N-Q 1 e83883.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: 9/30/2007

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS              
ROYCE MICRO-CAP TRUST              
SEPTEMBER 30, 2007 (UNAUDITED)              
               

COMMON STOCKS - 108.0%

              
      SHARES     VALUE  

Consumer Products - 4.9%

              

Apparel and Shoes - 1.6%

              

dELiA*s a,c

     42,900   $ 201,630  

Hartmarx Corporation a

     70,000     343,000  

Kleinert’s a,d

     14,200     0  

Steven Madden

     21,750     412,162  

Mothers Work a,c

     13,900     259,513  

Movie Star a,c

     171,400     389,078  

True Religion Apparel a,c

     19,700     346,720  

Weyco Group

     120,000     3,769,200  
         
 
            5,721,303  
         
 

Collectibles - 0.2%

              

Topps Company (The)

     74,200     718,998  
         
 

Food/Beverage/Tobacco - 0.7%

              

Green Mountain Coffee Roasters a,c

     76,800     2,548,992  
         
 

Home Furnishing and Appliances - 0.4%

              

American Technology a,c

     50,000     190,000  

DTS a,c

     7,000     212,590  

Lifetime Brands

     42,054     853,276  

U.S. Home Systems a,c

     10,000     71,500  
         
 
            1,327,366  
         
 

Publishing - 0.3%

              

Voyager Learning a,c

     125,000     1,011,250  
         
 

Sports and Recreation - 0.9%

              

Cybex International a,c

     70,000     344,400  

Monaco Coach

     142,400     1,997,872  

Orange 21 a,c

     9,000     44,640  

Sturm, Ruger & Company a

     45,000     805,950  
         
 
            3,192,862  
         
 

Other Consumer Products - 0.8%

              

Cobra Electronics

     10,000     67,400  

A.T. Cross Company Cl. A a,c

     100,000     1,105,000  

Lazare Kaplan International a

     151,700     1,124,097  

NexCen Brands a,c

     86,400     580,608  
         
 
            2,877,105  
         
 

Total

           17,397,876  
         
 

Consumer Services - 4.3%

              

Direct Marketing - 0.2%

              

Dover Saddlery a

     10,200     62,220  

FTD Group

     55,000     818,400  
         
 
            880,620  
         
 

Leisure and Entertainment - 0.1%

              

FortuNet a,c

     5,000     49,050  

IMAX Corporation a,c

     25,000     105,000  

TiVo a,c

     20,000     127,000  
         
 
            281,050  
         
 

Media and Broadcasting - 0.3%

              

Ballantyne of Omaha a,c

     100,000     591,000  

Outdoor Channel Holdings a,c

     69,750     629,842  
         
 
            1,220,842  
         
 

Restaurants and Lodgings - 0.2%

              

Benihana Cl. A a,c

     800     13,848  

Cosi a,c

     91,200     315,552  

Jamba a,c

     29,600     208,088  
         
 
            537,488  
         
 

Retail Stores - 3.0%

              

A.C. Moore Arts & Crafts a

     40,000     630,400  

America’s Car-Mart a,c

     200,000     2,262,000  

Buckle (The)

     35,250     1,337,385  

Cache a,c

     19,200     342,720  

Casual Male Retail Group a

     28,800     258,048  

Cato Corporation Cl. A

     68,100     1,391,964  

Cost Plus a,c

     115,477     464,218  

Deb Shops

     19,900     535,111  

Stein Mart

     168,900     1,285,329  

West Marine a,c

     142,000     1,640,100  

Wet Seal (The) Cl. A a,c

     92,600     358,362  
         
 
            10,505,637  
         
 

Other Consumer Services - 0.5%

              

Ambassadors Group

     15,000     571,500  

Ambassadors International

     6,100     149,633  

Collectors Universe

     23,200     326,656  

Premier Exhibitions a,c

     41,100     619,788  

Renaissance Learning

     2,365     28,593  
         
 
            1,696,170  
         
 

Total

           15,121,807  
         
 

Diversified Investment Companies - 1.6%

              

Closed-End Funds - 1.6%

              

ASA

     48,900     3,657,720  

Central Fund of Canada Cl. A

     207,000     2,034,810  
         
 

Total

           5,692,530  
         
 

Financial Intermediaries - 10.2%

              

Banking - 3.1%

              

Abigail Adams National Bancorp

     160,500     2,168,355  

B of I Holding a,c

     100,000     739,000  

Bancorp (The) a,c

     51,180     944,783  

First National Lincoln

     40,200     606,216  

Lakeland Financial

     45,000     1,039,950  

Meta Financial Group

     44,800     1,785,280  

Nexity Financial a,c

     147,599     1,225,072  

Peapack-Gladstone Financial

     27,600     703,800  

Queen City Investments a

     948     911,976  

Quest Capital

     30,000     76,610  

Sterling Bancorp

     32,869     460,166  

Sterling Financial

     7,779     209,333  
         
 
            10,870,541  
         
 

Insurance - 1.7%

              

AmCOMP a

     5,600     52,864  

American Safety Insurance Holdings a

     20,000     396,400  

CRM Holdings a,c

     124,000     781,200  

First Acceptance a

     258,405     1,304,945  

Independence Holding

     33,534     683,423  

NYMAGIC

     65,400     1,818,774  

Navigators Group a,c

     15,200     824,600  
         
 
            5,862,206  
         
 

Real Estate Investment Trusts - 0.4%

              

Bimini Capital Management Cl. A

     249,000     328,680  

Capstead Mortgage

     104,900     1,078,372  
         
 
            1,407,052  
         
 

Securities Brokers - 2.6%

              

Cowen Group a,c

     93,600     1,293,552  

Diamond Hill Investment Group a,c

     5,000     408,750  

First Albany Companies a,c

     95,000     161,500  

International Assets Holding a,c

     123,100     3,169,825  

Sanders Morris Harris Group

     136,000     1,380,400  

Stifel Financial a,c

     38,733     2,240,317  

Thomas Weisel Partners Group a,c

     6,500     94,315  

Tradestation Group a,c

     30,000     350,100  
         
 
            9,098,759  
         
 

Other Financial Intermediaries - 2.4%

              

Kohlberg Capital

     98,100     1,477,386  

MVC Capital

     226,200     4,191,486  

MarketAxess Holdings a,c

     123,700     1,855,500  

NGP Capital Resources

     68,080     1,104,938  
         
 
            8,629,310  
         
 

Total

           35,867,868  
         
 

Financial Services - 4.5%

              

Information and Processing - 0.1%

              

EDGAR Online a,c

     27,200     81,056  
         
 

Insurance Brokers - 0.2%

              

Crawford & Company Cl. A a

     50,000     276,000  

Health Benefits Direct a,c

     211,265     464,783  
         
 
            740,783  
         
 

Investment Management - 3.3%

              

ADDENDA Capital

     131,700     2,664,057  

BKF Capital Group a,b

     406,500     955,275  

Epoch Holding Corporation a

     211,500     2,977,920  

Hennessy Advisors

     24,750     269,775  

Highbury Financial a,b,c

     580,400     2,605,996  

Highbury Financial (Warrants) a

     533,900     298,984  

Sceptre Investment Counsel

     78,000     812,426  

Westwood Holdings Group

     31,900     1,094,489  
         
 
            11,678,922  
         
 

Other Financial Services - 0.9%

              

Alternative Asset Management Acquisition (Units) a

     250,000     2,487,500  

General Finance a,c

     100,000     800,000  
         
 
            3,287,500  
         
 

Total

           15,788,261  
         
 

Health - 16.6%

              

Commercial Services - 2.7%

              

eResearch Technology a,c

     185,000     2,107,150  

First Consulting Group a,c

     300,699     3,097,200  

Medifast a,c

     45,200     252,216  

PDI a,c

     66,800     693,384  

PAREXEL International a,c

     80,900     3,338,743  
         
 
            9,488,693  
         
 

Drugs and Biotech - 6.5%

              

Adolor Corporation a,c

     172,000     588,240  

Allos Therapeutics a,c

     123,600     587,100  

Barrier Therapeutics a,c

     31,300     189,052  

Cambrex Corporation

     16,000     174,240  

Caraco Pharmaceutical Laboratories a

     20,450     311,862  

Cardiome Pharma a,c

     21,000     198,240  

Cell Genesys a

     58,000     221,560  

Cerus Corporation a,c

     189,600     1,655,208  

Coley Pharmaceutical Group a,c

     230,000     722,200  

CollaGenex Pharmaceuticals a,c

     25,000     224,500  

Durect Corporation a,c

     44,100     241,668  

DUSA Pharmaceuticals a

     57,600     125,568  

Dyax Corporation a

     47,300     170,280  

Emisphere Technologies a,c

     163,200     784,992  

Favrille a,c

     275,600     840,580  

Gene Logic a

     224,900     267,631  

Genitope Corporation a,c

     294,700     1,320,256  

Hi-Tech Pharmacal a

     77,530     920,281  

ImmunoGen a,c

     24,000     111,600  

Lexicon Pharmaceuticals a,c

     40,000     138,400  

Lifecore Biomedical a,c

     27,900     359,910  

Luminex Corporation a,c

     28,575     430,911  

Mannkind Corporation a,c

     42,000     406,560  

Maxygen a

     5,000     34,050  

Momenta Pharmaceuticals a,c

     69,500     791,605  

Myriad Genetics a,c

     25,000     1,303,750  

Nastech Pharmaceutical a,c

     2,700     35,937  

Neurogen Corporation a,c

     40,000     177,600  

Nuvelo a,c

     239,000     489,950  

Oncolytics Biotech a,c

     36,000     68,040  

Orchid Cellmark a

     78,000     436,020  

Origin Agritech a

     221,688     1,682,612  

Pharmacyclics a

     228,000     524,400  

Pharmanet Development Group a,c

     25,000     725,750  

Sangamo BioSciences a,c

     21,000     296,310  

Seattle Genetics a,c

     72,000     809,280  

Senomyx a,c

     47,000     575,750  

Sinovac Biotech a,c

     118,800     647,460  

Strategic Diagnostics a,c

     67,100     342,210  

Sunesis Pharmaceuticals a,c

     282,000     648,600  

Tapestry Pharmaceuticals a,c

     483,000     719,670  

Theragenics Corporation a,c

     145,800     654,642  

Trimeris a,c

     128,000     995,840  
         
 
            22,950,315  
         
 

Health Services - 1.7%

              

Albany Molecular Research a,c

     40,000     604,000  

Alliance Imaging a,c

     85,200     771,912  

Bio-Imaging Technologies a

     19,100     135,992  

CorVel Corporation a,c

     40,125     927,690  

Gentiva Health Services a

     23,000     441,830  

HMS Holdings a,c

     11,900     292,859  

Hooper Holmes a,c

     88,600     209,096  

MedCath Corporation a,c

     18,000     494,280  

Mediware Information Systems a,c

     63,900     418,545  

On Assignment a

     41,100     383,874  

RehabCare Group a

     22,000     386,980  

Sun Healthcare Group a,c

     41,000     685,110  

U.S. Physical Therapy a

     10,000     148,000  
         
 
            5,900,168  
         
 

Medical Products and Devices - 5.5%

              

Allied Healthcare Products a

     273,500     1,848,860  

AngioDynamics a,c

     14,000     263,900  

Anika Therapeutics a

     17,000     353,770  

Atrion Corporation

     4,000     500,000  

CAS Medical Systems a,c

     86,500     461,910  

Caliper Life Sciences a

     50,000     287,000  

Cardiac Science a

     26,243     264,529  

CONMED Corporation a,c

     3,900     109,161  

Cutera a,c

     18,700     490,127  

Del Global Technologies a

     461,301     1,176,318  

EPIX Pharmaceuticals a,c

     32,666     132,624  

Exactech a,c

     113,100     1,815,255  

Golden Meditech Company a

     24,100     11,098  

HealthTronics a,c

     64,400     328,440  

Kensey Nash a

     26,650     695,831  

Medical Action Industries a,c

     125,250     2,963,415  

Merit Medical Systems a

     8,700     112,926  

NMT Medical a,c

     17,000     135,490  

Neurometrix a,c

     21,500     187,695  

Orthofix International a,c

     28,000     1,371,160  

OrthoLogic Corporation a,c

     65,000     91,650  

PLC Systems a

     105,200     55,756  

Possis Medical a,c

     28,900     391,595  

Shamir Optical Industry a

     7,500     90,075  

Synovis Life Technologies a,c

     20,000     431,400  

Thermage a

     97,300     688,884  

Urologix a,c

     405,500     754,230  

Utah Medical Products

     42,300     1,327,797  

Vital Images a,c

     6,100     119,072  

Young Innovations

     66,050     1,889,691  
         
 
            19,349,659  
         
 

Personal Care - 0.2%

              

Helen of Troy a,c

     20,000     386,200  

Nutraceutical International a

     15,000     228,150  
         
 
            614,350  
         
 

Total

           58,303,185  
         
 

Industrial Products - 14.6%

              

Automotive - 1.0%

              

International Textile Group a

     85,000     493,000  

LKQ Corporation a,c

     11,400     396,834  

Noble International

     26,200     557,798  

SORL Auto Parts a,c

     73,600     571,136  

Spartan Motors

     6,300     106,029  

Strattec Security a

     28,300     1,316,516  

Wescast Industries Cl. A

     12,900     177,681  
         
 
            3,618,994  
         
 

Building Systems and Components - 1.1%

              

AAON

     94,500     1,864,485  

LSI Industries

     65,112     1,336,098  

Napco Security Systems a,c

     101,700     566,469  
         
 
            3,767,052  
         
 

Construction Materials - 1.3%

              

Ash Grove Cement

     8,000     1,864,000  

Monarch Cement

     50,410     1,441,726  

Synalloy Corporation

     58,200     1,228,020  
         
 
            4,533,746  
         
 

Industrial Components - 2.0%

              

American Superconducter a,c

     22,000     450,560  

C&D Technologies a,c

     53,000     263,940  

Deswell Industries

     105,300     1,042,470  

Gerber Scientific a,c

     50,500     547,925  

Ladish Company a

     10,000     554,800  

Planar Systems a,c

     142,000     952,820  

Powell Industries a

     46,800     1,773,252  

Tech/Ops Sevcon

     76,200     662,940  

II-VI a

     20,000     690,600  
         
 
            6,939,307  
         
 

Machinery - 4.0%

              

Active Power a,c

     187,500     414,375  

Alamo Group

     38,600     949,174  

Astec Industries a,c

     40,200     2,309,490  

Burnham Holdings Cl. A a

     95,000     1,415,500  

Capstone Turbine a,c

     200,000     240,000  

Gorman-Rupp Company

     4,218     139,869  

Hurco Companies a,c

     14,900     805,494  

K-Tron International a

     5,800     551,000  

Keithley Instruments

     14,000     148,400  

LeCroy Corporation a

     2,000     14,920  

MTS Systems

     10,000     416,000  

Mueller (Paul) Company

     9,650     661,990  

Sun Hydraulics

     58,425     1,857,915  

Tennant Company

     88,200     4,295,340  
         
 
            14,219,467  
         
 

Metal Fabrication and Distribution - 0.9%

              

Encore Wire

     15,000     376,950  

Haynes International a,c

     8,020     684,667  

Insteel Industries

     400     6,140  

NN

     114,300     1,121,283  

Olympic Steel

     7,000     190,120  

Samuel Manu-Tech

     2,500     32,700  

Universal Stainless & Alloy Products a,c

     22,797     907,093  
         
 
            3,318,953  
         
 

Paper and Packaging - 0.1%

              

Mod-Pac Corporation a,c

     23,200     199,520  
         
 

Pumps, Valves and Bearings - 0.3%

              

CIRCOR International

     28,000     1,271,480  
         
 

Specialty Chemicals and Materials - 1.8%

              

Aceto Corporation

     323,619     2,912,571  

American Vanguard

     9,333     182,180  

Balchem Corporation

     33,750     688,838  

Hawkins

     118,167     1,701,605  

NuCo2 a,c

     20,000     514,800  

Park Electrochemical

     10,000     335,800  
         
 
            6,335,794  
         
 

Textiles - 0.1%

              

Unifi a

     100,000     275,000  
         
 

Other Industrial Products - 2.0%

              

Eastern Company (The)

     39,750     892,388  

Maxwell Technologies a

     37,400     434,962  

Peerless Manufacturing a

     84,400     2,025,600  

Quixote Corporation

     33,300     659,340  

Raven Industries

     73,000     2,923,650  
         
 
            6,935,940  
         
 

Total

           51,415,253  
         
 

Industrial Services - 14.5%

              

Advertising and Publishing - 0.2%

              

Greenfield Online a,c

     20,000     305,000  

Journal Register

     80,200     192,480  

LiveDeal a,c

     48,200     336,918  
         
 
            834,398  
         
 

Commercial Services - 5.4%

              

ADDvantage Technologies Group a,c

     67,700     549,724  

BB Holdings a

     390,000     1,655,724  

CBIZ a,c

     87,000     691,650  

Canadian Solar a,c

     25,000     236,000  

Carlisle Group a

     188,800     502,170  

ClearPoint Business Resources a,c

     196,500     786,000  

Diamond Management & Technology Consultants

     138,100     1,270,520  

eTelecare Global Solutions ADR a,c

     5,300     58,088  

Forrester Research a,c

     101,500     2,392,355  

GP Strategies a

     35,000     388,500  

Geo Group (The) a,c

     102,400     3,032,064  

Gevity HR

     21,000     215,250  

Global Sources a,c

     11,220     248,747  

Kforce a,c

     55,000     707,300  

Metalico a,c

     55,200     502,872  

OneSource Services a

     38,775     515,668  

PeopleSupport a,c

     43,300     517,868  

SM&A a,c

     31,300     213,466  

SYS a,c

     480,000     1,171,200  

Volt Information Sciences a,c

     80,500     1,420,020  

Westaff a

     362,500     1,504,375  

Willdan Group a

     35,100     357,669  
         
 
            18,937,230  
         
 

Engineering and Construction - 3.1%

              

Cavco Industries a

     9,400     314,900  

Exponent a

     130,600     3,276,754  

HLS Systems International a,c

     199,000     1,645,730  

HLS Systems International (Warrants) a

     183,100     600,568  

Hanfeng Evergreen a

     17,900     265,625  

Hill International a,c

     70,500     634,500  

Insituform Technologies Cl. A a,c

     56,400     858,972  

Integrated Electrical Services a,c

     65,000     1,664,650  

Modtech Holdings a,c

     71,800     132,830  

Nobility Homes

     13,800     262,200  

Skyline Corporation

     32,100     965,568  

Sterling Construction a,c

     12,300     283,884  
         
 
            10,906,181  
         
 

Food and Tobacco Processors - 1.8%

              

Cal-Maine Foods

     50,000     1,262,000  

Farmer Bros.

     42,400     1,054,912  

Galaxy Nutritional Foods a

     432,600     138,432  

ML Macadamia Orchards L.P.

     120,200     587,778  

Seneca Foods Cl. A a

     62,500     1,699,375  

Seneca Foods Cl. B a

     42,500     1,141,125  

Sunopta a

     20,280     293,857  
         
 
            6,177,479  
         
 

Industrial Distribution - 0.4%

              

Central Steel & Wire

     1,088     690,880  

Lawson Products

     19,500     678,795  
         
 
            1,369,675  
         
 

Printing - 1.3%

              

American Bank Note Holographics a

     242,200     1,211,000  

Bowne & Co.

     66,500     1,107,890  

Champion Industries

     23,500     141,235  

Courier Corporation

     27,950     984,120  

Ennis

     9,700     213,788  

Schawk

     38,900     877,973  
         
 
            4,536,006  
         
 

Transportation and Logistics - 2.0%

              

ABX Air a,c

     100,000     708,000  

ExpressJet Holdings a,c

     100,000     309,000  

Forward Air

     50,700     1,509,846  

Frozen Food Express Industries

     92,000     619,160  

MAIR Holdings a,c

     8,600     50,912  

Marten Transport a,c

     21,450     330,544  

Patriot Transportation Holding a

     3,000     295,020  

Universal Truckload Services a

     134,200     2,947,032  

Velocity Express a,c

     234,816     131,497  
         
 
            6,901,011  
         
 

Other Industrial Services - 0.3%

              

Landauer

     21,300     1,085,448  

Team a

     4,400     120,472  
         
 
            1,205,920  
         
 

Total

           50,867,900  
         
 

Natural Resources - 10.8%

              

Energy Services - 4.3%

              

CE Franklin a

     27,050     305,665  

Dril-Quip a,c

     55,000     2,714,250  

Environmental Power a

     115,000     609,500  

Flotek Industries a,c

     2,800     123,620  

Green Plains Renewable Energy a,c

     16,400     186,140  

Gulf Island Fabrication

     34,016     1,305,874  

GulfMark Offshore a,c

     55,400     2,695,764  

ION Geophysical a,c

     43,500     601,605  

Particle Drilling Technologies a,c

     40,000     132,000  

Pason Systems

     209,200     3,129,640  

Willbros Group a,c

     67,600     2,298,400  

World Energy Solutions a

     859,400     941,784  
         
 
            15,044,242  
         
 

Oil and Gas - 1.6%

              

Bonavista Energy Trust

     44,600     1,301,254  

Bronco Drilling a,c

     33,200     491,360  

Cano Petroleum a

     45,200     335,384  

FX Energy a,c

     108,100     805,345  

Gran Tierra Energy a,c

     124,900     199,840  

Houston American Energy a,c

     63,400     268,182  

Nuvista Energy a

     121,000     1,672,699  

PetroCorp a,d

     104,200     0  

Pioneer Drilling a

     7,500     91,350  

Storm Cat Energy a,c

     291,200     218,400  

TXCO Resources a,c

     5,500     49,280  
         
 
            5,433,094  
         
 

Precious Metals and Mining - 3.6%

              

Allied Nevada Gold a

     79,700     398,500  

Aurizon Mines a

     197,000     819,520  

Brush Engineered Materials a,c

     15,500     804,295  

Central African Gold a

     89,790     74,403  

Chesapeake Gold a

     20,000     130,699  

Duluth Metals a

     157,500     444,955  

Endeavour Mining Capital

     337,000     3,259,377  

Endeavour Silver a

     50,000     166,500  

Entree Gold a

     177,900     444,750  

Gammon Gold a,c

     83,836     992,618  

Golden Star Resources a,c

     168,100     680,805  

Kimber Resources a

     560,000     515,200  

Metallica Resources a,c

     186,300     827,172  

Midway Gold a

     227,500     709,043  

Minefinders Corporation a

     36,000     384,120  

New Gold a,c

     141,200     865,556  

Northern Orion Resources a

     28,200     181,326  

Northgate Minerals a

     270,000     766,800  

Uranium Resources a,c

     11,100     104,229  

Vista Gold a,c

     50,000     230,000  
         
 
            12,799,868  
         
 

Real Estate - 0.4%

              

HomeFed Corporation a

     11,352     718,014  

Kennedy-Wilson a,c

     21,500     838,500  
         
 
            1,556,514  
         
 

Other Natural Resources - 0.9%

              

PICO Holdings a

     45,700     1,898,835  

Pope Resources L.P.

     33,000     1,398,870  
         
 
            3,297,705  
         
 

Total

           38,131,423  
         
 

Technology - 22.7%

              

Aerospace and Defense - 2.6%

              

Aerovironment a,c

     13,800     317,538  

Allied Defense Group (The) a

     42,400     333,688  

Astronics Corporation a

     26,400     1,150,248  

Ducommun a

     72,100     2,328,830  

HEICO Corporation

     41,600     2,053,376  

HEICO Corporation Cl. A

     24,160     954,320  

Integral Systems

     59,110     1,270,274  

SIFCO Industries a,c

     45,800     723,640  
         
 
            9,131,914  
         
 

Components and Systems - 2.9%

              

Acacia Research-Acacia Technologies a,c

     88,150     1,294,042  

CSP a,c

     122,581     947,551  

DDi Corporation a,c

     32,547     215,787  

Excel Technology a

     91,900     2,292,905  

Giga-tronics a,c

     3,200     6,784  

MOCON

     15,600     182,520  

Neoware a,c

     2,600     42,172  

RadiSys Corporation a,c

     30,000     373,500  

Richardson Electronics

     241,350     1,653,248  

Rimage Corporation a,c

     20,000     448,800  

SCM Microsystems a,c

     37,900     112,563  

SRS Labs a,c

     10,000     73,300  

Spectrum Control a,c

     38,300     554,967  

TTM Technologies a,c

     124,700     1,442,779  

TransAct Technologies a

     78,600     480,246  
         
 
            10,121,164  
         
 

Distribution - 0.6%

              

Agilysys

     90,000     1,521,000  

Nu Horizons Electronics a,c

     40,000     377,200  

PC Mall a,c

     26,000     405,860  
         
 
            2,304,060  
         
 

Internet Software and Services - 1.7%

              

Art Technology Group a,c

     148,000     446,960  

Descartes Systems Group (The) a,c

     49,200     232,224  

iPass a,c

     190,000     798,000  

Jupitermedia Corporation a,c

     355,800     2,252,214  

Lionbridge Technologies a,c

     131,500     524,685  

NIC

     26,800     185,992  

SkyTerra Communications a

     62,200     447,840  

Stamps.com a

     80,000     957,600  
         
 
            5,845,515  
         
 

IT Services - 4.6%

              

BluePhoenix Solutions a,c

     28,000     515,480  

CIBER a,c

     182,662     1,426,590  

Cogent Communications Group a,c

     24,800     578,832  

Computer Task Group a

     461,300     2,006,655  

iGATE Corporation a,c

     273,400     2,343,038  

Rainmaker Systems a,c

     58,000     502,860  

Sapient Corporation a,c

     500,000     3,355,000  

Syntel

     54,300     2,257,794  

TriZetto Group (The) a

     145,200     2,542,452  

Yucheng Technologies a,c

     77,600     744,960  
         
 
            16,273,661  
         
 

Semiconductors and Equipment - 3.1%

              

Actions Semiconductor ADR a,c

     200,300     1,105,656  

Cascade Microtech a

     55,037     545,967  

CEVA a

     9,800     88,102  

Cohu

     17,800     333,750  

Electroglas a

     281,700     647,910  

Exar Corporation a,c

     121,208     1,582,976  

Ikanos Communications a

     18,200     101,374  

Intevac a

     40,550     616,360  

Jazz Technologies (Units) a

     205,000     779,000  

Jinpan International

     16,250     466,375  

Nanometrics a,c

     34,000     304,980  

NetList a

     77,200     159,804  

Nextest Systems a

     33,900     435,954  

PDF Solutions a,c

     25,000     247,000  

Photronics a,c

     29,750     339,448  

QuickLogic Corporation a,c

     20,000     65,200  

Rudolph Technologies a

     12,500     172,875  

Saifun Semiconductors a,c

     27,100     269,916  

Semitool a,c

     25,500     247,350  

Vimicro International ADR a,c

     110,000     584,100  

Virage Logic a,c

     180,000     1,335,600  

Zarlink Semiconductor a

     342,200     475,658  
         
 
            10,905,355  
         
 

Software - 4.6%

              

ACI Worldwide a,c

     97,600     2,181,360  

Aladdin Knowledge Systems a

     27,300     610,428  

Borland Software a,c

     70,000     304,500  

Bottomline Technologies a,c

     48,300     605,199  

Convera Corporation Cl. A a,c

     170,000     663,000  

Digimarc Corporation a,c

     66,000     595,980  

DivX a,c

     19,000     282,530  

Evans & Sutherland Computer a

     73,500     152,880  

Fundtech a,c

     51,000     894,540  

ILOG ADR a,c

     35,000     410,200  

JDA Software Group a,c

     59,500     1,229,270  

OpenTV Cl. A a,c

     429,300     635,364  

Pegasystems

     330,200     3,929,380  

Phase Forward a,c

     43,000     860,430  

PLATO Learning a,c

     160,000     604,800  

SPSS a,c

     41,800     1,719,652  

SeaChange International a,c

     20,000     138,400  

TeleCommunication Systems Cl. A a,c

     10,000     39,900  

Trintech Group ADR a,c

     94,852     403,121  

uWink a,c

     9,000     34,380  
         
 
            16,295,314  
         
 

Telecommunications - 2.6%

              

Anaren a

     30,900     435,690  

Atlantic Tele-Network

     4,100     149,035  

Captaris a

     43,300     229,057  

Communications Systems

     10,700     112,350  

Extreme Networks a,c

     11,500     44,160  

InPhonic a,c

     195,800     538,450  

NMS Communications a,c

     630,000     774,900  

North Pittsburgh Systems

     23,200     551,232  

PC-Tel a

     69,600     528,264  

Performance Technologies a

     41,250     206,662  

Radyne Corporation a,c

     42,820     451,323  

REMEC a

     143,387     243,758  

Symmetricom a,c

     62,082     291,785  

UCN a

     180,800     723,200  

ViaSat a,c

     76,812     2,368,114  

WJ Communications a

     247,400     321,620  

Zhone Technologies a,c

     861,600     1,025,304  
         
 
            8,994,904  
         
 

Total

           79,871,887  
         
 

Miscellaneous e - 3.3%

              

Total

           11,534,562  
         
 

TOTAL COMMON STOCKS

              

(Cost $263,497,006)

           379,992,552  
         
 

PREFERRED STOCKS - 1.5%

              

Edge Petroleum 5.75% Ser. A Conv.

     69,000     3,307,170  

Seneca Foods Conv. a

     75,409     1,922,930  
         
 

TOTAL PREFERRED STOCKS

              

(Cost $4,393,607)

           5,230,100  
         
 

REPURCHASE AGREEMENT - 7.9%

              

State Street Bank & Trust Company,

              

4.75% dated 9/28/07, due 10/1/07,

              

maturity value $27,784,994 (collateralized

              

by obligations of various U.S. Government

              

Agencies, valued at $29,580,000)

              

(Cost $27,774,000)

           27,774,000  
         
 
      PRINCIPAL        
      AMOUNT        

COLLATERAL RECEIVED FOR SECURITIES LOANED - 13.5%

              

U.S. Treasury Bonds

              

2.375%-8.125% due 8/15/19-1/15/27

     $194,205     195,416  

U.S. Treasury Notes

              

0.875%-4.875% due 1/31/09-11/30/11

     10,963     11,029  

U.S. Treasury Strip-Principal

              

due 11/15/09-11/15/21

     25,767     25,767  

U.S. Treasury Strip-Interest

              

due 11/15/10

     689     689  

Money Market Funds

              

State Street Navigator Securities Lending

              

Prime Portfolio (7 day yield-5.23%)

           47,414,968  
         
 

TOTAL COLLATERAL RECEIVED FOR SECURITIES

              

LOANED

              

(Cost $47,647,869)

           47,647,869  
         
 
               

TOTAL INVESTMENTS - 130.9%

              

(Cost $343,312,482)

           460,644,521  
               

LIABILITIES LESS CASH

              

AND OTHER ASSETS - (13.8)%

           (48,653,665 )
               

PREFERRED STOCK - (17.1)%

           (60,000,000 )
         
 
               

NET ASSETS APPLICABLE TO

              

COMMON STOCKHOLDERS - 100.0%

         $ 351,990,856  
         
 
               


a   Non-income producing.
     
b   At September 30, 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. The Fund effected the following transactions in shares of such companies during the period ended September 30, 2007:

              Shares   Market Value   Cost of   Cost of   Realized   Dividend   Shares   Market Value
Affiliated Company         12/31/2006   12/31/2006   Purchases   Sales   Gain (Loss)   Income   9/30/2007   9/30/2007
 
BKF Capital Group         406,500   1,361,775   -   -   -   -   406,500   955,275
Highbury Financial         580,400   3,383,732   -   -   -   -   580,400   2,605,996
                      $4,745,507                   -   -           $3,561,271

c   All or a portion of these securities were on loan at September 30, 2007. Total market value of loaned securities at September 30, 2007 was $45,731,992.
     
d   Securities for which market quotations are no longer readily available represent 0.0% of net assets. 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 $344,144,529. At September 30, 2007, net unrealized appreciation for all securities was $116,499,992, consisting of aggregate gross unrealized appreciation of $145,916,662 and aggregate gross unrealized depreciation of $29,416,670. 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 (NYSE) (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. The Fund values its non-U.S. securities in U.S. dollars on the basis of foreign currency exchange rates provided to the Fund by its custodian, State Street Bank and Trust Company. In addition, if between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. 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 the 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: November 15, 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: November 15, 2007

By:

/s/ John D. Diederich

John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 15, 2007