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
Registrants 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 |
|
|
|
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% |
|
|
|
|
|
|
|
|
|
88,300 |
|
|
120,088 |
|
|
PetMed Express |
|
|
34,100 |
|
|
596,750 |
|
Systemax |
|
|
102,000 |
|
|
1,252,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,969,398 |
|
|
|
|
|
|
|
|
|
Retail Stores - 2.9% |
|
|
|
|
|
|
|
Americas Car-Mart a |
|
|
92,800 |
|
|
2,336,704 |
|
Charming Shoppes a |
|
|
266,200 |
|
|
937,024 |
|
DSW Cl. A a |
|
|
1,800 |
|
|
51,660 |
|
Kirklands a |
|
|
15,000 |
|
|
207,900 |
|
Le Chateau Cl. A |
|
|
27,900 |
|
|
359,020 |
|
Lewis Group |
|
|
57,000 |
|
|
574,068 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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% |
|
|
|
|
|
|
|
|
|
10,000 |
|
|
391,100 |
|
|
|
|
771,500 |
|
|
36,294 |
|
|
|
|
61,577 |
|
|
533,257 |
|
|
US Auto Parts Network a |
|
|
150,900 |
|
|
1,237,380 |
|
|
|
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 |
|
|
|
22,575 |
|
|
294,152 |
|
|
Eastern Company (The) |
|
|
39,750 |
|
|
649,515 |
|
FreightCar America |
|
|
53,200 |
|
|
1,308,720 |
|
Hardinge |
|
|
69,151 |
|
|
529,697 |
|
|
|
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 |
|
|
|
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 |
|
|
|
61,000 |
|
|
406,870 |
|
|
|
|
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% |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
121,488 |
|
|
993,772 |
|
|
Yuhe International a |
|
|
46,314 |
|
|
320,029 |
|
|
|
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 |
|
|
|
72,920 |
|
|
215,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,087,459 |
|
|
|
|
|
|
|
|
|
Oil and Gas - 0.8% |
|
|
|
|
|
|
|
Approach Resources a |
|
|
12,000 |
|
|
134,160 |
|
|
|
134,000 |
|
|
513,220 |
|
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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% |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
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, |
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-income producing. |
|
|
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. |
|
|
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 Funds Board of Directors. |
|
|
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 Nasdaqs 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 Funds 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 Funds 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 Funds 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 Funds 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 |
|
Purchases |
|
Transfers Out |
|
Sales |
|
Realized and |
|
Balance as of |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Common stocks |
|
|
|
$73,019 |
|
|
|
|
$ |
|
|
|
|
$398,562 |
|
|
|
|
$ |
|
|
|
|
$361,837 |
|
|
|
|
$36,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements: |
|
|
|
|
|
Securities Lending: |
|
|
|
|
|
Other information regarding the Fund is available in the Funds most recent Report to Stockholders. 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 (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the Act)), that the Registrants 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 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 (as defined in Rule 30a-3(d) under the Act) 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 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