N-Q 1 e81495.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: 12/31/2007

Date of reporting period: 3/31/2007

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
MARCH 31, 2007 (UNAUDITED)

COMMON STOCKS - 109.7%            
    SHARES     VALUE  
Consumer Products - 5.0%            
Apparel and Shoes - 1.5%            

Bluefly a,c

   187,100   $ 194,584  

Delta Apparel

   200     3,480  

Hartmarx Corporation a

   70,000     518,000  

Jos. A. Bank Clothiers a,c

   3,100     109,585  

Kleinert’s a,d

   14,200     0  

Steven Madden

   21,750     635,100  

Stride Rite

   10,000     153,900  

True Religion Apparel a,c

   34,900     566,776  

Weyco Group

   120,000     3,117,600  
       
 
          5,299,025  
       
 
Collectibles - 0.4%            

Topps Company (The)

   148,500     1,443,420  
       
 
             
Food/Beverage/Tobacco - 0.5%            

Green Mountain Coffee Roasters a,c

   25,600     1,614,080  

Nutrition 21 a,c

   20,000     32,200  
       
 
          1,646,280  
       
 
Home Furnishing and Appliances - 0.2%            

Lifetime Brands

   42,054     878,508  
       
 
             
Publishing - 0.1%            

Educational Development

   10,600     82,786  
       
 
             
Sports and Recreation - 1.0%            

Cybex International a,c

   70,000     373,100  

Monaco Coach

   142,400     2,268,432  

National R.V. Holdings a

   31,800     70,278  

Orange 21 a,c

   10,300     55,723  

Sturm, Ruger & Company a

   75,000     1,008,750  
       
 
          3,776,283  
       
 
Other Consumer Products - 1.3%            

Burnham Holdings Cl. A

  84,000     1,381,800  

Cobra Electronics

   10,000     103,600  

A.T. Cross Company Cl. A a

   100,000     880,000  

JAKKS Pacific a

   25,000     597,500  

Lazare Kaplan International a

   151,700     1,222,702  

LoJack Corporation a,c

   20,200     383,396  

Sonic Solutions a,c

   4,000     56,400  
       
 
          4,625,398  
       
 
Total         17,751,700  
       
 
             
Consumer Services - 5.6%            
Direct Marketing - 0.3%            

Dover Saddlery a

   9,500     84,075  

FTD Group a

   55,000     909,150  

ValueVision Media Cl. A a,c

   5,000     61,800  
       
 
          1,055,025  
       
 
Leisure and Entertainment - 0.1%            

FortuNet a,c

   9,600     87,072  

IMAX Corporation a,c

   25,000     126,000  

Singing Machine (The) a,c

   5,000     4,300  

TiVo a,c

   20,000     127,000  
       
 
          344,372  
       
 
Media and Broadcasting - 0.2%            

Outdoor Channel Holdings a,c

   69,750     712,845  
       
 
             
Restaurants and Lodgings - 0.4%            

Benihana Cl. A a,c

   800     22,672  

California Pizza Kitchen a,c

   2,000     65,780  

Champps Entertainment a

   10,000     56,600  

Cosi a,c

   92,600     516,708  

Famous Dave’s of America a

   44,470     803,573  
       
 
          1,465,333  
       
 
Retail Stores - 4.2%            

A.C. Moore Arts & Crafts a

   45,600     973,104  

America’s Car-Mart a,c

   200,000     2,672,000  

Buckle (The)

   38,250     1,365,525  

Cache a

   3,200     56,800  

Casual Male Retail Group a

   2,000     23,660  

Cato Corporation Cl. A

   71,850     1,680,571  

Cost Plus a,c

   45,077     450,770  

Deb Shops

   19,900     538,892  

Fred’s Cl. A

   7,500     110,250  

PriceSmart a,c

   51,916     797,430  

Shoe Carnival a,c

   11,000     366,300  

Stein Mart

   148,900     2,430,048  

United Retail Group a

   60,600     728,412  

West Marine a,c

   142,000     2,585,820  
       
 
          14,779,582  
       
 
Other Consumer Services - 0.4%            

Ambassadors Group

   15,000     498,600  

Ambassadors International

   6,100     281,454  

Autobytel a,c

   20,000     70,800  

Cash America International

   1,500     61,500  

Collectors Universe

   11,700     163,917  

Premier Exhibitions a,c

   30,000     355,500  

Renaissance Learning

   2,365     31,147  
       
 
          1,462,918  
       
 
Total         19,820,075  
       
 
             
Diversified Investment Companies - 2.3%            

Closed-End Funds - 2.3%

            

ASA

   73,300     4,741,044  

Central Fund of Canada Cl. A

   207,000     1,945,800  

Kohlberg Capital a

   98,100     1,569,600  
       
 
Total         8,256,444  
       
 
             
Financial Intermediaries - 10.9%            
Banking - 3.6%            

Abigail Adams National Bancorp

   160,500     2,214,900  

Arrow Financial

   14,751     330,422  

B of I Holding a

   100,000     702,000  

Bancorp (The) a,c

   51,380     1,335,880  

Endeavour Mining Capital

   150,000     1,145,951  

First National Lincoln

   40,200     638,778  

Lakeland Financial

   45,000     1,021,500  

Meta Financial Group

   44,800     1,411,200  

Nexity Financial a

   85,300     998,010  

NexCen Brands a,c

   62,700     621,984  

Peapack-Gladstone Financial

   27,600     840,972  

Queen City Investments a

   948     862,680  

Quest Capital

   30,000     81,334  

Sterling Bancorp

   22,869     413,929  

Sterling Financial

   7,779     242,627  
       
 
          12,862,167  
       
 
Insurance - 2.3%            

AmCOMP a

   5,600     54,096  

American Safety Insurance Holdings a

   20,000     381,200  

CRM Holdings a

   99,000     861,300  

First Acceptance a

   258,405     2,705,500  

Independence Holding

   33,534     725,676  

NYMAGIC

   65,400     2,671,590  

Navigators Group a

   17,200     862,924  
       
 
          8,262,286  
       
 
Real Estate Investment Trusts - 0.7%            

Capstead Mortgage

   154,900     1,547,451  

Opteum Cl. A

   199,000     895,500  
       
 
          2,442,951  
       
 
Securities Brokers - 2.4%            

Cowen Group a

   63,800     1,061,632  

First Albany Companies a

   95,000     152,000  

International Assets Holding a,c

   137,300     3,834,789  

Sanders Morris Harris Group

   136,000     1,448,400  

Stifel Financial a,c

   38,733     1,715,872  

Thomas Weisel Partners Group a,c

   6,500     123,630  

Tradestation Group a,c

   30,000     377,700  
       
 
          8,714,023  
       
 
Other Financial Intermediaries - 1.9%            

Fortress America Acquisition a,c

   53,200     298,452  

MVC Capital

   214,500     3,356,925  

MarketAxess Holdings a,c

   123,700     2,070,738  

NGP Capital Resources

   58,600     926,466  
       
 
          6,652,581  
       
 
Total         38,934,008  
       
 
             
Financial Services - 4.3%            
Insurance Brokers - 0.2%            

Crawford & Company Cl. A

   50,000     277,500  

Health Benefits Direct a,c

   211,100     591,080  
       
 
          868,580  
       
 
Investment Management - 3.7%            

ADDENDA Capital

   131,700     2,766,327  

BKF Capital Group a,b

   406,500     1,321,125  

Epoch Holding Corporation a

   218,300     2,885,926  

Hennessy Advisors

   24,750     383,625  

Highbury Financial a,b,c

   580,400     3,319,888  

Highbury Financial (Warrants) a

   533,900     613,985  

Rockwater Capital a

   50,000     329,580  

Sceptre Investment Counsel

   78,000     760,069  

Westwood Holdings Group

   31,900     734,019  
       
 
          13,114,544  
       
 
Other Financial Services - 0.4%            

Chardan North China Acquisition a,c

   99,000     784,080  

Chardan North China Acquisition (Warrants) a

   182,300     528,670  

MicroFinancial

   10,000     51,800  
       
 
          1,364,550  
       
 
Total         15,347,674  
       
 
             
Health - 16.0%            
Commercial Services - 1.9%            

First Consulting Group a

   274,700     2,499,770  

PAREXEL International a,c

   121,400     4,366,758  
       
 
          6,866,528  
       
 
Drugs and Biotech - 6.0%            

Adolor Corporation a,c

   112,000     980,000  

Allos Therapeutics a,c

   143,600     857,292  

Alnylam Pharmaceuticals a,c

   500     9,000  

Barrier Therapeutics a,c

   11,300     77,970  

Cambrex Corporation

   16,000     393,600  

Caraco Pharmaceutical Laboratories a

   48,050     585,249  

Cardiome Pharma a,c

   23,400     237,510  

Cell Genesys a

   58,000     243,600  

Cerus Corporation a,c

   162,200     1,094,850  

CollaGenex Pharmaceuticals a,c

   25,000     337,750  

Cytokinetics a,c

   5,000     34,800  

Dendreon Corporation a,c

   4,900     63,357  

Draxis Health a

   15,000     97,200  

Durect Corporation a

   44,100     183,456  

DUSA Pharmaceuticals a,c

   36,700     131,386  

Dyax Corporation a,c

   15,000     61,800  

Emisphere Technologies a,c

   163,200     522,240  

Favrille a,c

   271,000     831,970  

Genaera Corporation a

   500,000     215,000  

Gene Logic a

   234,479     504,130  

Genitope Corporation a,c

   291,700     1,210,555  

Halozyme Therapeutics a

   18,800     151,528  

Hi-Tech Pharmacal a

   50,030     557,835  

Idenix Pharmaceuticals a,c

   5,000     36,500  

ImmunoGen a

   44,000     210,760  

Infinity Pharmaceuticals a

   8,750     105,350  

Lannett Company a

   17,450     89,868  

Mannkind Corporation a,c

   42,000     600,600  

Maxygen a

   5,000     55,750  

Micromet a,c

   14,333     38,699  

Momenta Pharmaceuticals a,c

   65,000     842,400  

Myriad Genetics a,c

   25,000     861,500  

Nabi Biopharmaceuticals a,c

   5,000     26,550  

Nastech Pharmaceutical a,c

   2,700     29,133  

Neurogen Corporation a

   40,000     260,000  

Nuvelo a,c

   232,600     855,968  

Oncolytics Biotech a,c

   41,000     74,210  

Orchid Cellmark a

   78,000     487,500  

Origin Agritech a,c

   104,500     930,050  

Pharmacyclics a

   258,000     686,280  

Pharmanet Development Group a,c

   25,000     650,000  

Poniard Pharmaceuticals a,c

   17,300     98,610  

Sangamo BioSciences a,c

   21,000     142,800  

Seattle Genetics a,c

   112,000     917,280  

Senesco Technologies a,c

   25,000     24,250  

Senomyx a,c

   47,000     581,860  

Sinovac Biotech a,c

   125,000     380,000  

Strategic Diagnostics a,c

   164,400     841,728  

Tapestry Pharmaceuticals a,c

   483,000     898,380  

Theragenics Corporation a,c

   145,800     912,708  

TorreyPines Therapeutics a

   6,250     43,563  

Trimeris a,c

   70,000     481,600  
       
 
          21,545,975  
       
 
Health Services - 2.2%            

ATC Healthcare Cl. A a

   35,000     11,550  

Albany Molecular Research a

   40,000     394,000  

Alliance Imaging a,c

   81,200     708,876  

Bio-Imaging Technologies a

   32,177     201,428  

Encorium Group a

   25,000     93,750  

Gentiva Health Services a

   23,000     463,910  

HMS Holdings a,c

   11,900     260,610  

Health Grades a

   38,500     241,780  

Hooper Holmes a,c

   88,600     396,042  

Horizon Health a

   50,000     977,500  

MedCath Corporation a,c

   18,000     491,400  

Mediware Information Systems a

   28,400     257,304  

National Medical Health Card Systems a

   39,900     617,253  

Odyssey Healthcare a

   5,000     65,650  

On Assignment a

   41,100     510,051  

Quovadx a

   5,000     12,750  

RehabCare Group a

   22,000     349,140  

Res-Care a,c

   58,200     1,018,500  

Sun Healthcare Group a,c

   51,000     629,850  

U.S. Physical Therapy a

   10,000     139,200  
       
 
          7,840,544  
       
 
Medical Products and Devices - 5.6%            

Allied Healthcare Products a

   273,500     1,641,000  

AngioDynamics a

   14,000     236,460  

Anika Therapeutics a

   24,000     296,400  

Atrion Corporation

   3,000     275,460  

Bruker BioSciences a

   32,200     338,744  

Caliper Life Sciences a

   52,400     296,060  

Candela Corporation a,c

   3,500     39,970  

Cardiac Science a

   29,947     274,015  

CONMED Corporation a,c

   3,900     113,997  

Cutera a,c

   15,200     550,088  

Del Global Technologies a

   461,301     922,602  

EPIX Pharmaceuticals a,c

   32,666     218,862  

Endologix a,c

   10,500     41,265  

Exactech a,c

   114,100     1,813,049  

Golden Meditech Company a

   24,100     9,716  

IRIDEX Corporation a

   56,000     492,800  

IRIS International a

   4,100     57,195  

Kensey Nash a,c

   24,250     739,625  

Langer a

   7,100     38,340  

LeMaitre Vascular a

   10,000     64,500  

Medical Action Industries a

   125,250     2,993,475  

Merit Medical Systems a,c

   5,700     71,535  

Microtek Medical Holdings a

   29,820     141,943  

Minrad International a

   6,800     35,224  

NMT Medical a

   12,000     163,200  

Neurometrix a,c

   21,500     208,765  

Orthofix International a

   28,000     1,429,400  

OrthoLogic Corporation a

   84,000     131,040  

PLC Systems a

   105,200     63,120  

Possis Medical a,c

   28,900     375,989  

Restore Medical a,c

   13,100     48,077  

Shamir Optical Industry a

   7,500     67,950  

Sirona Dental Systems

   25,000     861,500  

STAAR Surgical a

   5,000     27,550  

Synergetics USA a,c

   5,000     17,900  

Syneron Medical a

   1,800     48,690  

Synovis Life Technologies a

   23,000     310,960  

Thermage a

   5,000     45,500  

Urologix a,c

   375,500     1,137,765  

Utah Medical Products

   42,300     1,441,584  

Young Innovations

   62,450     1,699,889  
       
 
          19,781,204  
       
 
Personal Care - 0.3%            

CCA Industries

   9,040     107,576  

Helen of Troy a,c

   20,000     454,200  

Nature’s Sunshine Products

   7,500     88,200  

Nutraceutical International a

   15,000     247,500  
       
 
          897,476  
       
 
Total         56,931,727  
       
 
             
Industrial Products - 13.7%            
Automotive - 1.0%            

International Textile Group a

   85,000     663,000  

LKQ Corporation a,c

   11,400     249,204  

Noble International

   30,900     518,502  

SORL Auto Parts a

   60,000     515,400  

Spartan Motors

   4,200     97,482  

Strattec Security a

   28,300     1,258,784  

Wescast Industries Cl. A

   12,900     136,877  
       
 
          3,439,249  
       
 
Building Systems and Components - 1.0%            

AAON

   63,700     1,664,481  

Flanders Corporation a,c

   1,500     10,875  

LSI Industries

   63,812     1,068,213  

Modtech Holdings a,c

   51,400     161,396  

Napco Security Systems a,c

   76,400     404,920  

PGT a,c

   20,300     243,600  
       
 
          3,553,485  
       
 
Construction Materials - 1.7%            

Ash Grove Cement

   8,000     1,792,000  

Monarch Cement

   50,410     1,577,833  

Synalloy Corporation

   91,000     2,540,720  
       
 
          5,910,553  
       
 
Industrial Components - 1.8%            

American Superconducter a,c

   52,000     700,440  

C & D Technologies c

   53,000     266,590  

Deswell Industries

   105,300     1,226,745  

Gerber Scientific a,c

   50,500     535,805  

Ladish Company a

   10,000     376,400  

Planar Systems a

   70,000     606,900  

Plug Power a,c

   1,370     4,329  

Powell Industries a,c

   49,800     1,593,600  

Tech/Ops Sevcon

   76,200     521,970  

II-VI a

   20,000     677,000  
       
 
          6,509,779  
       
 
Machinery - 2.8%            

Alamo Group

   38,600     895,906  

Astec Industries a,c

   40,200     1,618,050  

Gorman-Rupp Company

   4,218     135,103  

Hardinge

   40,100     1,049,016  

Hurco Companies a

   17,000     728,450  

K-Tron International a

   9,800     702,954  

Keithley Instruments

   14,000     214,060  

LeCroy Corporation a

   2,000     16,700  

MTS Systems

   10,000     388,400  

Mueller (Paul) Company

   9,650     453,550  

Sun Hydraulics

   38,950     1,041,134  

T-3 Energy Services a

   4,912     98,829  

Tennant Company

   88,200     2,777,418  
       
 
          10,119,570  
       
 
Metal Fabrication and Distribution - 1.0%            

Encore Wire c

   15,000     379,800  

Haynes International a

   9,720     708,880  

Insteel Industries

   30,900     518,811  

NN

   114,300     1,427,607  

Novamerican Steel a

   3,500     154,770  

Samuel Manu-Tech

   2,500     28,367  

Universal Stainless & Alloy Products a,c

   7,700     365,519  
       
 
          3,583,754  
       
 
Paper and Packaging - 0.1%            

Mod-Pac Corporation a

   23,200     254,272  
       
 
             
Pumps, Valves and Bearings - 0.3%            

CIRCOR International

   28,000     999,600  
       
 
             
Specialty Chemicals and Materials - 2.1%            

Aceto Corporation

   340,319     2,688,520  

American Vanguard

   3,333     56,961  

Balchem Corporation

   33,750     596,700  

Foamex International a

   217,478     1,141,759  

Hawkins

   122,667     1,815,472  

ICO a

   70,600     433,484  

NuCo2 a,c

   20,000     504,400  

Park Electrochemical

   10,000     271,200  
       
 
          7,508,496  
       
 
Textiles - 0.1%            

Unifi a

   100,000     288,000  
       
 
             
Other Industrial Products - 1.8%            

Basin Water a,c

   7,800     53,586  

Color Kinetics a,c

   50,000     971,500  

Distributed Energy Systems a

   59,000     80,830  

Eastern Company (The)

   39,750     1,080,405  

Maxwell Technologies a

   25,300     316,756  

Peerless Manufacturing a

   42,200     1,336,052  

Quixote Corporation

   35,200     704,000  

Raven Industries

   73,000     2,047,650  
       
 
          6,590,779  
       
 
Total         48,757,537  
       
 
             
Industrial Services - 13.8%            
Advertising and Publishing - 0.9%            

Greenfield Online a,c

   20,000     318,000  

Harris Interactive a

   92,100     555,363  

Journal Register

   80,200     477,992  

MDC Partners Cl. A a

   67,500     521,775  

NetRatings a

   50,000     1,040,000  

Traffix

   84,700     469,238  
       
 
          3,382,368  
       
 
Commercial Services - 5.1%            

Access Integrated Technologies Cl. A a,c

   38,400     208,512  

ADDvantage Technologies Group a

   115,700     398,008  

BB Holdings a

   390,000     1,669,228  

CBIZ a,c

   87,000     617,700  

Canadian Solar a,c

   25,000     243,750  

Carlisle Group a

   188,800     401,252  

Ceco Environmental a

   50,000     624,500  

ClearPoint Business Resources a,c

   96,000     585,600  

CorVel Corporation a,c

   40,125     1,213,781  

eResearch Technology a,c

   185,000     1,454,100  

GP Strategies a

   42,600     387,660  

Geo Group (The) a,c

   76,800     3,480,576  

Global Sources a,c

   11,220     156,968  

Intersections a

   35,300     354,765  

Kforce a,c

   55,000     757,350  

Metalico a

   132,700     625,017  

OneSource Services a

   33,675     425,768  

PDI a

   10,200     97,104  

RCM Technologies a

   1,000     7,130  

SM&A a

   31,300     222,230  

SYS a

   264,100     565,174  

TRC Companies a

   5,600     56,504  

Thomas Group

   25,000     298,000  

Volt Information Sciences a,c

   52,800     1,382,832  

Westaff a

   362,500     2,073,500  

Willdan Group a

   8,500     79,475  
       
 
          18,386,484  
       
 
Engineering and Construction - 1.7%            

Cavco Industries a

   3,200     111,840  

Devcon International a

   21,700     106,330  

Exponent a

   136,200     2,717,190  

Hanfeng Evergreen a

   93,000     624,296  

Insituform Technologies Cl. A a,c

   56,400     1,172,556  

Nobility Homes

   2,000     47,700  

Skyline Corporation

   32,100     1,083,054  

Sterling Construction a

   3,300     62,898  
       
 
          5,925,864  
       
 
Food and Tobacco Processors - 1.7%            

Cal-Maine Foods

   50,000     672,500  

Farmer Bros.

   42,400     962,480  

Galaxy Nutritional Foods a

   334,800     241,056  

ML Macadamia Orchards L.P.

   120,200     664,706  

Omega Protein a

   9,200     64,216  

Seneca Foods Cl. A a

   62,500     1,662,500  

Seneca Foods Cl. B a

   42,500     1,158,125  

Sunopta a

   41,480     493,612  
       
 
          5,919,195  
       
 
Industrial Distribution - 0.4%            

Central Steel & Wire

   1,088     669,120  

Elamex a

   60,200     43,946  

Lawson Products

   19,500     738,660  
       
 
          1,451,726  
       
 
Printing - 1.1%            

American Bank Note Holographics a

   242,200     811,370  

Bowne & Co.

   66,500     1,046,045  

Champion Industries

   23,500     194,110  

Courier Corporation

   22,950     896,656  

Ennis

   9,700     259,572  

Schawk

   38,900     704,479  
       
 
          3,912,232  
       
 
Transportation and Logistics - 2.6%            

ABX Air a,c

   182,000     1,246,700  

Dynamex a,c

   26,050     662,712  

ExpressJet Holdings a,c

   100,000     584,000  

Forward Air

   50,700     1,667,016  

Frozen Food Express Industries

   92,000     765,440  

MAIR Holdings a,c

   8,600     56,502  

Marten Transport a,c

   6,450     102,426  

Midwest Air Group a,c

   30,400     410,704  

Pacific CMA a

   200,000     52,000  

Patriot Transportation Holding a

   3,000     268,830  

Universal Truckload Services a

   134,200     3,248,982  

Vitran Corporation Cl. A a

   8,000     157,200  
       
 
          9,222,512  
       
 
Other Industrial Services - 0.3%            

Landauer

   21,300     1,075,224  

Team a

   2,200     83,930  
       
 
          1,159,154  
       
 
Total         49,359,535  
       
 
             
Natural Resources - 10.4%            
Energy Services - 4.3%            

Calfrac Well Services

   1,000     16,683  

Carbo Ceramics

   18,750     872,812  

Conrad Industries a

   115,000     690,000  

Dawson Geophysical a

   1,200     59,436  

Dril-Quip a

   55,000     2,380,400  

Enerflex Systems

   1,900     18,679  

Environmental Power a

   90,000     630,000  

Green Plains Renewable Energy a,c

   21,000     443,940  

Gulf Island Fabrication

   34,400     919,856  

GulfMark Offshore a,c

   65,200     2,845,980  

Input/Output a

   43,500     599,430  

Pason Systems

   222,400     2,758,569  

TGC Industries a

   11,280     97,121  

Willbros Group a,c

   108,200     2,438,828  

World Energy Solutions a

   779,600     641,507  
       
 
          15,413,241  
       
 
Oil and Gas - 1.5%            

Bonavista Energy Trust

   69,700     1,862,490  

Bronco Drilling a,c

   8,700     144,159  

CE Franklin a

   47,810     444,633  

Contango Oil & Gas a,c

   10,000     219,500  

Edge Petroleum a

   13,200     165,264  

Exploration Company of Delaware a,c

   5,500     59,675  

Houston American Energy a,c

   82,400     475,448  

Nuvista Energy a

   121,000     1,562,676  

Particle Drilling Technologies a,c

   8,000     31,600  

PetroCorp a,d

   104,200     0  

Pioneer Drilling a

   7,500     95,175  

Savanna Energy Services a

   2,500     41,815  

Superior Energy Services a,c

   1,130     38,951  

Superior Well Services a,c

   1,200     27,420  
       
 
          5,168,806  
       
 
Precious Metals and Mining - 3.3%            

Aurizon Mines a

   257,000     902,070  

Brush Engineered Materials a,c

   15,500     751,285  

Central African Gold a

   329,000     67,979  

Central African Gold (Warrants) a

   119,950     23,604  

Chesapeake Gold a,c

   20,000     118,146  

Cumberland Resources a

   200,000     1,320,000  

Duluth Metals a

   14,200     14,760  

Endeavour Silver a

   50,000     224,500  

Entree Gold a

   177,900     286,419  

Gammon Lake Resources a,c

   85,036     1,502,586  

Gold Reserve a

   14,000     93,940  

Golden Star Resources a,c

   168,100     739,640  

Kimber Resources a,c

   250,000     427,500  

Metallica Resources a,c

   341,300     1,750,869  

Midway Gold a

   227,500     668,016  

Minefinders Corporation a

   116,000     1,381,560  

Nevsun Resources a,c

   5,000     10,550  

Northern Orion Resources a

   51,400     209,198  

Northgate Minerals a

   270,000     936,900  

Spur Ventures a

   44,100     22,155  

Vista Gold a

   50,000     374,500  
       
 
          11,826,177  
       
 
Real Estate - 0.4%            

HomeFed Corporation

   11,352     692,472  

Kennedy-Wilson a

   21,500     618,125  

ZipRealty a,c

   11,000     77,880  
       
 
          1,388,477  
       
 
Other Natural Resources - 0.9%            

PICO Holdings a

   45,700     1,951,847  

Pope Resources L.P.

   33,000     1,323,960  
       
 
          3,275,807  
       
 
Total         37,072,508  
       
 
             
Technology - 25.4%            
Aerospace and Defense - 2.3%            

Allied Defense Group (The) a

   42,400     362,520  

Astronics Corporation a

   26,400     464,640  

Axsys Technologies a

   6,400     100,992  

Ducommun a

   72,100     1,855,133  

HEICO Corporation

   41,600     1,517,984  

HEICO Corporation Cl. A

   24,160     757,416  

Integral Systems

   98,222     2,374,026  

LMI Aerospace a

   6,100     113,643  

SIFCO Industries a

   45,800     438,764  

TVI Corporation a,c

   268,490     410,790  
       
 
          8,395,908  
       
 
Components and Systems - 3.5%            

Acacia Research-Acacia Technologies a,c

   116,250     1,839,075  

Advanced Photonix Cl. A a

   77,900     154,242  

Brocade Communications Systems a,c

   13,649     129,938  

CSP a

   122,581     1,131,423  

DDi Corporation a,c

   75,747     518,109  

Dalsa Corporation a

   5,000     52,014  

Dot Hill Systems a,c

   2,000     7,300  

Excel Technology a

   91,900     2,511,627  

Giga-tronics a

   3,200     6,336  

Mobility Electronics a

   46,000     143,060  

MOCON

   15,600     200,616  

Neoware a,c

   103,200     1,039,224  

On Track Innovations a,c

   47,315     334,517  

Performance Technologies a

   49,550     248,246  

Richardson Electronics

   152,100     1,420,614  

Rimage Corporation a

   20,000     518,200  

SCM Microsystems a,c

   89,000     380,920  

TTM Technologies a,c

   123,700     1,180,098  

TransAct Technologies a

   78,600     547,056  
       
 
          12,362,615  
       
 
Distribution - 0.9%            

Agilysys

   90,000     2,022,300  

Bell Industries a

   85,700     424,215  

Jaco Electronics a

   29,000     103,530  

Nu Horizons Electronics a,c

   40,000     421,200  

PC Mall a,c

   6,000     59,820  

Pomeroy IT Solutions a

   6,900     62,238  
       
 
          3,093,303  
       
 
Internet Software and Services - 3.1%            

Answers Corporation a,c

   4,100     53,013  

Art Technology Group a,c

   296,900     688,808  

CMGI a

   1,595,000     3,381,400  

Convera Corporation Cl. A a,c

   190,000     596,600  

EDGAR Online a,c

   27,700     75,344  

iGATE Corporation a,c

   273,400     2,252,816  

Inforte Corporation a

   12,400     43,028  

Jupitermedia Corporation a

   355,800     2,355,396  

Lionbridge Technologies a

   39,900     203,091  

LookSmart a

   4,000     15,320  

MIVA a,c

   32,000     122,880  

NIC a

   26,800     143,648  

Optimal Group a,c

   41,600     349,024  

Packeteer a,c

   5,200     64,584  

PFSweb a

   7,242     7,459  

SkyTerra Communications a

   62,200     522,480  

Stamps.com a

   21,200     304,644  
       
 
          11,179,535  
       
 
IT Services - 6.1%            

CIBER a

   182,662     1,437,550  

Cogent Communications Group a,c

   24,800     586,024  

Computer Task Group a

   431,100     1,944,261  

Covansys Corporation a

   172,500     4,257,300  

Diamond Management & Technology Consultants

   138,100     1,614,389  

Forrester Research a,c

   101,500     2,878,540  

Rainmaker Systems a

   2,000     16,800  

Sapient Corporation a,c

   500,000     3,430,000  

Syntel

   54,300     1,881,495  

TriZetto Group (The) a,c

   182,300     3,647,823  
       
 
          21,694,182  
       
 
Semiconductors and Equipment - 2.5%            

California Micro Devices a

   16,700     78,156  

Cascade Microtech a,c

   48,000     684,000  

Catalyst Semiconductor a

   9,200     33,396  

CEVA a

   9,800     70,854  

Cohu

   17,800     334,640  

DTS a,c

   7,000     169,610  

ESS Technology a

   25,000     32,000  

Electroglas a,c

   281,700     597,204  

Exar Corporation a

   121,208     1,604,794  

Genesis Microchip a,c

   8,000     74,320  

Ikanos Communications a,c

   8,200     63,714  

Integrated Silicon Solution a

   15,000     83,550  

Intevac a,c

   40,550     1,069,304  

Jazz Technologies (Units) a

   205,000     1,158,250  

Jinpan International

   16,750     261,802  

Kopin Corporation a,c

   11,400     38,532  

MIPS Technologies a

   4,100     36,613  

Nanometrics a,c

   7,000     46,900  

NetList a

   9,200     64,032  

Nextest Systems a,c

   13,000     182,000  

PDF Solutions a,c

   30,500     344,345  

Photronics a,c

   29,750     462,613  

QuickLogic Corporation a

   20,000     56,200  

Saifun Semiconductors a,c

   20,000     235,000  

Semitool a,c

   25,500     331,500  

Vimicro International ADR a,c

   110,000     712,800  
       
 
          8,826,129  
       
 
Software - 4.1%            

Aladdin Knowledge Systems a

   27,300     471,471  

Applix a

   20,000     268,200  

AsiaInfo Holdings a

   40,000     274,800  

Borland Software a,c

   49,700     261,919  

Bottomline Technologies a,c

   22,000     239,800  

Descartes Systems Group (The) a

   56,500     246,905  

Evans & Sutherland Computer a

   83,500     263,025  

Fundtech a

   55,000     756,800  

ILOG ADR a

   35,000     465,500  

iPass a,c

   190,000     955,700  

JDA Software Group a,c

   59,500     894,285  

Majesco Entertainment a

   2,500     3,750  

MIND C.T.I.

   20,000     55,800  

Moldflow Corporation a

   7,500     112,725  

OpenTV Cl. A a

   301,900     739,655  

Pegasystems

   320,200     2,961,850  

Pervasive Software a

   22,500     92,025  

Phase Forward a,c

   43,000     564,590  

SPSS a,c

   41,800     1,508,980  

SeaChange International a,c

   5,000     40,700  

TeleCommunication Systems Cl. A a

   10,000     37,200  

Transaction Systems Architects Cl. A a

   97,600     3,161,264  

Trintech Group ADR a

   91,252     363,183  

Unica Corporation a

   3,200     40,160  

uWink a

   5,000     5,700  
       
 
          14,785,987  
       
 
Telecommunications - 2.9%            

Anaren a

   25,200     443,772  

Atlantic Tele-Network

   5,000     130,650  

C-COR.net a

   5,000     69,300  

Captaris a

   43,300     250,707  

Catapult Communications a

   4,000     38,960  

Centillium Communications a

   11,000     21,120  

Channell Commercial a

   5,000     19,900  

Communications Systems

   34,200     354,996  

ECtel a,c

   76,200     351,282  

EFJ a,c

   10,000     53,400  

EMS Technologies a,c

   6,200     119,474  

GigaBeam a,c

   10,000     31,200  

Hurray! Holding Company ADR a

   10,100     51,914  

Intervoice a,c

   2,900     19,256  

NMS Communications a,c

   600,000     1,080,000  

North Pittsburgh Systems

   23,200     505,064  

PC-Tel a

   49,600     504,432  

Radyne a,c

   55,420     505,430  

Sunrise Telecom a

   163,450     480,543  

Symmetricom a,c

   24,782     205,691  

TTI Team Telecom International a,c

   25,000     62,500  

UCN a

   239,500     893,335  

ViaSat a,c

   91,812     3,027,042  

WJ Communications a

   209,300     362,089  

Zhone Technologies a,c

   591,600     733,584  
       
 
          10,315,641  
       
 
Total         90,653,300  
       
 
             
Miscellaneous e - 2.3%            
Total         8,135,112  
       
 
             
TOTAL COMMON STOCKS            

(Cost $251,532,006)

         391,019,620  
       
 
             
PREFERRED STOCKS - 1.5%            

Edge Petroleum 5.75% Ser. A Conv. a,c

   69,000     3,470,700  

Seneca Foods Conv. a

   75,409     1,779,652  
       
 
             
TOTAL PREFERRED STOCKS            

(Cost $4,393,607)

         5,250,352  
       
 
             
REPURCHASE AGREEMENT - 5.2%            

State Street Bank & Trust Company, 5.10% dated 3/30/07, due 4/2/07, maturity value $18,458,842
(collateralized by obligations of various U.S. Government Agencies, valued at $18,913,094)
(Cost $18,451,000)

         18,451,000  
       
 
             
    PRINCIPAL        
    AMOUNT        
COLLATERAL RECEIVED FOR SECURITIES LOANED - 11.9%            

U.S. Treasury Bonds 6.00%-10.375% due 11/15/12-8/15/26

   $    469     479  

U.S. Treasury Notes 4.375% due 12/31/07

   5     5  

U.S. Treasury Strip-Principal due 11/15/21

   1,900     1,900  

Money Market Funds State Street Navigator Securities Lending Prime Portfolio (7 day yield-5.25%)

         42,520,999  
       
 
             
TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED            

(Cost $42,523,383)

         42,523,383  
       
 
             
TOTAL INVESTMENTS - 128.3%            

(Cost $316,899,996)

         457,244,355  
             
LIABILITIES LESS CASH AND OTHER ASSETS - (11.5)%         (40,962,466 )
             
PREFERRED STOCK - (16.8)%         (60,000,000 )
       
 
             
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%       $ 356,281,889  
       
 


a   Non-income producing.
     
b   At March 31, 2007, 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.

Affiliated Company       Shares
12/31/06		     Market Value
12/31/06		   Cost of
Purchases		   Cost of
Sales		   Realized
Gain (Loss)		   Dividend
Income		   Shares
3/31/07		     Market Value
3/31/07
                                         
                                         
BKF Capital Group       406,500   $ 1,361,775   -   -   -   -   406,500   $ 1,321,125
                                         
                                         
Highbury Financial       580,400     3,383,732   -   -   -   -   580,400     3,319,888
                                         
                                         
            $ 4,745,507           -   -       $ 4,641,013

c   All or a portion of these securities were on loan at March 31, 2007. Total market value of loaned securities at March 31, 2007 was $41,389,223.
     
d   Securities for which market quotations are no longer readily available represent 0.0% of net assets applicable to common stockholders. These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.
     
e   Includes securities first acquired in 2007 and less than 1% of net assets applicable to common stockholders.

INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $317,601,080. At March 31, 2007, net unrealized appreciation for all securities was $139,643,275, consisting of aggregate gross unrealized appreciation of $156,308,520 and aggregate gross unrealized depreciation of $16,665,245. The primary difference in book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, 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 highest 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. In addition, if between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevent non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has deveolped between the movement of prices of non-U.S. equity securities and indicies of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. The Funds will value their non-U.S. securities in U.S. dollars on the basis of foreign currency exchange rates provided to the Funds by their custodian, State Street Bank and Trust Company. 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 Stockholders. 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: May 29, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:

/s/ Charles M. Royce

Charles M. Royce
President, Royce Micro-Cap Trust, Inc.
Date: May 29, 2007

By:

/s/ John D. Diederich

John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 29, 2007