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
Registrants telephone number, including area code: (212) 486-1445
Date of fiscal year end: 12/31/2005
Date of reporting period: 9/30/2005
Item 1 - Schedule of Investments
Portfolio
of Investments
ROYCE MICRO-CAP TRUST | ||||||
SCHEDULE OF INVESTMENTS | ||||||
SEPTEMBER 30, 2005 (UNAUDITED) | ||||||
COMMON STOCKS - 106.5% | ||||||
SHARES | VALUE | |||||
Consumer Products - 5.2% | ||||||
Apparel and Shoes - 1.7% | ||||||
Delta Apparel |
146,400 | $ | 2,094,984 | |||
14,200 | 0 | |||||
14,500 | 332,340 | |||||
76,600 | 55,152 | |||||
10,000 | 163,700 | |||||
Stride Rite |
10,000 | 128,200 | ||||
Weyco Group |
120,000 | 2,340,000 | ||||
5,114,376 | ||||||
Collectibles - 0.5% | ||||||
Enesco Group a |
127,600 | 207,988 | ||||
Topps Company (The) |
148,500 | 1,219,185 | ||||
1,427,173 | ||||||
Food/Beverage/Tobacco - 0.3% | ||||||
CoolBrands International a |
8,500 | 17,914 | ||||
Green Mountain Coffee Roasters a |
26,600 | 925,148 | ||||
40,000 | 36,000 | |||||
979,062 | ||||||
Home Furnishing and Appliances - 0.5% | ||||||
Lifetime Brands |
52,554 | 1,410,550 | ||||
Stanley Furniture Company |
5,000 | 130,950 | ||||
1,541,500 | ||||||
Publishing - 0.1% | ||||||
Educational Development |
10,600 | 98,686 | ||||
Sports and Recreation - 0.7% | ||||||
Monaco Coach |
73,900 | 1,089,286 | ||||
National R.V. Holdings a |
31,800 | 166,950 | ||||
Sturm, Ruger & Company |
95,000 | 874,000 | ||||
2,130,236 | ||||||
Other Consumer Products - 1.4% | ||||||
Burnham Holdings Cl. A |
79,500 | 1,848,375 | ||||
Cobra Electronics a |
10,000 | 83,200 | ||||
Cross (A. T.) Company Cl. A a |
100,000 | 479,000 | ||||
JAKKS Pacific a |
30,000 | 486,900 | ||||
Lazare Kaplan International a |
151,700 | 1,495,762 | ||||
2,000 | 43,000 | |||||
4,436,237 | ||||||
Total | 15,727,270 | |||||
Consumer Services - 4.4% | ||||||
Direct Marketing - 0.1% | ||||||
J. Jill Group a |
1,600 | 25,312 | ||||
Sportsmans Guide (The) a |
6,000 | 163,800 | ||||
5,000 | 56,750 | |||||
245,862 | ||||||
Leisure and Entertainment - 0.1% | ||||||
25,000 | 260,750 | |||||
Multimedia Games a |
5,000 | 48,550 | ||||
5,000 | 1,950 | |||||
20,000 | 109,800 | |||||
421,050 | ||||||
Media and Broadcasting - 0.3% | ||||||
69,750 | 1,029,510 | |||||
Restaurants and Lodgings - 0.1% | ||||||
Benihana Cl. A a |
800 | 14,392 | ||||
2,100 | 61,404 | |||||
75,796 | ||||||
Retail Stores - 3.6% | ||||||
Brookstone a |
49,125 | 979,553 | ||||
Buckle (The) |
35,500 | 1,205,935 | ||||
Cache a |
4,400 | 67,012 | ||||
Casual Male Retail Group a |
2,000 | 13,760 | ||||
Cato Corporation Cl. A |
71,850 | 1,431,971 | ||||
3,800 | 50,616 | |||||
Deb Shops |
19,900 | 432,626 | ||||
12,160 | 276,762 | |||||
3,300 | 29,667 | |||||
44,300 | 337,123 | |||||
La Senza Corporation |
99,900 | 1,714,413 | ||||
Party City a |
40,000 | 676,800 | ||||
Shoe Carnival a |
11,000 | 175,010 | ||||
Stein Mart |
148,900 | 3,022,670 | ||||
United Retail Group a |
60,600 | 462,984 | ||||
10,876,902 | ||||||
Other Consumer Services - 0.2% | ||||||
Ambassadors Group |
15,000 | 334,500 | ||||
Ambassadors International |
6,100 | 85,462 | ||||
20,000 | 100,200 | |||||
32,000 | 219,840 | |||||
740,002 | ||||||
Total | 13,389,122 | |||||
Diversified Investment Companies - 1.7% | ||||||
Closed-End Mutual Funds - 1.7% | ||||||
ASA Bermuda |
81,500 | 3,813,385 | ||||
Central Fund of Canada Cl. A |
237,000 | 1,339,050 | ||||
Total | 5,152,435 | |||||
Financial Intermediaries - 6.6% | ||||||
Banking - 3.0% |
||||||
Abigail Adams National Bancorp c |
244,400 | 3,788,200 | ||||
Arrow Financial |
14,322 | 388,417 | ||||
Bancorp (The) a |
51,380 | 821,567 | ||||
First National Lincoln |
40,200 | 773,850 | ||||
FirstBank NW |
4,930 | 135,575 | ||||
Lakeland Financial |
22,500 | 930,375 | ||||
Meta Financial Group |
44,800 | 884,800 | ||||
Queen City Investments a |
948 | 788,736 | ||||
Sterling Bancorp |
21,780 | 490,268 | ||||
9,001,788 | ||||||
Insurance - 2.8% | ||||||
American Safety Insurance Holdings a |
10,000 | 172,400 | ||||
30,900 | 834,609 | |||||
First Acceptance a |
258,405 | 2,612,475 | ||||
Independence Holding |
33,534 | 610,319 | ||||
NYMAGIC |
65,400 | 1,591,182 | ||||
37,200 | 1,388,304 | |||||
Quanta Capital Holdings a |
63,000 | 378,000 | ||||
Wellington Underwriting |
444,712 | 860,860 | ||||
8,448,149 | ||||||
Real Estate Investment Trusts - 0.3% | ||||||
Bimini Mortgage Management Cl. A |
79,000 | 892,700 | ||||
Securities Brokers - 0.4% | ||||||
First Albany |
45,000 | 292,500 | ||||
Sanders Morris Harris Group |
21,000 | 343,350 | ||||
Stifel Financial a |
21,233 | 762,265 | ||||
1,398,115 | ||||||
Other Financial Intermediaries - 0.1% | ||||||
Electronic Clearing House a |
20,000 | 185,000 | ||||
Total | 19,925,752 | |||||
Financial Services - 2.7% | ||||||
Investment Management - 1.7% | ||||||
Epoch Holding a |
218,300 | 1,091,500 | ||||
International Assets Holding a |
169,000 | 1,385,800 | ||||
MVC Capital |
211,200 | 2,492,160 | ||||
4,969,460 | ||||||
Other Financial Services - 1.0% | ||||||
Clark |
20,900 | 351,747 | ||||
MarketAxess Holdings a |
123,700 | 1,682,320 | ||||
MicroFinancial |
10,000 | 39,000 | ||||
345,000 | 1,038,450 | |||||
3,111,517 | ||||||
Total | 8,080,977 | |||||
Health - 15.6% | ||||||
Commercial Services - 2.2% | ||||||
Discovery Partners International a |
20,000 | 64,400 | ||||
First Consulting Group a |
274,700 | 1,593,260 | ||||
800 | 40,000 | |||||
121,400 | 2,438,926 | |||||
182,300 | 2,574,076 | |||||
6,710,662 | ||||||
Drugs and Biotech - 4.9% | ||||||
62,000 | 79,980 | |||||
70,000 | 379,400 | |||||
50,000 | 57,500 | |||||
BioSource International a |
80,000 | 1,007,200 | ||||
58,000 | 199,520 | |||||
Cardiome Pharma a |
56,000 | 492,240 | ||||
58,000 | 317,840 | |||||
Cerus Corporation a |
91,000 | 806,260 | ||||
25,000 | 248,000 | |||||
44,100 | 302,085 | |||||
DUSA Pharmaceuticals a |
29,700 | 314,820 | ||||
163,200 | 734,400 | |||||
Gene Logic a |
238,579 | 1,166,652 | ||||
23,000 | 159,620 | |||||
6,000 | 61,620 | |||||
12,300 | 369,984 | |||||
44,000 | 281,160 | |||||
ImmunoGen a |
44,000 | 322,960 | ||||
42,000 | 574,980 | |||||
20,000 | 284,400 | |||||
Maxygen a |
5,000 | 41,450 | ||||
65,500 | 1,784,875 | |||||
55,000 | 129,250 | |||||
26,500 | 579,290 | |||||
5,000 | 65,500 | |||||
3,700 | 52,318 | |||||
4,000 | 27,520 | |||||
52,000 | 499,200 | |||||
Oncolytics Biotech a |
41,000 | 157,850 | ||||
78,000 | 663,000 | |||||
122,900 | 1,108,558 | |||||
25,000 | 89,500 | |||||
15,000 | 665,850 | |||||
Sangamo BioSciences a |
10,000 | 43,900 | ||||
25,000 | 43,250 | |||||
Theragenics Corporation a |
30,000 | 88,500 | ||||
163,300 | 586,247 | |||||
14,786,679 | ||||||
Health Services - 2.0% | ||||||
ATC Healthcare Cl. A a |
35,000 | 15,750 | ||||
40,000 | 487,200 | |||||
41,400 | 126,684 | |||||
Covalent Group a |
25,000 | 64,500 | ||||
Gentiva Health Services a |
26,000 | 471,120 | ||||
HMS Holdings a |
71,900 | 498,267 | ||||
50,000 | 1,358,500 | |||||
18,000 | 427,500 | |||||
National Home Health Care |
26,400 | 298,848 | ||||
NovaMed a |
50,000 | 342,025 | ||||
On Assignment a |
122,000 | 1,043,100 | ||||
Quovadx a |
5,000 | 15,150 | ||||
RehabCare Group a |
22,000 | 451,440 | ||||
Sun Healthcare Group a |
51,000 | 375,360 | ||||
U.S. Physical Therapy a |
10,000 | 181,600 | ||||
6,157,044 | ||||||
Medical Products and Devices - 5.9% | ||||||
Adeza Biomedical a |
22,000 | 383,020 | ||||
100 | 211 | |||||
Allied Healthcare Products a |
253,500 | 1,351,155 | ||||
14,000 | 294,000 | |||||
Anika Therapeutics a |
24,000 | 283,680 | ||||
Bruker BioSciences a |
187,200 | 819,936 | ||||
Caliper Life Sciences a |
52,100 | 366,263 | ||||
Cardiac Science a |
29,947 | 321,032 | ||||
3,900 | 108,732 | |||||
Del Global Technologies a |
168,279 | 412,284 | ||||
37,000 | 284,900 | |||||
Endologix a |
7,500 | 38,100 | ||||
112,800 | 1,669,440 | |||||
28,000 | 858,480 | |||||
Medical Action Industries a |
83,500 | 1,432,860 | ||||
Merit Medical Systems a |
2,350 | 41,689 | ||||
25,500 | 532,695 | |||||
NMT Medical a |
116,500 | 1,283,830 | ||||
Neurometrix a |
25,000 | 744,250 | ||||
OrthoLogic Corporation a |
75,000 | 287,250 | ||||
Orthofix International a |
28,000 | 1,220,800 | ||||
PLC Systems a |
105,200 | 62,068 | ||||
29,900 | 327,704 | |||||
Schick Technologies a |
25,000 | 657,500 | ||||
23,000 | 247,250 | |||||
Urologix a |
100,000 | 424,000 | ||||
Utah Medical Products |
42,300 | 1,032,543 | ||||
Young Innovations |
61,450 | 2,326,497 | ||||
17,812,169 | ||||||
Personal Care - 0.6% | ||||||
CCA Industries |
44,040 | 396,360 | ||||
20,000 | 412,800 | |||||
20,050 | 670,272 | |||||
Natures Sunshine Products |
5,000 | 116,200 | ||||
Nutraceutical International a |
20,000 | 284,400 | ||||
1,880,032 | ||||||
Total | 47,346,586 | |||||
Industrial Products - 15.6% | ||||||
Automotive - 1.1% |
||||||
35,500 | 213,000 | |||||
25,700 | 776,140 | |||||
Spartan Motors |
2,800 | 30,436 | ||||
28,300 | 1,467,355 | |||||
Wescast Industries Cl. A |
37,900 | 834,289 | ||||
3,321,220 | ||||||
Building Systems and Components - 1.3% | ||||||
AZZ a |
45,600 | 937,080 | ||||
Aaon a |
47,500 | 873,050 | ||||
Craftmade International |
36,500 | 655,905 | ||||
LSI Industries |
64,812 | 1,231,428 | ||||
Modtech Holdings a |
16,048 | 155,987 | ||||
3,853,450 | ||||||
Construction Materials - 1.5% | ||||||
Ash Grove Cement Company |
8,000 | 1,408,000 | ||||
Monarch Cement |
50,410 | 1,260,250 | ||||
Synalloy Corporation a |
171,000 | 1,913,319 | ||||
4,581,569 | ||||||
Industrial Components - 1.7% | ||||||
67,000 | 693,450 | |||||
Bel Fuse Cl. A |
52,600 | 1,551,700 | ||||
C & D Technologies |
83,000 | 781,030 | ||||
Ladish Company a |
10,000 | 174,400 | ||||
1,370 | 9,316 | |||||
50,300 | 1,101,067 | |||||
Scientific Technologies a |
10,700 | 33,598 | ||||
Tech/Ops Sevcon |
76,200 | 453,390 | ||||
II-VI a |
20,000 | 354,800 | ||||
Woodhead Industries |
10,000 | 137,300 | ||||
5,290,051 | ||||||
Machinery - 3.8% | ||||||
Alamo Group |
68,500 | 1,357,670 | ||||
Ampco-Pittsburgh |
98,300 | 1,523,650 | ||||
Astec Industries a |
40,200 | 1,141,278 | ||||
Hardinge |
137,000 | 2,012,188 | ||||
56,100 | 917,235 | |||||
Keithley Instruments |
14,000 | 204,400 | ||||
40,100 | 595,485 | |||||
Lindsay Manufacturing |
10,000 | 220,100 | ||||
MTS Systems |
10,000 | 377,700 | ||||
Mueller (Paul) Company |
9,650 | 260,550 | ||||
Pason Systems |
121,200 | 2,833,735 | ||||
11,443,991 | ||||||
Metal Fabrication and Distribution - 1.7% | ||||||
4,075 | 111,859 | |||||
15,000 | 243,900 | |||||
Harris Steel Group |
50,000 | 1,053,764 | ||||
Haynes International a |
16,800 | 403,200 | ||||
Insteel Industries |
46,000 | 703,340 | ||||
10,000 | 204,600 | |||||
NN |
159,300 | 1,910,007 | ||||
2,500 | 93,375 | |||||
Oregon Steel Mills a |
12,000 | 334,800 | ||||
Universal Stainless & Alloy Products a |
7,700 | 129,360 | ||||
5,188,205 | ||||||
Paper and Packaging - 0.1% | ||||||
23,200 | 252,184 | |||||
Pumps, Valves and Bearings - 0.6% | ||||||
CIRCOR International |
28,000 | 768,600 | ||||
Gorman-Rupp Company |
3,375 | 81,169 | ||||
Sun Hydraulics |
38,950 | 946,485 | ||||
1,796,254 | ||||||
Specialty Chemicals and Materials - 1.9% | ||||||
Aceto Corporation |
349,369 | 2,015,859 | ||||
American Pacific a |
36,000 | 212,976 | ||||
Balchem Corporation |
15,000 | 413,250 | ||||
40,600 | 629,300 | |||||
Hawkins |
122,667 | 1,680,538 | ||||
20,000 | 515,000 | |||||
Park Electrochemical |
10,000 | 266,500 | ||||
5,733,423 | ||||||
Textiles - 0.1% | ||||||
56,400 | 112,800 | |||||
Other Industrial Products - 1.8% | ||||||
50,000 | 750,000 | |||||
Eastern Company (The) |
26,500 | 576,375 | ||||
Maxwell Technologies a |
15,300 | 216,036 | ||||
Myers Industries |
32,276 | 375,693 | ||||
Peerless Manufacturing a |
42,200 | 715,290 | ||||
Quixote Corporation |
35,500 | 759,345 | ||||
Raven Industries |
73,000 | 2,135,250 | ||||
5,527,989 | ||||||
Total | 47,101,136 | |||||
Industrial Services - 14.7% | ||||||
Advertising and Publishing - 0.4% |
||||||
MDC Partners Cl. A a |
60,000 | 432,000 | ||||
50,000 | 761,000 | |||||
1,193,000 | ||||||
Commercial Services - 6.2% | ||||||
Administaff |
10,000 | 397,400 | ||||
American Bank Note Holographics a |
267,200 | 1,549,760 | ||||
Anacomp Cl. A a |
26,000 | 279,500 | ||||
BB Holdings |
390,000 | 2,617,290 | ||||
Bennett Environmental a |
20,900 | 59,565 | ||||
Collectors Universe a |
34,500 | 438,150 | ||||
CorVel Corporation a |
28,450 | 681,662 | ||||
Edgewater Technology a |
18,339 | 87,477 | ||||
Exponent a |
68,300 | 2,143,937 | ||||
Geo Group (The) a |
51,200 | 1,356,800 | ||||
273,400 | 992,442 | |||||
55,000 | 566,500 | |||||
Management Network Group a |
40,000 | 103,600 | ||||
20,000 | 413,200 | |||||
New Horizons Worldwide a |
132,000 | 310,200 | ||||
65,200 | 998,212 | |||||
85,300 | 512,653 | |||||
83,200 | 692,224 | |||||
Renaissance Learning |
3,040 | 54,112 | ||||
31,300 | 275,753 | |||||
Senomyx a |
47,000 | 800,410 | ||||
Stantec a |
2,819 | 87,365 | ||||
TRC Companies a |
22,600 | 352,560 | ||||
60,500 | 1,229,360 | |||||
Westaff a |
362,500 | 1,663,875 | ||||
18,664,007 | ||||||
Engineering and Construction - 1.0% | ||||||
Devcon International a |
21,700 | 223,076 | ||||
80,300 | 1,388,387 | |||||
Skyline Corporation |
32,100 | 1,304,544 | ||||
2,916,007 | ||||||
Food and Tobacco Processors - 1.0% | ||||||
ML Macadamia Orchards L.P. |
120,200 | 691,150 | ||||
Omega Protein a |
9,600 | 73,056 | ||||
Seneca Foods Cl. A a |
62,500 | 1,112,500 | ||||
Seneca Foods Cl. B a |
42,500 | 743,750 | ||||
65,000 | 315,900 | |||||
2,936,356 | ||||||
Industrial Distribution - 1.1% | ||||||
Central Steel & Wire |
2,837 | 1,685,178 | ||||
Elamex a |
70,200 | 144,612 | ||||
Lawson Products |
19,500 | 716,040 | ||||
Strategic Distribution a |
59,690 | 671,513 | ||||
3,217,343 | ||||||
Printing - 0.9% | ||||||
Bowne & Co. |
66,500 | 950,285 | ||||
Champion Industries |
23,500 | 98,700 | ||||
Courier Corporation |
22,950 | 858,330 | ||||
Ennis |
9,700 | 162,960 | ||||
Schawk |
38,900 | 777,611 | ||||
2,847,886 | ||||||
Transportation and Logistics - 3.8% | ||||||
AirNet Systems a |
180,000 | 855,000 | ||||
Atlas Air Worldwide Holdings a |
15,500 | 492,125 | ||||
Forward Air |
65,700 | 2,420,388 | ||||
Frozen Food Express Industries a |
92,000 | 965,080 | ||||
11,000 | 403,810 | |||||
Knight Transportation |
21,000 | 511,560 | ||||
8,600 | 50,138 | |||||
3,100 | 78,430 | |||||
200,000 | 144,000 | |||||
Patriot Transportation Holding a |
24,400 | 1,676,280 | ||||
44,100 | 286,650 | |||||
SCS Transportation a |
41,000 | 644,110 | ||||
Universal Truckload Services a |
154,200 | 2,865,036 | ||||
5,500 | 89,210 | |||||
11,481,817 | ||||||
Other Industrial Services - 0.3% | ||||||
Landauer |
21,300 | 1,043,700 | ||||
Team a |
2,200 | 49,500 | ||||
1,093,200 | ||||||
Total | 44,349,616 | |||||
Natural Resources - 9.6% | ||||||
Energy Services - 3.6% |
||||||
Calfrac Well Services |
1,000 | 34,022 | ||||
Carbo Ceramics |
18,750 | 1,237,313 | ||||
Conrad Industries a |
154,000 | 308,000 | ||||
Dawson Geophysical a |
3,400 | 102,850 | ||||
62,500 | 3,000,000 | |||||
Enerflex Systems |
5,000 | 117,850 | ||||
Gulf Island Fabrication |
46,500 | 1,336,875 | ||||
67,050 | 2,163,704 | |||||
118,500 | 945,630 | |||||
100,000 | 152,000 | |||||
Valley National Gases a |
30,100 | 496,048 | ||||
59,500 | 943,075 | |||||
10,837,367 | ||||||
Oil and Gas - 2.2% | ||||||
ATP Oil & Gas a |
21,300 | 699,492 | ||||
Bonavista Energy Trust |
88,000 | 2,816,000 | ||||
Contango Oil & Gas Company a |
10,000 | 120,400 | ||||
Edge Petroleum a |
3,500 | 92,365 | ||||
Nuvista Energy a |
121,000 | 2,008,861 | ||||
32,000 | 624,640 | |||||
Savanna Energy Services a |
2,500 | 59,076 | ||||
VAALCO Energy a |
83,000 | 335,320 | ||||
6,756,154 | ||||||
Precious Metals and Mining - 1.6% | ||||||
Apex Silver Mines a |
76,100 | 1,195,531 | ||||
Aurizon Mines a |
237,000 | 305,730 | ||||
Brush Engineered Materials a |
15,500 | 246,140 | ||||
Cardero Resource a |
5,000 | 16,516 | ||||
Etruscan Resources a |
675,900 | 970,971 | ||||
Gammon Lake Resources a |
25,000 | 203,750 | ||||
Metallica Resources a |
281,300 | 436,015 | ||||
Minefinders Corporation a |
116,000 | 566,080 | ||||
Nevsun Resources a |
5,000 | 10,450 | ||||
179,400 | 527,436 | |||||
13,400 | 107,334 | |||||
Spur Ventures a |
18,350 | 23,204 | ||||
Western Silver a |
11,800 | 99,592 | ||||
4,708,749 | ||||||
Real Estate - 1.1% | ||||||
HomeFed Corporation a |
54,852 | 3,181,416 | ||||
Kennedy-Wilson a |
21,500 | 258,000 | ||||
3,439,416 | ||||||
Other Natural Resources - 1.1% | ||||||
PICO Holdings a |
68,000 | 2,389,520 | ||||
Pope Resources L.P. |
33,000 | 1,032,900 | ||||
3,422,420 | ||||||
Total | 29,164,106 | |||||
Technology - 25.5% | ||||||
Aerospace and Defense - 2.5% |
||||||
Allied Defense Group (The) a |
58,400 | 1,316,920 | ||||
Astronics Corporation a |
26,400 | 254,760 | ||||
Ducommun a |
84,500 | 1,859,000 | ||||
HEICO Corporation |
41,600 | 965,120 | ||||
HEICO Corporation Cl. A |
24,160 | 430,048 | ||||
Herley Industries a |
81,000 | 1,509,030 | ||||
Integral Systems |
58,500 | 1,207,440 | ||||
SIFCO Industries a |
45,800 | 162,590 | ||||
7,704,908 | ||||||
Components and Systems - 5.3% | ||||||
147,900 | 440,742 | |||||
Belden CDT |
15,000 | 291,450 | ||||
CSP a |
122,581 | 875,229 | ||||
2,000 | 13,460 | |||||
Excel Technology a |
108,900 | 2,797,641 | ||||
3,200 | 13,472 | |||||
InFocus Corporation a |
148,000 | 510,600 | ||||
Kronos a |
17,375 | 775,620 | ||||
Lowrance Electronics |
91,000 | 2,310,490 | ||||
Merix Corporation a |
7,000 | 39,200 | ||||
Metrologic Instruments a |
2,900 | 52,751 | ||||
1,000 | 10,660 | |||||
MOCON |
15,600 | 151,008 | ||||
Neoware Systems a |
2,600 | 43,524 | ||||
OSI Systems a |
28,000 | 442,400 | ||||
Overland Storage a |
47,400 | 386,310 | ||||
54,050 | 386,458 | |||||
Plexus Corporation a |
26,500 | 452,885 | ||||
Printronix |
20,300 | 317,695 | ||||
59,006 | 73,166 | |||||
Richardson Electronics |
202,100 | 1,527,876 | ||||
11,781 | 427,768 | |||||
SimpleTech a |
220,700 | 1,092,465 | ||||
167,200 | 1,195,480 | |||||
TransAct Technologies a |
78,600 | 597,360 | ||||
72,200 | 360,386 | |||||
WindsorTech a |
183,900 | 321,825 | ||||
Zomax a |
20,000 | 64,200 | ||||
15,972,121 | ||||||
Distribution - 0.9% | ||||||
Agilysys |
90,000 | 1,515,600 | ||||
Bell Industries a |
85,700 | 228,819 | ||||
Brightpoint a |
18,000 | 344,520 | ||||
Jaco Electronics a |
30,900 | 117,420 | ||||
Nu Horizons Electronics a |
40,000 | 289,600 | ||||
21,800 | 124,696 | |||||
Pomeroy IT Solutions a |
6,900 | 78,384 | ||||
2,699,039 | ||||||
Internet Software and Services - 1.1% | ||||||
Arbinet-thexchange a |
22,200 | 159,840 | ||||
CryptoLogic |
19,900 | 349,444 | ||||
98,840 | 1,122,823 | |||||
7,242 | 13,036 | |||||
83,600 | 199,804 | |||||
Inforte Corporation a |
1,100 | 4,609 | ||||
LookSmart a |
20,000 | 16,600 | ||||
10,000 | 60,300 | |||||
NIC a |
26,800 | 175,540 | ||||
Packeteer a |
5,000 | 62,750 | ||||
Provide Commerce a |
5,000 | 121,350 | ||||
RealNetworks a |
65,700 | 375,147 | ||||
41,857 | 324,392 | |||||
Stamps.com a |
21,200 | 364,852 | ||||
15,000 | 128,550 | |||||
3,479,037 | ||||||
IT Services - 4.8% | ||||||
182,662 | 1,357,179 | |||||
Computer Task Group a |
381,100 | 1,410,070 | ||||
Covansys Corporation a |
227,500 | 3,630,900 | ||||
179,000 | 1,356,820 | |||||
Forrester Research a |
105,500 | 2,196,510 | ||||
20,000 | 183,800 | |||||
Rainmaker Systems a |
10,000 | 6,200 | ||||
500,000 | 3,125,000 | |||||
Syntel |
54,300 | 1,058,307 | ||||
6,800 | 58,820 | |||||
14,383,606 | ||||||
Semiconductors and Equipment - 1.9% | ||||||
Advanced Energy Industries a |
45,000 | 484,200 | ||||
California Micro Devices a |
41,700 | 321,924 | ||||
Cascade Microtech a |
2,000 | 26,920 | ||||
CyberOptics Corporation a |
41,800 | 582,274 | ||||
25,000 | 88,750 | |||||
281,700 | 952,146 | |||||
41,208 | 577,737 | |||||
Integrated Silicon Solution a |
20,000 | 168,000 | ||||
40,550 | 418,071 | |||||
5,000 | 107,950 | |||||
29,000 | 481,400 | |||||
29,750 | 577,150 | |||||
QuickLogic Corporation a |
20,000 | 70,400 | ||||
40,000 | 538,800 | |||||
Semitool a |
25,500 | 202,725 | ||||
White Electronic Designs a |
10,000 | 51,000 | ||||
5,649,447 | ||||||
Software - 5.1% | ||||||
Aladdin Knowledge Systems a |
27,300 | 575,757 | ||||
30,800 | 1,185,492 | |||||
Applix a |
20,000 | 125,800 | ||||
BindView Development a |
191,100 | 668,850 | ||||
35,000 | 603,400 | |||||
Indus International a |
19,200 | 51,264 | ||||
22,500 | 225,675 | |||||
190,000 | 1,022,200 | |||||
59,500 | 903,210 | |||||
12,700 | 198,374 | |||||
2,500 | 3,325 | |||||
MapInfo a |
5,000 | 61,250 | ||||
18,200 | 95,363 | |||||
MIND C.T.I. |
20,000 | 58,200 | ||||
Omnicell a |
2,200 | 21,406 | ||||
244,400 | 1,463,956 | |||||
PLATO Learning a |
121,142 | 921,891 | ||||
SPSS a |
44,300 | 1,063,200 | ||||
5,000 | 31,800 | |||||
35,000 | 234,850 | |||||
75,000 | 196,088 | |||||
Transaction Systems Architects Cl. A a |
140,100 | 3,901,785 | ||||
Verity a |
181,500 | 1,927,530 | ||||
15,540,666 | ||||||
Telecommunications - 3.9% | ||||||
Anaren a |
94,800 | 1,336,680 | ||||
25,400 | 329,438 | |||||
73,600 | 496,800 | |||||
Captaris a |
130,000 | 488,800 | ||||
Carrier Access a |
10,000 | 55,200 | ||||
5,000 | 91,700 | |||||
Centillium Communications a |
11,000 | 41,470 | ||||
Channell Commercial a |
48,000 | 453,624 | ||||
Communications Systems |
132,700 | 1,492,875 | ||||
70,000 | 471,800 | |||||
58,000 | 522,580 | |||||
MetaSolv a |
5,800 | 18,966 | ||||
North Pittsburgh Systems |
15,700 | 320,437 | ||||
35,000 | 506,450 | |||||
PC-Tel a |
48,100 | 452,140 | ||||
Powerwave Technologies a |
20,315 | 263,897 | ||||
Radyne ComStream a |
61,100 | 648,271 | ||||
SpectraLink Corporation |
57,000 | 726,750 | ||||
62,000 | 120,900 | |||||
91,812 | 2,354,978 | |||||
118,000 | 518,020 | |||||
11,711,776 | ||||||
Total | 77,140,600 | |||||
Miscellaneous - 4.9% | ||||||
Total | 14,855,618 | |||||
TOTAL COMMON STOCKS | ||||||
(Cost $213,418,415) |
322,233,218 | |||||
PREFERRED STOCK - 0.4% | ||||||
Seneca Foods Conv. a |
75,409 | 1,304,576 | ||||
TOTAL PREFERRED STOCK | ||||||
(Cost $943,607) |
1,304,576 | |||||
REPURCHASE AGREEMENT - 13.1% | ||||||
State Street Bank & Trust Company, 3.30% dated 9/30/05, due 10/3/05, maturity value $39,780,937 (collateralized by obligations of various U.S. Government Agencies, valued at $40,764,688) |
||||||
(Cost $39,770,000) |
39,770,000 | |||||
COLLATERAL RECEIVED FOR SECURITIES LOANED - 8.8% | ||||||
U.S. Treasury Bonds | ||||||
5.50%-8.00% due 11/15/21-8/15/28 |
12,270 | |||||
U.S. Treasury Notes | ||||||
5.75% due 11/15/05 |
40,876 | |||||
Money Market Funds | ||||||
State Street Navigator Securities Lending |
||||||
Prime Portfolio |
26,516,827 | |||||
(Cost $26,569,973) |
26,569,973 | |||||
TOTAL INVESTMENTS - 128.8% | ||||||
(Cost $280,701,995) |
389,877,767 | |||||
LIABILITIES LESS CASH AND OTHER ASSETS - (9.0)% |
(27,158,498 | ) | ||||
PREFERRED STOCK - (19.8)% | (60,000,000 | ) | ||||
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0% | $ | 302,719,269 | ||||
Shares | Market Value | Cost of | Cost of | Realized | Dividend | Shares | Market Value | |||||||||||||||||||||||||
Affiliated Company | 12/31/2004 | 12/31/2004 | Purchases | Sales | Gain (Loss) | Income | 9/30/2005 | 9/30/2005 | ||||||||||||||||||||||||
Abigail
Adams |
- | - | $3,910,400 | - | - | - |
244,400 | $3,788,200 |
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $281,453,515. At September 30, 2005, net unrealized appreciation for all securities was $108,424,252, consisting of aggregate gross unrealized appreciation of $117,867,373 and aggregate gross unrealized depreciation of $9,443,121. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.
Valuation of investments: | |||
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange or Nasdaq are valued at their last reported sales price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Funds Board of Directors. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. | |||
Repurchase Agreements: | |||
The Fund entered into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust Company (SSB&T), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held by SSB&T 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 SSB&T, 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
is invested temporarily by the custodian. The collateral is equal to at least 100%
of the current market value of the loaned securities. Other information regarding the Fund is available in the Funds most recent Prospectus and Report to Shareholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commissions website (www.sec.gov). |
Item 2 - Controls and Procedures
(a)
The Registrants
principal executive and principal financial officers have
concluded, based on their evaluation of the Registrants disclosure controls
and procedures as of a date within 90 days of the filing date of this report, that
the Registrants disclosure controls and procedures 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 Registrants 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 Registrants internal control over financial reporting during the Registrants 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 Section 302 of the Sarbanes-Oxley Act of 2002 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.
The Royce Fund
By: /s/ Charles M. Royce
Charles M. Royce
President, Royce Micro-Cap
Trust, Inc.
Date: November 28, 2005
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 28, 2005
By: /s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap
Trust, Inc.
Date: November 28, 2005