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%

                  

Green Mountain Coffee Roasters a,b

     25,600         942,080  

Nutrition 21 a,b

     20,000         34,200  
             
 
                976,280  
             
 

Home Furnishing and Appliances - 0.3%

                  

American Technology a,b

     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  

Sonic Solutions a,b

     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  

ValueVision Media Cl. A a,b

     5,000         57,950  
             
 
                976,195  
             
 

Leisure and Entertainment - 0.3%

                  

FortuNet a,b

     9,600         97,920  

IMAX Corporation a,b

     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  

Singing Machine Company (The) a,b

     5,000         1,450  

TiVo a,b

     20,000         151,800  
             
 
                909,220  
             
 

Media and Broadcasting - 0.2%

                  

Outdoor Channel Holdings a,b

     69,750         759,578  
             
 

Restaurants and Lodgings - 0.3%

                  

Benihana Cl. A a

     800         23,200  

California Pizza Kitchen a,b

     2,100         62,853  

Champps Entertainment a

     10,000         60,800  

Famous Dave’s of America a

     54,670         830,984  
             
 
                977,837  
             
 

Retail Stores - 5.6%

                  

A.C. Moore Arts & Crafts a

     47,600         905,828  

America’s Car-Mart a,b

     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  

Cost Plus a,b

     45,077         539,572  

Deb Shops

     19,900         510,236  

Fred’s Cl. A a

     7,500         94,650  

La Senza Corporation

     99,900         2,848,412  

PriceSmart a,b

     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  

West Marine a,b

     142,000         1,988,000  

Wet Seal (The) Cl. A a,b

     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  

Autobytel a,b

     20,000         58,600  

Cash America International

     2,000         78,160  

Escala Group a,b

     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  

Bancorp (The) a,b

     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  

Navigators Group a,b

     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  

International Assets Holding a,b

     111,200         2,596,520  

Sanders Morris Harris Group

     21,000         262,710  

Stifel Financial a,b

     21,233         673,935  

Thomas Weisel Partners Group a,b

     6,500         104,325  

Tradestation Group a,b

     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  

MarketAxess Holdings a,b

     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  

Highbury Financial a,b

     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%

                  

Chardan North China Acquisition a,b

     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  

PAREXEL International a,b

     121,400         4,017,126  
             
 
                6,695,451  
             
 

Drugs and Biotech - 5.3%

                  

Allos Therapeutics a,b

     233,600         880,672  

Alnylam Pharmaceuticals a,b

     3,000         43,230  

AnorMED a

     120,600         1,525,590  

Antigenics a,b

     70,000         108,500  

Axonyx a

     50,000         45,000  

Barrier Therapeutics a,b

     11,300         72,998  

Cambrex Corporation

     16,000         331,360  

Caraco Pharmaceutical Laboratories a,b

     144,250         1,465,580  

Cardiome Pharma a,b

     25,600         295,680  

Cell Genesys a

     58,000         265,060  

Cerus Corporation a,b

     112,200         622,710  

CollaGenex Pharmaceuticals a,b

     25,000         324,750  

Cytokinetics a,b

     5,000         32,150  

Dendreon Corporation a,b

     12,700         56,769  

Draxis Health a

     15,000         65,700  

Durect Corporation a

     44,100         180,810  

DUSA Pharmaceuticals a,b

     36,700         153,406  

Dyax Corporation a,b

     15,000         49,950  

Emisphere Technologies a,b

     163,200         1,379,040  

Encysive Pharmaceuticals a,b

     6,500         27,950  

Gene Logic a

     234,479         363,442  

Genitope Corporation a,b

     271,700         793,364  

Halozyme Therapeutics a,b

     20,000         53,000  

Hi-Tech Pharmacal a

     81,930         1,035,595  

Idenix Pharmaceuticals a

     5,000         48,500  

ImmunoGen a,b

     44,000         155,760  

Infinity Pharmaceuticals a

     8,750         118,125  

Lannett Company a

     91,400         484,420  

Mannkind Corporation a,b

     42,000         798,000  

Maxygen a

     5,000         41,550  

Micromet a,b

     14,333         38,269  

Momenta Pharmaceuticals a

     65,000         878,800  

Myriad Genetics a,b

     25,000         616,250  

Nabi Biopharmaceuticals a,b

     5,000         28,900  

Nastech Pharmaceutical Company a,b

     2,700         41,202  

Neurogen Corporation a

     30,000         202,200  

Oncolytics Biotech a,b

     41,000         111,520  

Orchid Cellmark a

     78,000         180,960  

Origin Agritech a

     60,900         740,544  

Pharmacyclics a

     98,000         476,280  

Pharmanet Development Group a,b

     25,000         485,750  

Sangamo BioSciences a,b

     10,000         55,600  

Senesco Technologies a,b

     25,000         29,000  

Tercica a,b

     69,800         372,034  

Theragenics Corporation a

     145,800         419,904  

Trimeris a,b

     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  

Health Grades a,b

     100,000         438,000  

Hooper Holmes a

     88,600         298,582  

Horizon Health a

     50,000         763,500  

MedCath Corporation a,b

     18,000         541,620  

Mediware Information Systems a

     55,000         432,850  

National Medical Health Card Systems a,b

     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  

Sun Healthcare Group a,b

     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  

Cutera a,b

     26,500         704,635  

Del Global Technologies a

     168,279         227,177  

EPIX Pharmaceuticals a,b

     32,666         135,237  

Endologix a,b

     10,500         42,105  

Exactech a,b

     114,100         1,558,606  

IRIDEX Corporation a

     43,600         381,500  

Kensey Nash a,b

     25,000         731,750  

Langer a

     7,100         27,335  

Medical Action Industries a,b

     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  

Molecular Devices a,b

     25,500         471,495  

NMT Medical a,b

     12,000         185,400  

Neurometrix a,b

     26,500         503,765  

Orthofix International a

     28,000         1,273,160  

OrthoLogic Corporation a,b

     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  

Syneron Medical a,b

     2,000         46,200  

Synovis Life Technologies a,b

     23,000         167,210  

Urologix a,b

     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  

Helen of Troy a,b

     20,000         351,200  

Nature’s 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  

LKQ Corporation a,b

     11,400         250,458  

Noble International

     41,600         520,416  

Safety Components International a,b

     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  

Flanders Corporation a,b

     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%

                  

American Superconducter a,b

     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  

Plug Power a,b

     1,370         5,576  

Powell Industries a,b

     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  

Astec Industries a,b

     40,200         1,015,050  

Baldwin Technology Company Cl. A a

     45,000         260,550  

Gehl Company a,b

     16,300         436,514  

Global Power Equipment Group a,c

     47,400         23,700  

Gorman-Rupp Company

     3,375         110,363  

Hardinge

     97,000         1,290,100  

Hurco Companies a,b

     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  

Encore Wire a,b

     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  

NuCo2 a,b

     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%

                  

Basin Water a,b

     7,800         63,882  

Color Kinetics a,b

     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  

NetRatings a,b

     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  

CBIZ a,b

     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  

Geo Group (The) a,b

     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  

Senomyx a,b

     47,000         722,390  

Services Acquisition Corporation International a,b

     44,800         398,720  

TRC Companies a,b

     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%

                  

Cavco Industries a,b

     3,200         100,832  

Comfort Systems USA

     22,800         261,288  

Devcon International a

     21,700         127,596  

Insituform Technologies Cl. A a,b

     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  

Omega Protein a,b

     9,600         62,400  

Seneca Foods Cl. A a

     62,500         1,693,750  

Seneca Foods Cl. B a

     42,500         1,145,800  

Sunopta a,b

     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%

                  

Dynamex a,b

     24,150         501,113  

Forward Air

     50,700         1,677,663  

Frozen Food Express Industries a,b

     92,000         698,280  

MAIR Holdings a

     8,600         49,106  

Marten Transport a,b

     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  

GulfMark Offshore a,b

     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  

Willbros Group a,b

     35,900         560,758  
             
 
                11,565,463  
             
 

Oil and Gas - 1.6%

                  

Bonavista Energy Trust

     69,700         2,012,897  

CE Franklin a,b

     56,210         631,238  

Contango Oil & Gas Company a,b

     10,000         118,300  

Edge Petroleum a

     2,000         32,940  

Exploration Company of Delaware a,b

     5,500         52,635  

Nuvista Energy a

     121,000         1,312,029  

Particle Drilling Technologies a

     8,000         20,720  

PetroCorp a,c

     104,200         0  

Pioneer Drilling Company a

     7,500         96,300  

Savanna Energy Services a

     2,500         40,930  

Storm Cat Energy a,b

     198,770         323,995  

VAALCO Energy a,b

     39,700         285,046  
             
 
                4,927,030  
             
 

Precious Metals and Mining - 2.1%

                  

Aurizon Mines a

     237,000         628,050  

Brush Engineered Materials a,b

     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  

Golden Star Resources a,b

     168,100         458,913  

Metallica Resources a

     281,300         869,217  

Minefinders Corporation a

     116,000         1,059,080  

Nevsun Resources a,b

     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  

Axsys Technologies a,b

     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  

TVI Corporation a,b

     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  

DDi Corporation a,b

     70,947         549,130  

Dalsa Corporation a

     5,000         62,626  

Dot Hill Systems a,b

     2,000         7,800  

Excel Technology a

     90,900         2,689,731  

Giga-tronics a

     3,200         4,544  

International DisplayWorks a,b

     17,000         108,290  

Metrologic Instruments a,b

     2,900         52,664  

Mobility Electronics a,b

     11,000         61,160  

MOCON

     15,600         150,696  

Neoware a,b

     33,700         457,983  

On Track Innovations a,b

     51,600         387,000  

Performance Technologies a

     126,850         862,580  

Richardson Electronics

     86,100         777,483  

Rimage Corporation a

     20,000         448,400  

TTM Technologies a,b

     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  

Nu Horizons Electronics a,b

     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%

                  

Answers Corporation a,b

     4,100         44,690  

CMGI a,b

     1,595,000         1,690,700  

Digitas a,b

     88,840         854,641  

EDGAR Online a,b

     38,700         140,868  

eResearch Technology a,b

     165,000         1,338,150  

iGATE Corporation a,b

     273,400         1,350,596  

Inforte Corporation a

     11,400         47,082  

Jupitermedia Corporation a,b

     355,800         3,081,228  

LookSmart a

     4,000         11,760  

MIVA a,b

     10,000         33,000  

NIC a,b

     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  

Varsity Group a,b

     150,400         574,528  

Web.com a

     61,500         255,840  
             
 
                10,194,836  
             
 

IT Services - 5.3%

                  

CIBER a,b

     182,662         1,211,049  

Cogent Communications Group a,b

     32,500         376,675  

Computer Task Group a

     381,100         1,516,778  

Covansys Corporation a,b

     172,500         2,956,650  

Diamond Management & Technology Consultants a,b

     138,100         1,538,434  

Forrester Research a

     101,500         2,670,465  

Rainmaker Systems a,b

     2,000         11,440  

Sapient Corporation a,b

     500,000         2,725,000  

Syntel

     54,300         1,229,895  

TriZetto Group (The) a,b

     182,300         2,760,022  
             
 
                16,996,408  
             
 

Semiconductors and Equipment - 1.6%

                  

California Micro Devices a

     66,400         338,640  

Cascade Microtech a,b

     48,000         598,080  

Catalyst Semiconductor a

     9,200         31,096  

ESS Technology a

     25,000         23,250  

Electroglas a,b

     281,700         771,858  

Exar Corporation a

     41,208         547,654  

Integrated Silicon Solution a,b

     15,000         83,700  

Intevac a,b

     40,550         681,240  

Kopin Corporation a,b

     5,400         18,090  

Jinpan International

     58,050         649,579  

MIPS Technologies a,b

     10,000         67,500  

Nextest Systems a,b

     3,200         42,112  

PDF Solutions a,b

     29,000         317,840  

Photronics a,b

     29,750         420,368  

QuickLogic Corporation a

     20,000         70,800  

Semitool a,b

     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  

iPass a,b

     190,000         889,200  

JDA Software Group a,b

     59,500         917,490  

Majesco Entertainment Company a

     2,500         3,375  

MapInfo a,b

     5,000         64,150  

McDATA Corporation Cl. A a,b

     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  

Peerless Systems a,b

     111,070         364,310  

Pegasystems b

     320,200         2,795,346  

Pervasive Software a,b

     22,500         86,400  

Phase Forward a,b

     43,000         513,420  

SPSS a,b

     41,800         1,042,074  

SeaChange International a,b

     5,000         44,450  

TeleCommunication Systems Cl. A a,b

     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  

Comtech Group a,b

     45,650         683,381  

EFJ a,b

     10,000         74,200  

ECtel a,b

     133,700         593,628  

Globecomm Systems a

     36,400         310,856  

Hurray! Holding Company ADR a

     10,100         63,125  

Intervoice a,b

     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  

Symmetricom a,b

     24,782         199,991  

UCN a

     120,000         282,000  

ViaSat a

     91,812         2,302,645  

Zhone Technologies a,b

     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  
         
 
a   Non-income producing.
     
b   A portion of these securities were on loan at September 30, 2006. Total market value of loaned securities at September 30, 2006 was $32,022,930.
     
c   Securities for which market quotations are no longer readily available represent 0.01% of net assets. These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.
     
d   Includes securities first acquired in 2006 and less than 1% of net assets applicable to Common Stockholders.
     
    At September 30, 2006, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. The Fund effected the following transactions in shares of such companies during the period ended September 30, 2006:

    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 Nasdaq’s 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 Fund’s 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 Fund’s 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 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 (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)          There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 - Exhibits

     Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Royce Micro-Cap Trust, Inc.
By:

/s/ Charles M. Royce

Charles M. Royce
President, Royce Micro-Cap Trust, Inc.
Date: 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