N-Q 1 e85998.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: 12/31/2008

Date of reporting period: 3/31/2008

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
MARCH 31, 2008 (UNAUDITED)
      SHARES       VALUE  
COMMON STOCKS – 115.5%                
                 
Consumer Products – 6.8%                
Apparel, Shoes and Accessories – 2.2%                

dELiA*s a,b

    90,000     $ 240,300  

Frederick’s of Hollywood Group b

    121,804       341,051  

Hartmarx Corporation b

    70,000       204,400  

Kleinert’s b,c

    14,200       0  

Lazare Kaplan International b

    151,700       1,274,280  

Mothers Work a,b

    17,400       290,754  

Perry Ellis International a,b

    6,400       139,712  

Steven Madden b

    4,232       72,494  

True Religion Apparel a,b

    6,200       115,010  

Weyco Group

    120,000       3,560,400  

Yamato International

    40,000       212,035  
           
 
              6,450,436  
           
 
Collectibles – 0.1%                

Leapfrog Enterprises Cl. A a,b

    41,000       289,050  
           
 
Food/Beverage/Tobacco – 0.9%                

Green Mountain Coffee Roasters a,b

    76,800       2,430,720  

Lifeway Foods a,b

    20,000       213,600  
           
 
              2,644,320  
           
 
Health, Beauty and Nutrition – 0.1%                

NutriSystem a,b

    24,400       367,708  
           
 
Home Furnishing and Appliances – 2.4%                

American Woodmark

    100,000       2,056,000  

Cobra Electronics

    10,000       38,100  

DTS a,b

    7,000       168,000  

Flexsteel Industries

    213,500       2,877,980  

Lifetime Brands

    42,054       375,963  

Natuzzi ADR b

    387,800       1,434,860  
           
 
              6,950,903  
           
 
Household Products/Wares – 0.2%                

A.T. Cross Company Cl. A a,b

    100,000       685,000  
           
 
Sports and Recreation – 0.8%                

Cybex International a,b

    46,000       175,720  

Monaco Coach

    142,400       1,349,952  

Nautilus b

    50,000       164,500  

Steinway Musical Instruments b

    10,000       285,200  

Sturm, Ruger & Company b

    45,000       370,800  
           
 
              2,346,172  
           
 
Other Consumer Products – 0.1%                

NexCen Brands a,b

    50,000       171,500  
           
 
Total             19,905,089  
           
 
Consumer Services – 5.0%                
Direct Marketing – 0.3%                

Alloy b

    88,552       650,857  

Dover Saddlery a,b

    20,228       104,984  
           
 
              755,841  
           
 
Leisure and Entertainment – 0.4%                

Ambassadors Group

    22,000       415,580  

Ambassadors International a,b

    6,100       45,201  

FortuNet a,b

    5,000       35,950  

GameTech International b

    17,500       103,425  

IMAX Corporation b

    25,000       174,250  

Premier Exhibitions a,b

    45,800       276,632  

TiVo a,b

    20,000       175,200  
           
 
              1,226,238  
           
 
Media and Broadcasting – 0.2%                

Ballantyne of Omaha a,b

    100,000       459,000  
           
 
Online Commerce – 0.3%                

FTD Group

    55,000       738,100  

PC Mall a,b

    26,000       276,380  
           
 
              1,014,480  
           
 
Restaurants and Lodgings – 0.4%                

Benihana Cl. A a,b

    39,700       447,419  

California Pizza Kitchen a,b

    6,100       79,971  

Cosi b

    71,500       205,205  

Famous Dave’s of America b

    33,300       317,682  

Jamba a,b

    67,000       177,550  

Noble Roman’s b

    60,200       80,066  
           
 
              1,307,893  
           
 
Retail Stores – 3.2%                

A.C. Moore Arts & Crafts b

    59,000       402,380  

America’s Car-Mart a,b

    200,000       2,518,000  

Buckle (The)

    23,500       1,051,155  

Build-A-Bear Workshop a,b

    45,500       413,595  

Cache b

    19,200       216,768  

Casual Male Retail Group b

    2,000       8,400  

Cato Corporation Cl. A

    68,100       1,017,414  

Cost Plus a,b

    75,000       251,250  

Fred’s Cl. A

    11,500       117,875  

Hibbett Sports a,b

    16,600       256,304  

New York & Company b

    77,600       445,424  

Stein Mart a,b

    223,291       1,254,895  

West Marine a,b

    142,000       989,740  

Wet Seal (The) Cl. A a,b

    126,500       428,835  
           
 
              9,372,035  
           
 
Other Consumer Services – 0.2%                

First Cash Financial Services a,b

    9,200       95,036  

Knot (The) a,b

    25,200       296,100  

Shutterfly a,b

    10,000       148,700  
           
 
              539,836  
           
 
Total             14,675,323  
           
 
Diversified Investment Companies – 2.3%                
Closed-End Funds – 2.3%                

ASA

    48,900       4,015,179  

Central Fund of Canada Cl. A

    207,000       2,604,060  
           
 
Total             6,619,239  
           
 
Financial Intermediaries – 10.3%                
Banking - 6.2%                

Alliance Bancorp, Inc. of Pennsylvania

    50,420       453,780  

B of I Holding b

    100,000       601,000  

Bancorp (The) b

    50,000       604,000  

BB Holdings b

    390,000       2,031,823  

CFS Bancorp

    60,000       862,200  

Chemung Financial

    40,000       1,070,000  

CNB Financial

    30,000       426,000  

Commercial National Financial

    20,000       321,000  

Fauquier Bankshares

    160,800       2,894,400  

Financial Institutions

    50,000       947,500  

First National Lincoln

    40,200       609,030  

Franklin Bank a,b

    89,900       272,397  

HopFed Bancorp

    49,000       616,420  

Lakeland Financial

    45,000       1,019,250  

LCNB Corporation

    18,535       240,028  

Meta Financial Group

    44,800       776,832  

Nexity Financial b

    34,000       228,480  

Peapack-Gladstone Financial

    29,000       784,160  

Queen City Investments b

    948       957,480  

Quest Capital

    30,000       59,038  

Sterling Bancorp

    32,869       510,456  

Sterling Financial

    7,779       121,430  

W Holding Company

    300,000       357,000  

Wilber Corporation

    94,550       841,495  

WSB Financial Group a,b

    114,200       576,710  
           
 
              18,181,909  
           
 
Insurance – 2.0%                

American Physicians Service Group

    10,000       195,800  

American Safety Insurance Holdings b

    20,000       342,000  

CRM Holdings a,b

    124,000       621,240  

First Acceptance b

    258,405       736,454  

Independence Holding

    95,800       1,141,936  

Navigators Group a,b

    15,200       826,880  

NYMAGIC

    85,400       1,939,434  
           
 
              5,803,744  
           
 
Real Estate Investment Trusts – 0.2%                

Vestin Realty Mortgage II

    74,230       657,678  
           
 
Securities Brokers – 1.9%                

Broadpoint Securities Group b

    95,000       173,850  

Cowen Group a,b

    123,600       876,324  

Diamond Hill Investment Group a,b

    5,000       382,550  

International Assets Holding b

    7,700       192,192  

Sanders Morris Harris Group

    186,000       1,517,760  

Stifel Financial a,b

    38,733       1,739,112  

Thomas Weisel Partners Group b

    40,100       265,462  

Tradestation Group a,b

    30,000       255,600  
           
 
              5,402,850  
           
 
Total             30,046,181  
           
 
Financial Services – 8.4%                
Diversified Financial Services – 1.2%                

Advanta Corporation Cl. B

    50,100       352,203  

Encore Capital Group a,b

    86,455       587,894  

MarketAxess Holdings a,b

    123,700       1,229,578  

World Acceptance a,b

    47,951       1,527,239  
           
 
              3,696,914  
           
 
Information and Processing – 0.1%                

PRG-Schultz International a,b

    46,100       402,914  
           
 
Insurance Brokers – 0.3%                

Crawford & Company Cl. A a,b

    50,000       225,000  

Health Benefits Direct b

    160,015       158,415  

Western Financial Group

    148,000       602,699  
           
 
              986,114  
           
 
Investment Management – 4.7%                

ADDENDA Capital

    131,700       3,389,852  

BKF Capital Group b

    387,000       735,300  

Cockleshell b

    465,300       540,223  

Epoch Holding Corporation

    211,500       2,533,770  

Evercore Partners Cl. A

    20,900       370,975  

Hennessy Advisors

    24,750       195,525  

MVC Capital

    226,200       3,447,288  

Sceptre Investment Counsel

    78,000       744,703  

UTEK Corporation b

    30,200       302,000  

Westwood Holdings Group

    38,280       1,443,156  
           
 
              13,702,792  
           
 
Special Purpose Acquisition Corporation – 1.6%                

Alternative Asset Management Acquisition (Units) b

    250,000       2,490,000  

General Finance b

    44,200       312,494  

Prospect Acquisition (Units) b

    50,000       477,500  

Shellshock b

    47,200       62,294  

Shermen WSC Acquisition b

    220,000       1,234,200  
           
 
              4,576,488  
           
 
Specialty Finance – 0.5%                

MRU Holdings b

    119,100       258,447  

NGP Capital Resources

    68,080       1,117,874  
           
 
              1,376,321  
           
 
Total             24,741,543  
           
 
Health – 13.5%                
Commercial Services – 1.4%                

Medifast a,b

    36,200       153,126  

PAREXEL International a,b

    129,400       3,377,340  

PDI b

    66,800       562,456  
           
 
              4,092,922  
           
 
Drugs and Biotech – 4.2%                

Acadia Pharmaceuticals a,b

    22,300       202,038  

Allos Therapeutics a,b

    53,600       325,888  

Anadys Pharmaceuticals a,b

    420,000       638,400  

Barrier Therapeutics b

    31,300       106,733  

BioCryst Pharmaceuticals a,b

    200,000       922,000  

Cambrex Corporation b

    16,000       110,880  

Caraco Pharmaceutical Laboratories b

    14,650       262,968  

Cardiome Pharma a,b

    21,000       176,400  

Cell Genesys a,b

    78,000       183,300  

Cerus Corporation b

    109,600       632,392  

CollaGenex Pharmaceuticals a,b

    25,000       414,250  

Durect Corporation a,b

    44,100       231,525  

DUSA Pharmaceuticals a,b

    92,600       232,426  

Dyax Corporation b

    47,300       222,783  

Emisphere Technologies a,b

    163,200       272,544  

Favrille a,b

    401,000       637,590  

Genitope Corporation a,b

    196,700       49,175  

Genoptix b

    10,000       250,100  

GenVec a,b

    140,000       246,400  

Hi-Tech Pharmacal b

    29,430       266,341  

ImmunoGen a,b

    24,000       85,920  

Lexicon Pharmaceuticals a,b

    80,000       161,600  

MannKind Corporation a,b

    10,000       59,700  

Momenta Pharmaceuticals a,b

    73,400       802,262  

Neuralstem b

    40,000       102,000  

Oncolytics Biotech a,b

    36,000       63,360  

Orchid Cellmark a,b

    78,000       222,300  

Origin Agritech b

    147,488       778,737  

PharmaNet Development Group a,b

    25,000       630,750  

RTI Biologics a,b

    24,400       230,580  

Sangamo BioSciences a,b

    10,000       101,600  

Seattle Genetics a,b

    57,000       518,700  

Senomyx a,b

    57,000       336,300  

Sinovac Biotech a,b

    70,000       254,800  

Strategic Diagnostics b

    70,000       261,100  

Tapestry Pharmaceuticals a,b,d

    863,000       47,465  

Theragenics Corporation a,b

    145,800       574,452  

Trimeris a,b

    101,000       658,520  
           
 
              12,274,279  
           
 
Health Services – 2.5%                

Albany Molecular Research b

    30,000       364,200  

Alliance Imaging a,b

    28,700       246,820  

Bio-Imaging Technologies b

    19,100       133,891  

BML

    30,000       545,374  

CorVel Corporation b

    40,125       1,227,423  

Gentiva Health Services b

    23,000       500,480  

HMS Holdings a,b

    11,900       339,745  

Hooper Holmes a,b

    67,600       43,940  

MedCath Corporation a,b

    18,000       327,600  

Mediware Information Systems a,b

    30,200       173,046  

On Assignment a,b

    87,500       555,625  

PharMerica Corporation a,b

    100,000       1,657,000  

RehabCare Group a,b

    33,600       504,000  

Sun Healthcare Group a,b

    41,000       538,740  

U.S. Physical Therapy b

    10,000       144,200  
           
 
              7,302,084  
           
 
Medical Products and Devices – 5.2%                

Abiomed a,b

    15,000       197,100  

Allied Healthcare Products b

    246,998       1,526,448  

AngioDynamics a,b

    14,000       161,840  

Anika Therapeutics b

    17,000       144,160  

Atrion Corporation

    4,000       399,760  

Caliper Life Sciences b

    50,000       187,500  

Cardiac Science a,b

    26,243       219,129  

CAS Medical Systems a,b

    70,600       303,580  

Celsion Corporation a,b

    20,212       108,134  

CONMED Corporation a,b

    3,900       99,996  

Cutera a,b

    21,200       285,564  

Del Global Technologies b

    461,301       945,667  

EPIX Pharmaceuticals a,b

    24,666       35,272  

Exactech b

    110,000       2,770,900  

HealthTronics b

    64,400       208,656  

Kensey Nash b

    26,650       771,517  

Medical Action Industries a,b

    125,250       2,057,858  

Merit Medical Systems b

    8,700       137,721  

Neurometrix a,b

    21,500       39,130  

NMT Medical a,b

    17,000       65,960  

Orthofix International a,b

    28,000       1,113,560  

OrthoLogic Corporation a,b

    65,000       55,250  

PLC Systems b

    105,200       38,924  

Shamir Optical Industry

    7,800       55,458  

Synovis Life Technologies a,b

    20,000       313,600  

Thermage b

    110,000       363,000  

Utah Medical Products

    42,300       1,255,041  

Vital Images a,b

    16,300       241,566  

Young Innovations

    61,450       1,064,314  
           
 
              15,166,605  
           
 
Personal Care – 0.2%                

Helen of Troy a,b

    20,000       335,400  

Nutraceutical International b

    15,000       195,000  
           
 
              530,400  
           
 
Total             39,366,290  
           
 
Industrial Products – 17.1%                
Automotive – 1.2%                

Aftermarket Technology a,b

    8,800       171,072  

Commerical Vehicle Group a,b

    37,600       372,616  

LKQ Corporation a,b

    22,800       512,316  

Noble International

    24,000       150,000  

SORL Auto Parts a,b

    50,600       256,542  

Spartan Motors

    6,300       53,298  

Strattec Security

    28,300       1,197,939  

US Auto Parts Network a,b

    225,900       722,880  

Wescast Industries Cl. A b

    12,900       98,279  
           
 
              3,534,942  
           
 
Building Systems and Components – 1.3%                

AAON

    109,500       2,193,285  

Bunka Shutter

    90,000       284,346  

LSI Industries

    90,563       1,196,337  
           
 
              3,673,968  
           
 
Construction Materials – 1.8%                

Ash Grove Cement

    8,000       1,776,000  

Monarch Cement

    50,410       1,512,300  

Trex Company b

    250,000       1,970,000  
           
 
              5,258,300  
           
 
Industrial Components – 2.1%                

C&D Technologies a,b

    53,000       266,060  

Deswell Industries

    105,300       658,125  

Gerber Scientific a,b

    50,500       448,945  

Ladish Company b

    10,000       360,000  

Orion Energy Systems a,b

    17,436       166,340  

Planar Systems b

    142,000       569,420  

Powell Industries b

    46,800       1,842,516  

Tech/Ops Sevcon

    76,200       533,400  

Zygo Corporation a,b

    105,200       1,308,688  
           
 
              6,153,494  
           
 
Machinery – 4.5%                

Active Power a,b

    187,500       348,750  

Alamo Group

    38,600       821,022  

Astec Industries b

    200       7,752  

Basin Water a,b

    31,200       179,088  

Burnham Holdings Cl. A

    95,000       1,377,500  

Columbus McKinnon a,b

    17,000       526,660  

Eagle Test Systems a,b

    17,500       183,750  

Eastern Company (The)

    39,750       622,087  

FreightCar America

    9,500       325,850  

Gehl Company b

    20,000       338,800  

Gorman-Rupp Company

    5,272       173,396  

Hurco Companies b

    15,900       743,802  

Kadant a,b

    16,600       487,708  

Keithley Instruments

    14,000       135,800  

K-Tron International b

    2,700       324,297  

LeCroy Corporation b

    2,000       17,320  

MTS Systems

    10,000       322,600  

Mueller (Paul) Company

    9,650       535,575  

StockerYale b

    355,700       181,407  

Sun Hydraulics

    58,425       1,710,100  

T-3 Energy Services b

    2,000       85,120  

Tennant Company

    88,200       3,511,242  

Titan Machinery a,b

    15,700       293,590  
           
 
              13,253,216  
           
 
Metal Fabrication and Distribution – 1.1%                

Dynamic Materials

    2,500       108,000  

Encore Wire

    15,000       273,150  

Houston Wire & Cable

    20,175       323,203  

Insteel Industries

    400       4,652  

Measurement Specialties a,b

    20,000       349,400  

NN

    114,300       1,112,139  

Olympic Steel

    12,200       550,220  

Universal Stainless & Alloy Products b

    19,197       570,343  
           
 
              3,291,107  
           
 
Miscellaneous Manufacturing – 2.3%                

Peerless Manufacturing b

    84,400       2,735,404  

Quixote Corporation

    129,300       1,079,655  

Raven Industries

    73,000       2,211,900  

Synalloy Corporation

    58,200       707,712  
           
 
              6,734,671  
           
 
Paper and Packaging – 0.1%                

Mod-Pac Corporation a,b

    23,200       112,520  

Wausau Paper

    26,100       215,586  
           
 
              328,106  
           
 
Pumps, Valves and Bearings – 0.5%                

CIRCOR International

    28,000       1,295,000  
           
 
Specialty Chemicals and Materials – 2.1%                

Aceto Corporation

    328,019       2,276,452  

American Vanguard

    19,333       321,701  

Balchem Corporation

    33,750       773,550  

Hawkins

    118,167       1,796,138  

Metabolix a,b

    3,000       32,850  

Park Electrochemical

    25,900       669,515  

Symyx Technologies b

    29,000       217,500  
           
 
              6,087,706  
           
 
Textiles - 0.1%                

Unifi  b

    100,000       289,000  
           
 
Total             49,899,510  
           
 
Industrial Services – 15.7%                
Advertising and Publishing – 0.5%                

DG FastChannel a,b

    15,200       291,536  

Greenfield Online a,b

    20,000       237,200  

Journal Register b

    105,600       58,080  

Voyager Learning b

    125,000       806,250  
           
 
              1,393,066  
           
 
Commercial Services – 5.5%                

Animal Health International a,b

    50,000       547,000  

Canadian Solar a,b

    25,000       522,500  

Carlisle Group b

    188,800       324,117  

CBIZ a,b

    87,000       706,440  

CDI Corporation

    10,200       255,510  

ClearPoint Business Resources b

    120,000       184,800  

Collectors Universe

    33,200       344,948  

Diamond Management & Technology Consultants

    188,100       1,213,245  

eTelecare Global Solutions ADR b

    30,500       182,085  

Forrester Research b

    101,500       2,697,870  

Geo Group (The) a,b

    68,300       1,942,452  

Gevity HR

    50,600       438,196  

Hudson Highland Group b

    44,700       378,609  

Kforce b

    55,000       486,200  

Landauer

    21,300       1,072,242  

Lincoln Educational Services b

    19,000       228,000  

Metalico a,b

    14,300       140,283  

PeopleSupport b

    43,300       394,896  

SM&A a,b

    31,300       134,903  

StarTek a,b

    45,400       418,134  

Team b

    4,400       120,120  

Travelcenters of America a,b

    125,000       762,500  

Volt Information Sciences b

    63,200       1,071,872  

Waste Services a,b

    72,200       586,264  

Westaff b

    362,500       783,000  

Willdan Group b

    40,100       237,392  
           
 
              16,173,578  
           
 
Engineering and Construction – 3.8%                

Cavco Industries b

    9,400       329,376  

Exponent b

    117,600       3,861,984  

Great Lakes Dredge & Dock

    23,200       119,944  

Hanfeng Evergreen b

    17,900       198,976  

Hill International a,b

    20,000       250,200  

HLS Systems International a,b

    151,727       1,168,298  

Insituform Technologies Cl. A a,b

    56,400       780,012  

Integrated Electrical Services a,b

    132,000       2,073,720  

Modtech Holdings b

    3,800       1,064  

Nobility Homes

    13,800       241,500  

Skyline Corporation

    32,100       893,022  

Sterling Construction b

    28,300       515,626  

SYS a,b

    351,500       752,210  
           
 
              11,185,932  
           
 
Food and Tobacco Processors – 1.9%                

Cal-Maine Foods

    45,000       1,502,100  

Farmer Bros.

    42,400       981,136  

Galaxy Nutritional Foods b

    382,600       65,042  

Imperial Sugar

    20,120       378,658  

ML Macadamia Orchards L.P.

    120,200       384,640  

Seneca Foods Cl. A b

    62,500       1,312,500  

Seneca Foods Cl. B a,b

    42,500       871,250  
           
 
              5,495,326  
           
 
Industrial Distribution – 0.6%                

Central Steel & Wire

    1,088       739,840  

Lawson Products

    28,000       771,400  

Toshin Group

    20,000       328,145  
           
 
              1,839,385  
           
 
Printing - 1.1%                

Bowne & Co.

    66,500       1,014,125  

Champion Industries

    23,500       122,670  

Courier Corporation

    27,950       697,353  

Ennis

    7,200       120,816  

Multi-Color Corporation

    24,700       552,292  

Schawk

    38,900       622,011  
           
 
              3,129,267  
           
 
Transportation and Logistics – 2.3%                

ABX Holdings b

    100,000       294,000  

Euroseas

    41,900       502,800  

Forward Air

    50,700       1,796,808  

Frozen Food Express Industries

    92,000       730,480  

MAIR Holdings a,b

    8,600       32,680  

Marten Transport a,b

    21,450       332,904  

Patriot Transportation Holding b

    3,000       235,320  

Universal Truckload Services b

    134,200       2,800,754  
           
 
              6,725,746  
           
 
Other Industrial Services – 0.0%                

Allen-Vanguard Corporation b

    7,700       25,655  
           
 
Total             45,967,955  
           
 
                 
Natural Resources – 12.4%                
Energy Services – 4.9%                

Boots & Coots International Well Control  b

    200,000       358,000  

CE Franklin a,b

    33,250       256,690  

Dril-Quip a,b

    55,000       2,555,850  

Environmental Power a,b

    115,000       477,250  

Foraco International b

    40,000       120,805  

Green Plains Renewable Energy a,b

    16,400       120,704  

Gulf Island Fabrication

    34,416       988,427  

GulfMark Offshore a,b

    55,400       3,031,488  

ION Geophysical b

    43,500       600,300  

Particle Drilling Technologies b

    40,000       77,600  

Pason Systems

    209,200       3,077,520  

Pioneer Drilling b

    7,500       119,475  

Willbros Group b

    54,100       1,655,460  

World Energy Solutions b

    875,300       767,470  
           
 
              14,207,039  
           
 
Oil and Gas – 1.8%                

Approach Resources b

    12,000       188,160  

Bonavista Energy Trust

    40,100       1,166,141  

Bronco Drilling b

    34,200       550,962  

Cano Petroleum a,b

    58,000       271,440  

GeoMet a,b

    95,000       632,700  

Gran Tierra Energy a,b

    124,900       414,668  

Nuvista Energy b

    121,000       1,862,536  

PetroCorp b,c

    104,200       0  

Storm Cat Energy a,b

    182,300       134,902  
           
 
              5,221,509  
           
 
Precious Metals and Mining – 4.1%                

Allied Nevada Gold b

    136,050       702,018  

Aquiline Resources b

    33,900       293,605  

Aurizon Mines a,b

    197,000       935,750  

Brush Engineered Materials a,b

    15,500       397,885  

Central African Gold b

    89,790       59,698  

Chesapeake Gold b

    20,000       125,676  

Duluth Metals b

    87,500       225,900  

Endeavour Mining Capital

    337,000       2,281,797  

Endeavour Silver b

    50,000       172,000  

Entrée Gold b

    177,900       346,905  

Etruscan Resources b

    20,000       47,543  

Gammon Gold a,b

    83,836       629,608  

Gateway Gold b

    400,000       95,475  

Golden Star Resources a,b

    168,100       576,583  

Great Basin Gold b

    13,500       48,926  

Greystar Resources b

    11,900       68,401  

Liberty Mines b

    261,900       273,012  

Mercator Minerals b

    17,600       180,895  

Metallica Resources a,b

    186,300       1,097,307  

Midway Gold b

    227,500       653,831  

Minefinders Corporation b

    36,000       442,080  

New Gold a,b

    141,200       982,752  

Northgate Minerals b

    270,000       861,300  

Quaterra Resources b

    40,000       134,444  

Uranium Resources a,b

    18,565       111,204  

US Silver b

    72,200       46,424  

Vista Gold a,b

    50,000       219,500  

Yamana Gold

    8,145       119,080  
           
 
              12,129,599  
           
 
Real Estate – 1.5%                

Avatar Holdings a,b

    9,100       396,669  

HomeFed Corporation b

    11,352       557,383  

Kennedy-Wilson b

    21,500       860,000  

PICO Holdings b

    45,700       1,381,511  

Pope Resources L.P.

    33,000       1,138,500  
           
 
              4,334,063  
           
 
Other Natural Resources – 0.1%                

Neo Material Technologies b

    80,000       297,725  
           
 
Total             36,189,935  
           
 
                 
Technology – 22.5%                
Aerospace and Defense – 2.6%                

Aerovironment a,b

    19,400       396,730  

American Science & Engineering

    2,100       114,597  

Astronics Corporation b

    26,400       510,048  

Ducommun b

    72,100       1,995,007  

HEICO Corporation

    41,600       2,028,000  

HEICO Corporation Cl. A

    24,160       947,797  

Integral Systems b

    42,210       1,233,798  

SIFCO Industries a,b

    45,800       471,740  
           
 
              7,697,717  
           
 
Components and Systems – 2.7%                

Acacia Research-Acacia Technologies b

    71,950       413,713  

CSP a,b

    122,581       739,163  

Excel Technology b

    91,900       2,477,624  

Giga-tronics a,b

    3,200       4,704  

InFocus Corporation b

    90,000       168,300  

MOCON

    15,600       175,968  

Optex Company

    35,000       489,260  

Richardson Electronics

    139,350       589,451  

Rimage Corporation b

    20,000       438,000  

SCM Microsystems a,b

    37,900       98,540  

SMART Modular Technologies (WWH) a,b

    15,100       93,771  

TransAct Technologies b

    78,600       385,926  

TTM Technologies b

    162,200       1,836,104  
           
 
              7,910,524  
           
 
Distribution – 0.6%                

Agilysys

    90,000       1,044,000  

Alliance Distributors Holding b

    1,300,000       273,000  

China 3C Group b

    110,300       148,905  

Nu Horizons Electronics a,b

    40,000       251,200  
           
 
              1,717,105  
           
 
Internet Software and Services – 1.6%                

CryptoLogic

    20,000       317,200  

Descartes Systems Group (The) b

    49,200       173,184  

eResearch Technology b

    185,000       2,297,700  

iPass a,b

    190,000       573,800  

Jupitermedia Corporation b

    355,800       743,622  

NIC

    26,800       190,548  

Stamps.com b

    35,500       364,230  
           
 
              4,660,284  
           
 
IT Services – 4.5%                

BluePhoenix Solutions b

    10,000       83,500  

CIBER a,b

    182,662       895,044  

Cogent Communications Group a,b

    24,800       454,088  

Computer Task Group b

    481,100       1,982,132  

iGATE Corporation a,b

    273,400       1,946,608  

Rainmaker Systems a,b

    50,500       164,125  

Sapient Corporation a,b

    500,000       3,480,000  

Syntel

    54,300       1,447,095  

TriZetto Group (The) b

    145,200       2,423,388  

Yucheng Technologies a,b

    11,800       195,290  
           
 
              13,071,270  
           
 
Semiconductors and Equipment – 2.8%                

Actions Semiconductor ADR b

    54,750       162,060  

Cascade Microtech b

    55,037       439,195  

CEVA b

    47,534       363,635  

Cohu

    21,000       341,250  

Electroglas a,b

    281,700       408,465  

Exar Corporation a,b

    121,208       997,542  

GSI Technology b

    41,300       109,445  

Ikanos Communications b

    38,700       176,859  

Intevac a,b

    40,550       525,122  

JDS Uniphase a,b

    54,283       726,849  

Mattson Technology a,b

    65,600       399,504  

Maxwell Technologies b

    32,400       330,156  

Melco Holdings

    30,000       515,628  

Nanometrics a,b

    37,000       264,550  

NetList b

    77,200       112,712  

PDF Solutions b

    25,000       137,750  

Photronics b

    29,750       284,113  

Rudolph Technologies b

    18,100       176,837  

Semitool b

    25,500       212,160  

SiRF Technology Holdings a,b

    11,500       58,535  

Trident Microsystems a,b

    54,200       279,130  

Virage Logic b

    180,000       1,036,800  

Zarlink Semiconductor a,b

    188,700       152,847  
           
 
              8,211,144  
           
 
Software - 4.7%                

ACI Worldwide b

    97,600       1,944,192  

Aladdin Knowledge Systems b

    27,300       519,519  

American Software Cl. A

    50,000       313,000  

Bottomline Technologies b

    20,000       252,000  

Convera Corporation Cl. A a,b

    170,000       289,000  

Digimarc Corporation a,b

    40,100       400,599  

DivX a,b

    37,200       260,400  

Evans & Sutherland Computer b

    78,500       59,668  

Fundtech b

    51,000       619,650  

ILOG ADR a,b

    35,000       332,500  

JDA Software Group a,b

    59,500       1,085,875  

OpenTV Cl. A a,b

    328,100       387,158  

Pegasystems

    385,300       3,710,439  

Phase Forward a,b

    43,000       734,440  

PLATO Learning b

    160,000       468,800  

Renaissance Learning

    2,365       33,086  

SeaChange International a,b

    20,000       140,600  

SPSS b

    41,800       1,621,004  

TeleCommunication Systems Cl. A a,b

    10,000       31,500  

Trintech Group ADR a,b

    94,852       213,417  

Unica Corporation a,b

    35,000       238,000  
           
 
              13,654,847  
           
 
Telecommunications – 3.0%                

Anaren b

    50,900       644,394  

Atlantic Tele-Network

    4,100       138,703  

Captaris b

    43,300       191,386  

Communications Systems

    10,700       115,239  

Comtech Group a,b

    47,700       514,683  

Diguang International Development b

    300,000       303,000  

Endwave Corporation b

    12,000       72,840  

Global Telecom & Technology a,b

    68,500       26,030  

Globecomm Systems b

    44,400       386,280  

NMS Communications b

    630,000       945,000  

Novatel Wireless a,b

    64,500       624,360  

NumereX Corporation Cl. A a,b

    17,800       124,600  

Oplink Communications b

    15,900       141,033  

PC-Tel b

    44,100       299,880  

Performance Technologies b

    41,250       188,925  

Radyne Corporation b

    25,520       217,430  

REMEC

    143,387       140,519  

Sierra Wireless a,b

    23,100       368,445  

Symmetricom a,b

    101,482       354,172  

Tollgrade Communications b

    14,800       77,552  

UTStarcom a,b

    109,700       311,548  

ViaSat a,b

    76,812       1,668,357  

Zhone Technologies b

    931,600       912,968  
           
 
              8,767,344  
           
 
Total             65,690,235  
           
 
                 
Miscellaneous e – 1.5%                
Total             4,446,970  
           
 
                 
TOTAL COMMON STOCKS                

(Cost $268,847,152)

            337,548,270  
           
 
                 
PREFERRED STOCK – 0.5%                

Seneca Foods Conv. b

               

(Cost $943,607)

    75,409       1,527,032  
           
 
                 
REPURCHASE AGREEMENT – 4.9%                
State Street Bank & Trust Company,                

2.10% dated 3/31/08, due 4/1/08,

               

maturity value $14,424,841 (collateralized

               

by obligations of various U.S. Government

               

Agencies, valued at $14,790,000)

               

(Cost $14,424,000)

            14,424,000  
           
 
      PRINCIPAL          
      AMOUNT          
COLLATERAL RECEIVED FOR SECURITIES                

LOANED – 13.6%

               
Fannie Mae-Notes                

6.11%

               

due 8/24/27

  $ 15,983       16,076  
Federal Home Loan Bank-Bonds                

5.25%-5.50%

               

due 5/7/10-6/25/10

    4,645       4,743  
Federal National Mortgage Association-Bonds                

5.25%

               

due 8/1/12

    7,353       7,413  
Freddie Mac-Discount Notes                

4.625%-6.00%

               

due 6/4/15-6/5/17

    15,470       15,727  
Money Market Funds                

State Street Navigator Securities Lending

               

Prime Portfolio (7 day yield-3.1825%)

            39,563,280  
           
 
                 
TOTAL COLLATERAL RECEIVED FOR                

SECURITIES LOANED

               

(Cost $39,607,239)

            39,607,239  
           
 
                 
TOTAL INVESTMENTS – 134.5%                

(Cost $323,821,998)

            393,106,541  

LIABILITIES LESS CASH
               

AND OTHER ASSETS – (14.0)%

            (40,899,920 )
                 
PREFERRED STOCK – (20.5)%             (60,000,000 )
           
 
NET ASSETS APPLICABLE TO COMMON                
STOCKHOLDERS – 100.0%           $ 292,206,621  
           
 
                 
a   All or a portion of these securities were on loan at March 31, 2008. Total market value of loaned securities at March 31, 2008 was $38,314,042.
b   Non-income producing.
c   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.
d   At March 31, 2008, 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 March 31, 2008:
                Market                   Realized                   Market
        Shares   Value   Cost of   Cost of   Gain   Dividend   Shares   Value
    Affiliated Company   12/31/07   12/31/07   Purchases   Sales   (Loss)   Income   3/31/08   3/31/08
   
    BKF Capital Group*     406,500     $ 902,430     $ -       $73,854       $(32,865 )   $ -                  
    Tapestry Pharmaceuticals     815,600       244,680       13,272       -       -       -       863,000       $47,465  
   
                $ 1,147,110                       $(32,865 )   $ -               $47,465  
   
*   Not an Affiliated Company at March 31, 2008.                                                    

e   Includes securities first acquired in 2008 and less than 1% of net assets applicable to Common Stockholders.
       
   
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $325,127,55. At March 31, 2008, net unrealized appreciation for all securities was $67,978,983, consisting of aggregate gross unrealized appreciation of $109,486,982 and aggregate gross unrealized depreciation of $41,507,999. The primary difference between 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 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 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. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. 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.
       
    Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below:
      Level 1 – quoted prices in active markets for identical securities
      Level 2 – other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements)
      Level 3 – significant observable inputs (including the Fund’s own assumptions in determining the fair value of investments)
    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

  The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2008:
  Level 1   Level 2   Level 3   Total
 
  $305,784,734   $87,321,807   $0   $393,106,541
 

  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 27, 2008

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 27, 2008

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: May 27, 2008