N-Q 1 d27452.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:  745 Fifth Avenue

New York, NY 10151


Name and address of agent for service:

John E. Denneen, Esq.

Royce & Associates, LLC

745 Fifth Avenue

New York, NY 10151


Registrant’s telephone number, including area code: (212) 508-4500


Date of fiscal year end: 12/31/2010


Date of reporting period: 9/30/2010


Item 1 - Schedule of Investments






SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
SEPTEMBER 30, 2010 (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE

 

COMMON STOCKS – 111.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Products – 8.3%

 

 

 

 

 

 

 

Apparel, Shoes and Accessories - 1.9%

 

 

 

 

 

 

 

K-Swiss Cl. A a

 

 

72,400

 

$

923,100

 

Luk Fook Holdings (International)

 

 

378,900

 

 

844,838

 

Movado Group a

 

 

77,633

 

 

844,647

 

Steven Madden a

 

 

15,450

 

 

634,377

 

True Religion Apparel a

 

 

25,300

 

 

539,902

 

Weyco Group

 

 

48,000

 

 

1,162,560

 

Yamato International

 

 

40,000

 

 

177,288

 

 

 

 

 

 



 

 

 

 

 

 

 

5,126,712

 

 

 

 

 

 



 

Consumer Electronics - 0.7%

 

 

 

 

 

 

 

DTS a

 

 

50,000

 

 

1,908,500

 

 

 

 

 

 



 

Food/Beverage/Tobacco - 2.2%

 

 

 

 

 

 

 

Asian Citrus Holdings

 

 

1,060,000

 

 

999,092

 

Binggrae Company

 

 

13,400

 

 

667,503

 

Cal-Maine Foods

 

 

22,500

 

 

652,050

 

Heckmann Corporation a

 

 

200,000

 

 

780,000

 

HQ Sustainable Maritime Industries a,b

 

 

72,800

 

 

219,128

 

Seneca Foods Cl. A a

 

 

51,400

 

 

1,346,166

 

Seneca Foods Cl. B a

 

 

42,500

 

 

1,112,650

 

 

 

 

 

 



 

 

 

 

 

 

 

5,776,589

 

 

 

 

 

 



 

Health, Beauty and Nutrition - 0.3%

 

 

 

 

 

 

 

NutriSystem

 

 

36,900

 

 

709,956

 

 

 

 

 

 



 

Home Furnishing and Appliances - 3.0%

 

 

 

 

 

 

 

American Woodmark

 

 

72,000

 

 

1,276,560

 

Ethan Allen Interiors

 

 

66,600

 

 

1,162,836

 

Flexsteel Industries

 

 

172,500

 

 

2,646,150

 

Koss Corporation

 

 

73,400

 

 

398,562

 

Natuzzi ADR a

 

 

409,800

 

 

1,520,358

 

Universal Electronics a

 

 

39,000

 

 

813,150

 

 

 

 

 

 



 

 

 

 

 

 

 

7,817,616

 

 

 

 

 

 



 

Sports and Recreation - 0.1%

 

 

 

 

 

 

 

Sturm, Ruger & Co.

 

 

22,800

 

 

310,992

 

 

 

 

 

 



 

Other Consumer Products - 0.1%

 

 

 

 

 

 

 

CSS Industries

 

 

20,243

 

 

350,001

 

 

 

 

 

 



 

Total

 

 

 

 

 

22,000,366

 

 

 

 

 

 



 

Consumer Services – 4.0%

 

 

 

 

 

 

 

Media and Broadcasting - 0.4%

 

 

 

 

 

 

 

Ascent Media Cl. A a

 

 

41,500

 

 

1,108,465

 

 

 

 

 

 



 

Online Commerce - 0.7%

 

 

 

 

 

 

 

CryptoLogic a,b

 

 

88,300

 

 

120,088

 

PetMed Express

 

 

34,100

 

 

596,750

 

Systemax

 

 

102,000

 

 

1,252,560

 

 

 

 

 

 



 

 

 

 

 

 

 

1,969,398

 

 

 

 

 

 



 

Retail Stores - 2.9%

 

 

 

 

 

 

 

America’s Car-Mart a

 

 

92,800

 

 

2,336,704

 

Charming Shoppes a

 

 

266,200

 

 

937,024

 

DSW Cl. A a

 

 

1,800

 

 

51,660

 

Kirkland’s a

 

 

15,000

 

 

207,900

 

Le Chateau Cl. A

 

 

27,900

 

 

359,020

 

Lewis Group

 

 

57,000

 

 

574,068

 

QKL Stores a,b

 

 

38,740

 

 

186,727

 

Shoe Carnival a

 

 

12,752

 

 

257,846

 

Stein Mart a

 

 

178,900

 

 

1,579,687

 

West Marine a

 

 

86,000

 

 

873,760

 

Wet Seal (The) Cl. A a

 

 

88,200

 

 

298,998

 

 

 

 

 

 



 

 

 

 

 

 

 

7,663,394

 

 

 

 

 

 



 

Total

 

 

 

 

 

10,741,257

 

 

 

 

 

 



 

Diversified Investment Companies – 0.5%

 

 

 

 

 

 

 

Closed-End Funds - 0.5%

 

 

 

 

 

 

 

ASA

 

 

30,000

 

 

909,000

 

Urbana Corporation a

 

 

237,600

 

 

290,967

 

 

 

 

 

 



 

Total

 

 

 

 

 

1,199,967

 

 

 

 

 

 



 

Financial Intermediaries – 8.9%

 

 

 

 

 

 

 

Banking - 4.0%

 

 

 

 

 

 

 

Alliance Bancorp, Inc. of Pennsylvania

 

 

50,420

 

 

365,041

 

Banca Finnat Euramerica

 

 

910,000

 

 

645,090

 

BCB Holdings a

 

 

806,207

 

 

1,013,176

 

BofI Holding a,b

 

 

140,000

 

 

1,661,800

 

Cass Information Systems

 

 

15,000

 

 

514,650

 

Centrue Financial a

 

 

66,600

 

 

110,556

 

CFS Bancorp

 

 

75,000

 

 

345,000

 

Chemung Financial

 

 

40,000

 

 

834,000

 

Commercial National Financial

 

 

20,000

 

 

338,400

 

Fauquier Bankshares

 

 

135,800

 

 

1,765,400

 

Financial Institutions

 

 

36,000

 

 

635,760

 

First Bancorp

 

 

40,200

 

 

555,966

 

HopFed Bancorp

 

 

56,100

 

 

516,120

 

LCNB Corporation

 

 

30,000

 

 

351,000

 

Mechanics Bank

 

 

5

 

 

61,000

 

Wilber Corporation (The)

 

 

137,908

 

 

820,553

 

 

 

 

 

 



 

 

 

 

 

 

 

10,533,512

 

 

 

 

 

 



 

Insurance - 0.9%

 

 

 

 

 

 

 

Greenlight Capital Re Cl. A a

 

 

9,500

 

 

237,690

 

Independence Holding

 

 

95,800

 

 

672,516

 

Presidential Life

 

 

157,100

 

 

1,539,580

 

 

 

 

 

 



 

 

 

 

 

 

 

2,449,786

 

 

 

 

 

 



 

Real Estate Investment Trusts - 1.4%

 

 

 

 

 

 

 

Colony Financial

 

 

124,717

 

 

2,304,770

 

PennyMac Mortgage Investment Trust

 

 

60,000

 

 

1,073,400

 

Vestin Realty Mortgage II a,b

 

 

214,230

 

 

312,776

 

 

 

 

 

 



 

 

 

 

 

 

 

3,690,946

 

 

 

 

 

 



 

Securities Brokers - 2.1%

 

 

 

 

 

 

 

Cowen Group Cl. A a

 

 

377,834

 

 

1,243,074

 

Diamond Hill Investment Group

 

 

24,479

 

 

1,786,967

 

FBR Capital Markets a

 

 

326,600

 

 

1,025,524

 

International Assets Holding Corporation a

 

 

26,310

 

 

476,211

 

Sanders Morris Harris Group

 

 

199,000

 

 

1,126,340

 

 

 

 

 

 



 

 

 

 

 

 

 

5,658,116

 

 

 

 

 

 



 

Securities Exchanges - 0.5%

 

 

 

 

 

 

 

Bolsa Mexicana de Valores

 

 

848,500

 

 

1,418,021

 

 

 

 

 

 



 

Total

 

 

 

 

 

23,750,381

 

 

 

 

 

 



 

Financial Services – 8.9%

 

 

 

 

 

 

 

Diversified Financial Services - 0.1%

 

 

 

 

 

 

 

Encore Capital Group a

 

 

22,000

 

 

396,440

 

 

 

 

 

 



 

Information and Processing - 0.2%

 

 

 

 

 

 

 

Value Line

 

 

32,487

 

 

450,595

 

 

 

 

 

 



 

Insurance Brokers - 0.1%

 

 

 

 

 

 

 

Western Financial Group

 

 

148,000

 

 

345,223

 

 

 

 

 

 



 

Investment Management - 4.8%

 

 

 

 

 

 

 

BKF Capital Group a

 

 

130,200

 

 

136,710

 

Cohen & Steers

 

 

27,900

 

 

605,430

 

Dundee Corporation Cl. A a

 

 

140,200

 

 

1,857,251

 

Epoch Holding Corporation

 

 

196,500

 

 

2,530,920

 

Evercore Partners Cl. A

 

 

13,200

 

 

377,652

 

Fiera Sceptre

 

 

78,000

 

 

617,844

 

JZ Capital Partners

 

 

293,999

 

 

1,401,693

 

MVC Capital

 

 

126,200

 

 

1,636,814

 

Queen City Investments

 

 

948

 

 

1,194,480

 

Sprott Resource a

 

 

70,000

 

 

292,546

 

U.S. Global Investors Cl. A

 

 

91,500

 

 

578,280

 

VZ Holding

 

 

15,000

 

 

1,460,846

 

 

 

 

 

 



 

 

 

 

 

 

 

12,690,466

 

 

 

 

 

 



 

Special Purpose Acquisition Corporation - 0.3%

 

 

 

 

 

 

 

Westway Group a

 

 

220,000

 

 

726,000

 

 

 

 

 

 



 

Specialty Finance - 0.5%

 

 

 

 

 

 

 

NGP Capital Resources

 

 

68,080

 

 

616,805

 

World Acceptance a,b

 

 

16,500

 

 

728,640

 

 

 

 

 

 



 

 

 

 

 

 

 

1,345,445

 

 

 

 

 

 



 

Other Financial Services - 2.9%

 

 

 

 

 

 

 

Hilltop Holdings a

 

 

101,400

 

 

971,412

 

Kennedy-Wilson Holdings a

 

 

631,766

 

 

6,696,719

 

 

 

 

 

 



 

 

 

 

 

 

 

7,668,131

 

 

 

 

 

 



 

Total

 

 

 

 

 

23,622,300

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Health – 8.6%

 

 

 

 

 

 

 

Commercial Services - 0.7%

 

 

 

 

 

 

 

PAREXEL International a

 

 

40,000

 

 

925,200

 

PDI a

 

 

96,800

 

 

846,032

 

 

 

 

 

 



 

 

 

 

 

 

 

1,771,232

 

 

 

 

 

 



 

Drugs and Biotech - 1.2%

 

 

 

 

 

 

 

Adolor Corporation a

 

 

460,500

 

 

497,340

 

American Oriental Bioengineering a,b

 

 

100,400

 

 

241,964

 

Hi-Tech Pharmacal a

 

 

17,700

 

 

358,248

 

Lannett Company a

 

 

34,410

 

 

157,598

 

Simcere Pharmaceutical Group ADR a

 

 

25,700

 

 

254,687

 

Sinovac Biotech a

 

 

72,800

 

 

282,464

 

Strategic Diagnostics a

 

 

100,000

 

 

164,000

 

Theragenics Corporation a

 

 

306,900

 

 

389,763

 

3SBio ADR a

 

 

44,754

 

 

580,907

 

XenoPort a,b

 

 

50,000

 

 

355,500

 

 

 

 

 

 



 

 

 

 

 

 

 

3,282,471

 

 

 

 

 

 



 

Health Services - 2.0%

 

 

 

 

 

 

 

Advisory Board (The) a

 

 

51,700

 

 

2,282,555

 

Genoptix a

 

 

6,173

 

 

87,657

 

Gentiva Health Services a

 

 

23,000

 

 

502,550

 

HMS Holdings a

 

 

11,900

 

 

701,386

 

LHC Group a,b

 

 

16,800

 

 

389,592

 

On Assignment a

 

 

41,100

 

 

215,775

 

PharMerica Corporation a

 

 

40,000

 

 

381,200

 

Psychemedics Corporation

 

 

37,500

 

 

348,750

 

Res-Care a

 

 

980

 

 

13,004

 

Transcend Services a,b

 

 

17,400

 

 

265,350

 

U.S. Physical Therapy a

 

 

10,000

 

 

167,200

 

 

 

 

 

 



 

 

 

 

 

 

 

5,355,019

 

 

 

 

 

 



 

Medical Products and Devices - 4.7%

 

 

 

 

 

 

 

Allied Healthcare Products a

 

 

226,798

 

 

936,676

 

Atrion Corporation

 

 

5,500

 

 

866,305

 

Exactech a

 

 

121,000

 

 

1,974,720

 

Hansen Medical a,b

 

 

320,000

 

 

457,600

 

Kensey Nash a

 

 

33,981

 

 

981,711

 

Medical Action Industries a

 

 

155,250

 

 

1,405,012

 

Mesa Laboratories

 

 

48,267

 

 

1,110,141

 

NMT Medical a

 

 

198,500

 

 

87,340

 

Quidel a

 

 

25,000

 

 

274,750

 

STRATEC Biomedical Systems

 

 

14,000

 

 

576,382

 

Syneron Medical a

 

 

69,200

 

 

686,464

 

Utah Medical Products

 

 

42,300

 

 

1,239,390

 

Young Innovations

 

 

61,450

 

 

1,758,085

 

 

 

 

 

 



 

 

 

 

 

 

 

12,354,576

 

 

 

 

 

 



 

Total

 

 

 

 

 

22,763,298

 

 

 

 

 

 



 

Industrial Products – 23.7%

 

 

 

 

 

 

 

Automotive - 1.0%

 

 

 

 

 

 

 

Fuel Systems Solutions a,b

 

 

10,000

 

 

391,100

 

Norstar Founders Group a,c

 

 

771,500

 

 

36,294

 

SORL Auto Parts a,b

 

 

61,577

 

 

533,257

 

US Auto Parts Network a

 

 

150,900

 

 

1,237,380

 

Wonder Auto Technology a,b

 

 

39,550

 

 

336,570

 

Xinyi Glass Holdings

 

 

327,200

 

 

202,000

 

 

 

 

 

 



 

 

 

 

 

 

 

2,736,601

 

 

 

 

 

 



 

Building Systems and Components - 2.6%

 

 

 

 

 

 

 

AAON

 

 

73,000

 

 

1,716,960

 

Apogee Enterprises

 

 

57,900

 

 

529,785

 

Drew Industries a

 

 

90,000

 

 

1,877,400

 

LSI Industries

 

 

79,812

 

 

512,393

 

NCI Building Systems a

 

 

8,400

 

 

80,052

 

Preformed Line Products

 

 

28,482

 

 

993,168

 

WaterFurnace Renewable Energy

 

 

48,400

 

 

1,228,228

 

 

 

 

 

 



 

 

 

 

 

 

 

6,937,986

 

 

 

 

 

 



 

Construction Materials - 1.6%

 

 

 

 

 

 

 

Ash Grove Cement

 

 

8,000

 

 

1,296,000

 

Monarch Cement

 

 

52,303

 

 

1,222,321

 

Trex Company a

 

 

90,000

 

 

1,716,300

 

 

 

 

 

 



 

 

 

 

 

 

 

4,234,621

 

 

 

 

 

 



 

Industrial Components - 1.9%

 

 

 

 

 

 

 

Bel Fuse Cl. A

 

 

67,705

 

 

1,417,066

 

Deswell Industries

 

 

564,371

 

 

1,653,607

 

Graham Corporation

 

 

54,400

 

 

844,288

 

Powell Industries a

 

 

36,800

 

 

1,145,216

 

 

 

 

 

 



 

 

 

 

 

 

 

5,060,177

 

 

 

 

 

 



 

Machinery - 5.9%

 

 

 

 

 

 

 

Burckhardt Compression Holding

 

 

2,100

 

 

465,456

 

Burnham Holdings Cl. A

 

 

113,000

 

 

1,610,250

 

Columbus McKinnon a

 

 

27,550

 

 

457,054

 

Duoyuan Global Water ADR a,b

 

 

22,575

 

 

294,152

 

Eastern Company (The)

 

 

39,750

 

 

649,515

 

FreightCar America

 

 

53,200

 

 

1,308,720

 

Hardinge

 

 

69,151

 

 

529,697

 

Hollysys Automation Technologies a,b

 

 

158,892

 

 

1,778,001

 

Hurco Companies a

 

 

49,866

 

 

901,079

 

Jinpan International

 

 

90,224

 

 

909,458

 

Rofin-Sinar Technologies a

 

 

37,000

 

 

939,060

 

Sun Hydraulics

 

 

65,425

 

 

1,844,331

 

Tennant Company

 

 

92,300

 

 

2,852,070

 

Williams Controls

 

 

125,000

 

 

1,140,000

 

 

 

 

 

 



 

 

 

 

 

 

 

15,678,843

 

 

 

 

 

 



 

Metal Fabrication and Distribution - 3.4%

 

 

 

 

 

 

 

Central Steel & Wire

 

 

1,088

 

 

716,992

 

CompX International Cl. A

 

 

107,500

 

 

1,422,225

 

Encore Wire

 

 

15,000

 

 

307,650

 

Foster (L.B.) Company Cl. A a

 

 

20,900

 

 

604,846

 

Fushi Copperweld a,b

 

 

31,783

 

 

276,194

 

Horsehead Holding Corporation a

 

 

70,200

 

 

692,874

 

Ladish a

 

 

45,000

 

 

1,400,850

 

NN a

 

 

114,300

 

 

942,975

 

Olympic Steel

 

 

22,000

 

 

505,780

 

RBC Bearings a

 

 

6,500

 

 

220,870

 

RTI International Metals a

 

 

64,900

 

 

1,987,238

 

 

 

 

 

 



 

 

 

 

 

 

 

9,078,494

 

 

 

 

 

 



 

Miscellaneous Manufacturing - 2.9%

 

 

 

 

 

 

 

AZZ

 

 

15,000

 

 

642,600

 

China Automation Group

 

 

253,100

 

 

204,206

 

Griffon Corporation a

 

 

89,500

 

 

1,091,005

 

PMFG a

 

 

143,800

 

 

2,451,790

 

Raven Industries

 

 

58,400

 

 

2,212,776

 

Semperit AG Holding

 

 

12,500

 

 

477,819

 

Synalloy Corporation

 

 

58,200

 

 

497,610

 

 

 

 

 

 



 

 

 

 

 

 

 

7,577,806

 

 

 

 

 

 



 

Pumps, Valves and Bearings - 0.3%

 

 

 

 

 

 

 

CIRCOR International

 

 

28,000

 

 

884,800

 

 

 

 

 

 



 

Specialty Chemicals and Materials - 3.5%

 

 

 

 

 

 

 

Aceto Corporation

 

 

72,219

 

 

490,367

 

Balchem Corporation

 

 

63,375

 

 

1,955,752

 

China XD Plastics a,b

 

 

61,000

 

 

406,870

 

Gulf Resources a,b

 

 

40,380

 

 

310,522

 

Hawkins

 

 

69,866

 

 

2,474,654

 

Park Electrochemical

 

 

15,400

 

 

405,636

 

Quaker Chemical

 

 

43,700

 

 

1,422,872

 

Rogers Corporation a

 

 

58,400

 

 

1,838,432

 

 

 

 

 

 



 

 

 

 

 

 

 

9,305,105

 

 

 

 

 

 



 

Textiles - 0.2%

 

 

 

 

 

 

 

Interface Cl. A

 

 

27,000

 

 

384,210

 

 

 

 

 

 



 

Other Industrial Products - 0.4%

 

 

 

 

 

 

 

Harbin Electric a,b

 

 

25,000

 

 

447,250

 

MTS Systems

 

 

10,000

 

 

310,000

 

Research Frontiers a

 

 

50,000

 

 

198,000

 

 

 

 

 

 



 

 

 

 

 

 

 

955,250

 

 

 

 

 

 



 

Total

 

 

 

 

 

62,833,893

 

 

 

 

 

 



 

Industrial Services – 12.8%

 

 

 

 

 

 

 

Commercial Services - 5.4%

 

 

 

 

 

 

 

Acacia Research-Acacia Technologies a

 

 

75,290

 

 

1,325,104

 

CBIZ a,b

 

 

47,000

 

 

278,710

 

Exponent a

 

 

58,400

 

 

1,961,656

 

Forrester Research a

 

 

54,900

 

 

1,816,092

 

Global Sources a

 

 

50,605

 

 

382,068

 

Heidrick & Struggles International

 

 

10,000

 

 

194,800

 

Heritage-Crystal Clean a

 

 

166,401

 

 

1,672,330

 

Kforce a

 

 

60,000

 

 

823,200

 

Lincoln Educational Services a

 

 

11,200

 

 

161,392

 

Rentrak Corporation a

 

 

52,000

 

 

1,314,040

 

SFN Group a

 

 

426,600

 

 

2,563,866

 

Spectrum Group International a,b

 

 

6,925

 

 

13,158

 

Team a

 

 

106,540

 

 

1,833,553

 

 

 

 

 

 



 

 

 

 

 

 

 

14,339,969

 

 

 

 

 

 



 

Engineering and Construction - 1.4%

 

 

 

 

 

 

 

Cavco Industries a

 

 

12,491

 

 

448,552

 

Comfort Systems USA

 

 

35,300

 

 

378,769

 

Integrated Electrical Services a

 

 

132,000

 

 

497,640

 

Layne Christensen a

 

 

13,900

 

 

359,871

 

MYR Group a

 

 

28,500

 

 

467,115

 

Skyline Corporation

 

 

62,100

 

 

1,258,146

 

Sterling Construction a

 

 

25,000

 

 

309,500

 

 

 

 

 

 



 

 

 

 

 

 

 

3,719,593

 

 

 

 

 

 



 

Food, Tobacco and Agriculture - 1.3%

 

 

 

 

 

 

 

Farmer Bros.

 

 

51,400

 

 

822,400

 

Hanfeng Evergreen a

 

 

85,100

 

 

521,071

 

Origin Agritech a,b

 

 

121,488

 

 

993,772

 

Yuhe International a

 

 

46,314

 

 

320,029

 

Zhongpin a,b

 

 

42,100

 

 

685,809

 

 

 

 

 

 



 

 

 

 

 

 

 

3,343,081

 

 

 

 

 

 



 

Industrial Distribution - 0.6%

 

 

 

 

 

 

 

Houston Wire & Cable

 

 

67,375

 

 

675,771

 

Lawson Products

 

 

63,269

 

 

966,118

 

 

 

 

 

 



 

 

 

 

 

 

 

1,641,889

 

 

 

 

 

 



 

Printing - 0.8%

 

 

 

 

 

 

 

Bowne & Co.

 

 

68,989

 

 

781,645

 

Courier Corporation

 

 

30,450

 

 

432,999

 

Domino Printing Sciences

 

 

80,000

 

 

682,399

 

Ennis

 

 

12,600

 

 

225,414

 

 

 

 

 

 



 

 

 

 

 

 

 

2,122,457

 

 

 

 

 

 



 

Transportation and Logistics - 2.7%

 

 

 

 

 

 

 

Dynamex a

 

 

86,000

 

 

1,311,500

 

Forward Air

 

 

50,700

 

 

1,318,200

 

Frozen Food Express Industries a

 

 

157,000

 

 

434,890

 

Pacer International a

 

 

35,000

 

 

211,400

 

Patriot Transportation Holding a

 

 

19,000

 

 

1,332,470

 

Transat A.T. Cl. B a

 

 

31,800

 

 

485,237

 

Universal Truckload Services a

 

 

134,200

 

 

2,101,572

 

 

 

 

 

 



 

 

 

 

 

 

 

7,195,269

 

 

 

 

 

 



 

Other Industrial Services - 0.6%

 

 

 

 

 

 

 

US Ecology

 

 

104,300

 

 

1,668,800

 

 

 

 

 

 



 

Total

 

 

 

 

 

34,031,058

 

 

 

 

 

 



 

Natural Resources – 12.5%

 

 

 

 

 

 

 

Energy Services - 4.6%

 

 

 

 

 

 

 

CE Franklin a

 

 

112,650

 

 

752,502

 

Dawson Geophysical a

 

 

53,213

 

 

1,418,127

 

Dril-Quip a

 

 

22,500

 

 

1,397,475

 

Global Geophysical Services a

 

 

35,000

 

 

255,150

 

Gulf Island Fabrication

 

 

29,116

 

 

529,911

 

ION Geophysical a

 

 

50,000

 

 

257,000

 

Lamprell

 

 

202,400

 

 

1,133,174

 

Lufkin Industries

 

 

2,000

 

 

87,800

 

North American Energy Partners a

 

 

50,000

 

 

407,500

 

OYO Geospace a

 

 

7,130

 

 

412,684

 

Pason Systems

 

 

139,200

 

 

1,654,598

 

Pioneer Drilling a

 

 

57,500

 

 

366,850

 

T-3 Energy Services a

 

 

39,150

 

 

1,023,773

 

Tesco Corporation a

 

 

50,000

 

 

601,500

 

Willbros Group a

 

 

171,600

 

 

1,573,572

 

World Energy Solutions a,b

 

 

72,920

 

 

215,843

 

 

 

 

 

 



 

 

 

 

 

 

 

12,087,459

 

 

 

 

 

 



 

Oil and Gas - 0.8%

 

 

 

 

 

 

 

Approach Resources a

 

 

12,000

 

 

134,160

 

BPZ Resources a,b

 

 

134,000

 

 

513,220

 

China Integrated Energy a,b

 

 

65,000

 

 

435,500

 

GeoMet a

 

 

75,000

 

 

64,642

 

GeoResources a

 

 

30,000

 

 

477,000

 

VAALCO Energy a

 

 

88,200

 

 

506,268

 

 

 

 

 

 



 

 

 

 

 

 

 

2,130,790

 

 

 

 

 

 



 

Precious Metals and Mining - 3.8%

 

 

 

 

 

 

 

Alamos Gold

 

 

47,100

 

 

802,929

 

Aurizon Mines a

 

 

167,000

 

 

1,158,980

 

Brush Engineered Materials a

 

 

27,000

 

 

767,880

 

Chesapeake Gold a

 

 

20,000

 

 

182,720

 

Endeavour Mining a,b

 

 

618,200

 

 

1,664,315

 

Endeavour Mining (Warrants) a

 

 

50,000

 

 

44,222

 

Exeter Resource b

 

 

140,000

 

 

908,600

 

Extorre Gold Mines a

 

 

140,000

 

 

612,305

 

Gammon Gold a

 

 

83,836

 

 

587,690

 

MAG Silver a,b

 

 

74,750

 

 

574,080

 

Midway Gold a

 

 

345,000

 

 

201,186

 

Minefinders Corporation a

 

 

36,000

 

 

353,160

 

New Gold a

 

 

101,200

 

 

681,076

 

Northgate Minerals a

 

 

270,000

 

 

818,100

 

Seabridge Gold a

 

 

16,700

 

 

478,956

 

Victoria Gold a

 

 

200,000

 

 

241,034

 

Vista Gold a,b

 

 

50,000

 

 

128,500

 

 

 

 

 

 



 

 

 

 

 

 

 

10,205,733

 

 

 

 

 

 



 

Real Estate - 2.5%

 

 

 

 

 

 

 

Avatar Holdings a

 

 

18,104

 

 

345,424

 

Consolidated-Tomoka Land

 

 

49,750

 

 

1,418,373

 

PICO Holdings a

 

 

45,700

 

 

1,364,602

 

Pope Resources L.P.

 

 

57,205

 

 

1,573,137

 

Tejon Ranch a

 

 

89,749

 

 

1,944,861

 

ZipRealty a

 

 

25,000

 

 

72,250

 

 

 

 

 

 



 

 

 

 

 

 

 

6,718,647

 

 

 

 

 

 



 

Other Natural Resources - 0.8%

 

 

 

 

 

 

 

China Hydroelectric ADS a,b

 

 

83,100

 

 

486,966

 

J.G. Boswell Company

 

 

2,490

 

 

1,548,780

 

 

 

 

 

 



 

 

 

 

 

 

 

2,035,746

 

 

 

 

 

 



 

Total

 

 

 

 

 

33,178,375

 

 

 

 

 

 



 

Technology – 18.4%

 

 

 

 

 

 

 

Aerospace and Defense - 2.3%

 

 

 

 

 

 

 

Applied Signal Technology

 

 

20,000

 

 

497,600

 

Ducommun

 

 

72,100

 

 

1,570,338

 

HEICO Corporation

 

 

42,000

 

 

1,916,880

 

Innovative Solutions and Support a

 

 

100,000

 

 

489,000

 

Integral Systems a

 

 

138,222

 

 

1,020,078

 

SIFCO Industries

 

 

45,800

 

 

543,646

 

 

 

 

 

 



 

 

 

 

 

 

 

6,037,542

 

 

 

 

 

 



 

Components and Systems - 3.3%

 

 

 

 

 

 

 

Frequency Electronics a

 

 

265,000

 

 

1,600,600

 

Hana Microelectronics

 

 

500,000

 

 

420,099

 

Methode Electronics

 

 

66,223

 

 

601,305

 

Newport Corporation a

 

 

80,900

 

 

917,406

 

Richardson Electronics

 

 

250,900

 

 

2,634,450

 

Rimage Corporation a

 

 

79,200

 

 

1,302,048

 

Technitrol

 

 

150,000

 

 

661,500

 

TransAct Technologies a

 

 

78,600

 

 

628,800

 

 

 

 

 

 



 

 

 

 

 

 

 

8,766,208

 

 

 

 

 

 



 

Distribution - 0.5%

 

 

 

 

 

 

 

Agilysys a

 

 

90,000

 

 

585,000

 

Cogo Group a

 

 

80,675

 

 

498,571

 

ScanSource a

 

 

7,600

 

 

210,824

 

 

 

 

 

 



 

 

 

 

 

 

 

1,294,395

 

 

 

 

 

 



 

Internet Software and Services - 1.8%

 

 

 

 

 

 

 

ActivIdentity Corporation a

 

 

165,000

 

 

359,700

 

Internet Capital Group a

 

 

135,000

 

 

1,489,050

 

iPass a

 

 

354,147

 

 

432,059

 

Marchex Cl. B

 

 

95,000

 

 

517,750

 

Support.com a

 

 

325,000

 

 

1,488,500

 

WebMediaBrands a

 

 

525,000

 

 

467,250

 

 

 

 

 

 



 

 

 

 

 

 

 

4,754,309

 

 

 

 

 

 



 

IT Services - 5.0%

 

 

 

 

 

 

 

Computer Task Group a

 

 

236,100

 

 

1,803,804

 

iGATE Corporation

 

 

196,100

 

 

3,557,254

 

Sapient Corporation

 

 

500,000

 

 

5,985,000

 

Syntel

 

 

43,300

 

 

1,926,850

 

Yucheng Technologies a

 

 

44,800

 

 

139,776

 

 

 

 

 

 



 

 

 

 

 

 

 

13,412,684

 

 

 

 

 

 



 

Semiconductors and Equipment - 1.8%

 

 

 

 

 

 

 

ATMI a

 

 

6,400

 

 

95,104

 

Exar Corporation a

 

 

261,208

 

 

1,564,636

 

Inficon Holding

 

 

3,600

 

 

505,572

 

Mentor Graphics a

 

 

22,400

 

 

236,768

 

Micrel

 

 

60,000

 

 

591,600

 

Microtune a

 

 

142,000

 

 

411,800

 

PLX Technology a

 

 

80,000

 

 

289,600

 

TTM Technologies a

 

 

114,400

 

 

1,119,976

 

 

 

 

 

 



 

 

 

 

 

 

 

4,815,056

 

 

 

 

 

 



 

Software - 3.0%

 

 

 

 

 

 

 

ACI Worldwide a

 

 

69,600

 

 

1,558,344

 

Actuate Corporation a

 

 

88,500

 

 

455,775

 

American Software Cl. A

 

 

104,500

 

 

616,550

 

Bottomline Technologies a

 

 

12,300

 

 

188,928

 

Convio a,b

 

 

15,000

 

 

138,300

 

DynaVox Cl. A a

 

 

20,000

 

 

162,400

 

Fundtech a

 

 

51,000

 

 

711,450

 

Geeknet a

 

 

875,000

 

 

1,741,250

 

Pegasystems

 

 

74,000

 

 

2,297,700

 

 

 

 

 

 



 

 

 

 

 

 

 

7,870,697

 

 

 

 

 

 



 

Telecommunications - 0.7%

 

 

 

 

 

 

 

Anaren a

 

 

8,000

 

 

134,320

 

Atlantic Tele-Network

 

 

14,700

 

 

723,828

 

Diguang International Development a

 

 

230,000

 

 

23,000

 

Novatel Wireless a

 

 

35,000

 

 

275,800

 

PC-Tel a

 

 

44,100

 

 

270,774

 

Zhone Technologies a

 

 

266,320

 

 

553,946

 

 

 

 

 

 



 

 

 

 

 

 

 

1,981,668

 

 

 

 

 

 



 

Total

 

 

 

 

 

48,932,559

 

 

 

 

 

 



 

Miscellaneous d – 4.9%

 

 

 

 

 

 

 

Total

 

 

 

 

 

13,106,041

 

 

 

 

 

 



 

TOTAL COMMON STOCKS

 

 

 

 

 

 

 

(Cost $230,725,589)

 

 

 

 

 

296,159,495

 

 

 

 

 

 



 

PREFERRED STOCK – 0.4%

 

 

 

 

 

 

 

Seneca Foods Conv.a

 

 

 

 

 

 

 

(Cost $578,719)

 

 

45,409

 

 

1,182,905

 

 

 

 

 

 



 

REPURCHASE AGREEMENT – 7.7%

 

 

 

 

 

 

 

State Street Bank & Trust Company,
0.22% dated 9/30/10, due 10/1/10,
maturity value $20,341,124 (collateralized
by obligations of various U.S. Government
Agencies, 0.35% due 3/30/11, valued at
$20,851,031)

 

 

 

 

 

 

 

(Cost $20,341,000)

 

 

 

 

 

20,341,000

 

 

 

 

 

 



 

COLLATERAL RECEIVED FOR SECURITIES LOANED – 3.2%

 

 

 

 

 

 

 

Money Market Funds

 

 

 

 

 

 

 

Federated Government Obligations Fund

 

 

 

 

 

 

 

(7 day yield-0.0614%)

 

 

 

 

 

 

 

(Cost $8,549,839)

 

 

 

 

 

8,549,839

 

 

 

 

 

 



 

TOTAL INVESTMENTS – 122.8%

 

 

 

 

 

 

 

(Cost $260,195,147)

 

 

 

 

 

326,233,239

 

 

 

 

 

 

 

 

 

LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%

 

 

 

 

 

(536,829

)

 

 

 

 

 

 

 

 

PREFERRED STOCK – (22.6)%

 

 

 

 

 

(60,000,000

)

 

 

 

 

 



 

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS – 100.0%

 

 

 

 

$

265,696,410

 

 

 

 

 

 



 

 

 

 

a

 

Non-income producing.

b

 

All or a portion of these securities were on loan at September 30, 2010. Total market value of loaned securities at September 30, 2010 was $8,237,097.

c

 

A security for which market quotations are not readily available represents 0.0% of net assets. This security has been valued at its fair value under procedures established by the Fund’s Board of Directors.

d

 

Includes securities first acquired in 2010 and less than 1% of net assets applicable to Common Stockholders.

 

 

 

 

 

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $260,673,173. At September 30, 2010, net unrealized appreciation for all securities was $65,560,066, consisting of aggregate gross unrealized appreciation of $96,896,726 and aggregate gross unrealized depreciation of $31,336,660. 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, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. 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 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. 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, as noted above. 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 unobservable 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 investments as of September 30, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Level 1

 

Level 2  

 

Level 3

 

  Total

 











Common stocks

 

 

$260,500,301

 

 

 

$35,622,900

 

 

 

 

$36,294

 

 

 

$296,159,495

 

 

Preferred stocks

 

 

 

 

 

 

 

1,182,905

 

 

 

 

 

 

 

 

1,182,905

 

 

Cash equivalents

 

 

 

8,549,839

 

 

 

 

20,341,000

 

 

 

 

 

 

 

 

28,890,839

 

 
























 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 3 Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of
12/31/09

 

Purchases

 

Transfers Out

 

Sales

 

Realized and
Unrealized
Gain (Loss)

 

Balance as of
9/30/10

 















Common stocks

 

 

 

$73,019

 

 

 

 

$–

 

 

 

 

$398,562

 

 

 

 

$–  

 

 

 

 

$361,837  

 

 

 

 

$36,294 

 

 


































 

 

 

 

 

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 for the Fund on all securities loaned is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral maintained is 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. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending.

 

 

 

 

 

Other information regarding the Fund is available in the Fund’s most recent 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 18, 2010





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 18, 2010


By:


/s/ John D. Diederich

________________________________

John D. Diederich

Treasurer, Royce Micro-Cap Trust, Inc.

Date: November 18, 2010