UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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: 12/31/2004
Date of reporting period: 9/30/2004
Item 1 - Schedule of Investments
Portfolio of Investments
Royce Micro-Cap Trust, Inc.
September 30, 2004
(Amounts in Thousands) (Unaudited)
Par/Shares | Value | |||
ROYCE MICRO-CAP TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
COMMON STOCKS - 105.0% | |||||||
SHARES | VALUE | ||||||
Consumer Products - 6.3% | |||||||
Apparel and Shoes - 2.7% | |||||||
Ashworth a |
3,100 | $ | 25,420 | ||||
Delta Apparel |
146,500 | 3,486,700 | |||||
14,500 | 255,925 | ||||||
76,600 | 104,099 | ||||||
Oshkosh BGosh Cl. A |
37,000 | 747,400 | |||||
Skechers U.S.A. Cl. A a |
10,000 | 145,200 | |||||
Weyco Group |
60,000 | 2,220,000 | |||||
6,984,744 | |||||||
Collectibles - 0.7% | |||||||
227,700 | 541,926 | ||||||
Enesco Group a |
37,400 | 256,190 | |||||
Topps Company (The) |
101,000 | 987,780 | |||||
1,785,896 | |||||||
Food/Beverage/Tobacco - 0.2% | |||||||
26,600 | 559,132 | ||||||
Home Furnishing and Appliances - 0.5% | |||||||
Falcon Products a |
150,000 | 289,500 | |||||
Lifetime Hoan c |
65,554 | 973,477 | |||||
Stanley Furniture Company |
2,500 | 110,000 | |||||
1,372,977 | |||||||
Publishing - 0.4% | |||||||
Information Holdings a |
40,000 | 1,089,200 | |||||
Sports and Recreation - 0.8% | |||||||
Monaco Coach |
73,900 | 1,599,935 | |||||
National R.V. Holdings a |
31,800 | 395,274 | |||||
1,995,209 | |||||||
Other Consumer Products - 1.0% | |||||||
Burnham Holdings Cl. A |
1,000 | 25,500 | |||||
Cobra Electronics a |
10,000 | 72,100 | |||||
Cross (A. T.) Company Cl. A a |
100,000 | 555,000 | |||||
15,000 | 130,515 | ||||||
JAKKS Pacific a |
30,000 | 690,000 | |||||
Lazare Kaplan International a |
151,700 | 1,168,090 | |||||
2,641,205 | |||||||
Total | 16,428,363 | ||||||
Consumer Services - 5.8% | |||||||
Direct Marketing - 0.1% | |||||||
4,500 | 89,325 | ||||||
Sportsmans Guide (The) a |
5,000 | 101,150 | |||||
5,000 | 66,950 | ||||||
257,425 | |||||||
Leisure and Entertainment - 0.1% | |||||||
25,000 | 140,750 | ||||||
5,000 | 2,650 | ||||||
20,000 | 132,400 | ||||||
275,800 | |||||||
Media and Broadcasting - 0.4% | |||||||
69,750 | 1,081,125 | ||||||
Restaurants and Lodgings - 0.3% | |||||||
Angelo and Maxies a |
3,333 | 2,366 | |||||
Benihana Cl. A a |
34,570 | 462,547 | |||||
30,000 | 127,200 | ||||||
California Pizza Kitchen a |
10,000 | 218,500 | |||||
810,613 | |||||||
Retail Stores - 4.4% | |||||||
9,000 | 303,750 | ||||||
Brookstone a |
51,750 | 977,558 | |||||
Buckle (The) |
36,500 | 1,002,655 | |||||
Cato Corporation Cl. A |
58,000 | 1,290,500 | |||||
Deb Shops |
19,900 | 485,560 | |||||
53,660 | 936,367 | ||||||
17,000 | 165,750 | ||||||
La Senza Corporation |
99,900 | 900,107 | |||||
REX Stores a |
38,000 | 533,900 | |||||
Shoe Carnival a |
11,000 | 129,690 | |||||
Stein Mart a |
285,200 | 4,340,744 | |||||
United Retail Group a |
60,600 | 156,348 | |||||
197,000 | 327,020 | ||||||
11,549,949 | |||||||
Other Consumer Services - 0.5% | |||||||
Ambassadors Group |
7,500 | 202,500 | |||||
Ambassadors International |
6,100 | 77,104 | |||||
20,000 | 179,400 | ||||||
85,000 | 181,050 | ||||||
72,000 | 493,200 | ||||||
1,133,254 | |||||||
Total | 15,108,166 | ||||||
Diversified Investment Companies - 2.3% | |||||||
Closed-End Mutual Funds - 2.3% |
|||||||
ASA |
81,500 | 3,486,570 | |||||
Central Fund of Canada Cl. A |
237,000 | 1,362,750 | |||||
MVC Capital a |
132,200 | 1,238,714 | |||||
Total | 6,088,034 | ||||||
Financial Intermediaries - 7.3% | |||||||
Banking - 2.2% |
|||||||
Abigail Adams National Bancorp |
17,000 | 280,500 | |||||
Arrow Financial |
13,905 | 417,428 | |||||
First Midwest Financial |
64,800 | 1,441,800 | |||||
First National Lincoln |
40,200 | 773,850 | |||||
FirstBank NW |
4,930 | 141,146 | |||||
Lakeland Financial |
22,500 | 762,750 | |||||
Pacific Mercantile Bancorp a |
43,200 | 538,704 | |||||
Peapack-Gladstone Financial |
8,580 | 260,403 | |||||
Queen City Investments a |
948 | 578,280 | |||||
Sterling Bancorp |
18,150 | 490,958 | |||||
5,685,819 | |||||||
Insurance - 4.1% | |||||||
American Safety Insurance Holdings a |
5,000 | 68,500 | |||||
Argonaut Group a |
30,900 | 576,903 | |||||
Independence Holding |
33,534 | 592,546 | |||||
NYMAGIC |
65,400 | 1,431,606 | |||||
Navigators Group a |
37,200 | 1,087,728 | |||||
145,100 | 2,761,253 | ||||||
PXRE Group |
73,164 | 1,712,769 | |||||
29,300 | 1,026,086 | ||||||
Wellington Underwriting a |
444,712 | 669,992 | |||||
Zenith National Insurance |
19,100 | 808,121 | |||||
10,735,504 | |||||||
Real Estate Investment Trusts - 0.7% | |||||||
First Acceptance a |
258,405 | 1,847,596 | |||||
Securities Brokers - 0.2% | |||||||
First Albany |
9,600 | 87,744 | |||||
Sanders Morris Harris Group |
21,000 | 253,260 | |||||
Stifel Financial a |
11,733 | 229,973 | |||||
570,977 | |||||||
Other Financial Intermediaries - 0.1% | |||||||
20,000 | 176,020 | ||||||
Total | 19,015,916 | ||||||
Financial Services - 1.4% | |||||||
Insurance Brokers - 0.6% |
|||||||
Clark a |
48,900 | 662,106 | |||||
28,750 | 853,300 | ||||||
1,515,406 | |||||||
Other Financial Services - 0.8% | |||||||
MicroFinancial a |
10,000 | 37,900 | |||||
365,000 | 2,095,100 | ||||||
2,133,000 | |||||||
Total | 3,648,406 | ||||||
Health - 12.0% | |||||||
Commercial Services - 3.0% |
|||||||
Bruker BioSciences a |
295,300 | 1,021,738 | |||||
First Consulting Group a |
274,700 | 1,302,078 | |||||
800 | 26,328 | ||||||
121,400 | 2,379,440 | ||||||
182,000 | 1,061,060 | ||||||
Young Innovations |
61,450 | 2,027,850 | |||||
7,818,494 | |||||||
Drugs and Biotech - 2.1% | |||||||
2,500 | 47,900 | ||||||
60,800 | 366,624 | ||||||
28,900 | 124,559 | ||||||
BioSource International a |
177,900 | 1,254,195 | |||||
15,000 | 121,500 | ||||||
20,000 | 48,200 | ||||||
44,100 | 61,740 | ||||||
DUSA Pharmaceuticals a |
8,400 | 96,432 | |||||
Emisphere Technologies a |
169,700 | 520,979 | |||||
10,000 | 99,200 | ||||||
6,000 | 35,940 | ||||||
43,300 | 689,336 | ||||||
6,200 | 16,554 | ||||||
Maxygen a |
5,000 | 49,450 | |||||
26,500 | 453,150 | ||||||
Nabi Biopharmaceuticals a |
5,000 | 66,900 | |||||
51,900 | 416,757 | ||||||
26,000 | 208,520 | ||||||
Sangamo BioSciences a |
10,000 | 48,700 | |||||
162,200 | 729,900 | ||||||
5,456,536 | |||||||
Health Services - 2.0% | |||||||
ATC Healthcare Cl. A a |
35,000 | 21,350 | |||||
66,800 | 325,984 | ||||||
Covalent Group a |
25,000 | 72,500 | |||||
Gentiva Health Services a |
13,000 | 212,810 | |||||
HMS Holdings a |
71,000 | 461,500 | |||||
101,100 | 584,358 | ||||||
18,000 | 284,760 | ||||||
40,000 | 168,800 | ||||||
On Assignment a |
26,100 | 115,884 | |||||
5,000 | 9,550 | ||||||
RehabCare Group a |
22,000 | 506,660 | |||||
SFBC International a |
15,000 | 394,650 | |||||
40,000 | 1,917,200 | ||||||
10,000 | 80,500 | ||||||
Superior Consultant Holdings a |
10,000 | 65,000 | |||||
U.S. Physical Therapy a |
10,000 | 135,900 | |||||
5,357,406 | |||||||
Medical Products and Devices - 3.0% | |||||||
76,000 | 361,000 | ||||||
Allied Healthcare Products a |
283,500 | 1,958,985 | |||||
CONMED Corporation a |
3,900 | 102,570 | |||||
60,200 | 1,231,090 | ||||||
58,500 | 972,738 | ||||||
Molecular Devices a |
25,500 | 601,035 | |||||
NMT Medical a |
44,000 | 171,600 | |||||
OrthoLogic Corporation a |
20,000 | 140,800 | |||||
Orthofix International a |
28,000 | 961,800 | |||||
PLC Systems a |
105,200 | 77,848 | |||||
10,000 | 156,600 | ||||||
25,000 | 239,000 | ||||||
Utah Medical Products |
42,300 | 761,400 | |||||
7,736,466 | |||||||
Personal Care - 1.9% | |||||||
CCA Industries |
57,000 | 518,130 | |||||
20,000 | 544,400 | ||||||
Inter Parfums |
36,000 | 491,400 | |||||
Lifeline Systems a |
20,400 | 498,168 | |||||
Natures Sunshine Products |
41,000 | 621,970 | |||||
Ocular Sciences a |
47,300 | 2,268,981 | |||||
4,943,049 | |||||||
Total | 31,311,951 | ||||||
Industrial Products - 14.4% | |||||||
Automotive - 1.2% |
|||||||
100,000 | 1,827,000 | ||||||
Spartan Motors |
2,800 | 39,312 | |||||
Strattec Security a |
3,300 | 205,458 | |||||
Wescast Industries Cl. A |
37,900 | 998,286 | |||||
3,070,056 | |||||||
Building Systems and Components - 1.3% | |||||||
Juno Lighting |
92,200 | 2,797,348 | |||||
LSI Industries |
67,812 | 707,957 | |||||
3,505,305 | |||||||
Construction Materials - 1.5% | |||||||
Ash Grove Cement Company |
8,000 | 1,056,000 | |||||
Monarch Cement |
50,410 | 1,071,213 | |||||
Synalloy Corporation a |
171,000 | 1,710,000 | |||||
3,837,213 | |||||||
Industrial Components - 2.5% | |||||||
47,500 | 826,500 | ||||||
Bel Fuse Cl. A |
52,600 | 1,475,430 | |||||
Penn Engineering & Manufacturing |
56,600 | 1,053,892 | |||||
Penn Engineering & Manufacturing Cl. A |
30,800 | 475,860 | |||||
Planar Systems a |
10,000 | 112,100 | |||||
1,370 | 8,782 | ||||||
85,300 | 1,437,305 | ||||||
Scientific Technologies a |
10,700 | 55,640 | |||||
Tech/Ops Sevcon |
76,200 | 452,628 | |||||
II-VI a |
10,000 | 350,100 | |||||
Woodhead Industries |
10,000 | 138,000 | |||||
6,386,237 | |||||||
Machinery - 1.7% | |||||||
Astec Industries a |
40,200 | 768,624 | |||||
Cascade Corporation |
28,800 | 799,488 | |||||
Hurco Companies a |
16,100 | 215,579 | |||||
Keithley Instruments |
14,000 | 244,300 | |||||
Lindsay Manufacturing |
10,000 | 268,300 | |||||
MTS Systems |
10,000 | 212,500 | |||||
Mueller (Paul) Company |
13,650 | 395,850 | |||||
Pason Systems |
62,100 | 1,524,953 | |||||
4,429,594 | |||||||
Metal Fabrication and Distribution - 1.4% | |||||||
Commonwealth Industries a |
64,490 | 602,337 | |||||
15,000 | 198,600 | ||||||
70,000 | 1,241,800 | ||||||
NN |
138,300 | 1,583,535 | |||||
Universal Stainless & Alloy Products a |
7,700 | 105,875 | |||||
3,732,147 | |||||||
Paper and Packaging - 0.1% | |||||||
Mod-Pac Corporation a |
23,200 | 262,160 | |||||
Pumps, Valves and Bearings - 0.9% | |||||||
14,600 | 402,522 | ||||||
Gorman-Rupp Company |
3,375 | 68,715 | |||||
Sun Hydraulics |
148,350 | 1,895,913 | |||||
2,367,150 | |||||||
Specialty Chemicals and Materials - 2.5% | |||||||
Aceto |
171,446 | 2,468,822 | |||||
American Pacific |
36,000 | 268,884 | |||||
Balchem Corporation |
10,000 | 298,000 | |||||
CFC International a |
136,700 | 956,900 | |||||
Eastern Company (The) |
26,500 | 430,625 | |||||
Hawkins |
122,667 | 1,465,871 | |||||
20,000 | 389,400 | ||||||
Park Electrochemical |
10,000 | 212,000 | |||||
6,490,502 | |||||||
Textiles - 0.2% | |||||||
Fab Industries a |
56,400 | 228,420 | |||||
94,400 | 330,400 | ||||||
558,820 | |||||||
Other Industrial Products - 1.1% | |||||||
Airboss of America a |
144,300 | 250,907 | |||||
Maxwell Technologies a |
15,300 | 157,743 | |||||
Myers Industries |
32,276 | 353,422 | |||||
Peerless Manufacturing a |
42,200 | 603,460 | |||||
Quixote Corporation |
34,500 | 665,160 | |||||
Raven Industries |
20,000 | 889,000 | |||||
2,919,692 | |||||||
Total | 37,558,876 | ||||||
Industrial Services - 14.6% | |||||||
Advertising and Publishing - 1.1% |
|||||||
10,000 | 187,300 | ||||||
MDC Partners Cl. A a |
91,000 | 1,153,880 | |||||
Modem Media a |
141,200 | 759,656 | |||||
50,000 | 891,500 | ||||||
2,992,336 | |||||||
Commercial Services - 6.1% | |||||||
APAC Customer Services a |
45,000 | 75,150 | |||||
Administaff a |
10,000 | 117,000 | |||||
American Bank Note Holographics a |
267,200 | 668,000 | |||||
Bennett Environmental a |
20,900 | 103,455 | |||||
Butler International a |
38,500 | 65,835 | |||||
Carlisle Holdings a |
390,000 | 2,480,400 | |||||
18,339 | 90,778 | ||||||
68,300 | 1,881,665 | ||||||
Geo Group (The) a |
51,200 | 1,047,040 | |||||
Gevity HR |
2,000 | 30,760 | |||||
Hardinge |
5,000 | 52,000 | |||||
iGATE Corporation a |
322,300 | 1,186,064 | |||||
Kforce a |
55,000 | 460,900 | |||||
20,000 | 539,000 | ||||||
NIC a |
26,800 | 143,648 | |||||
New Horizons Worldwide a |
132,000 | 566,280 | |||||
Pegasus Solutions a |
59,700 | 711,624 | |||||
211,600 | 1,476,968 | ||||||
197,900 | 360,178 | ||||||
RemedyTemp Cl. A a |
98,200 | 1,025,208 | |||||
2,500 | 17,475 | ||||||
29,000 | 544,330 | ||||||
Volt Information Sciences a |
36,600 | 1,052,982 | |||||
Westaff a |
362,500 | 1,131,000 | |||||
15,827,740 | |||||||
Engineering and Construction - 1.5% | |||||||
Comfort Systems USA a |
70,000 | 462,000 | |||||
Devcon International a |
21,700 | 365,645 | |||||
82,800 | 1,545,876 | ||||||
Keith Companies a |
10,000 | 149,000 | |||||
Skyline Corporation |
32,100 | 1,285,605 | |||||
3,808,126 | |||||||
Food and Tobacco Processors - 0.9% | |||||||
ML Macadamia Orchards L.P. |
120,200 | 488,012 | |||||
Seneca Foods Cl. B a |
42,500 | 775,625 | |||||
Seneca Foods Cl. A a |
62,500 | 1,140,625 | |||||
2,404,262 | |||||||
Industrial Distribution - 1.0% | |||||||
Central Steel & Wire |
1,200 | 636,000 | |||||
Elamex a |
70,200 | 196,560 | |||||
Lawson Products |
19,500 | 798,915 | |||||
Strategic Distribution a |
59,690 | 895,350 | |||||
2,526,825 | |||||||
Printing - 0.9% | |||||||
Bowne & Co. |
66,500 | 863,835 | |||||
Courier Corporation |
15,300 | 637,704 | |||||
Ennis |
10,700 | 229,194 | |||||
Schawk Cl. A |
42,200 | 613,166 | |||||
2,343,899 | |||||||
Transportation and Logistics - 2.5% | |||||||
AirNet Systems a |
196,000 | 842,800 | |||||
41,000 | 221,400 | ||||||
Forward Air a |
43,800 | 1,752,876 | |||||
33,000 | 253,440 | ||||||
Frozen Food Express Industries a |
141,000 | 1,070,190 | |||||
Hub Group Cl. A a |
6,500 | 242,125 | |||||
43,387 | 929,350 | ||||||
5,000 | 87,350 | ||||||
Mesa Air Group a |
5,000 | 25,500 | |||||
Pacific CMA a |
148,500 | 102,465 | |||||
Patriot Transportation Holding a |
28,400 | 933,224 | |||||
Vitran Corporation Cl. A a |
5,500 | 81,785 | |||||
6,542,505 | |||||||
Other Industrial Services - 0.6% | |||||||
Landauer |
21,300 | 999,609 | |||||
Perma-Fix Environmental Services a |
168,000 | 270,480 | |||||
Team a |
24,800 | 383,408 | |||||
1,653,497 | |||||||
Total | 38,099,190 | ||||||
Natural Resources - 11.8% | |||||||
Energy Services - 4.5% |
|||||||
Carbo Ceramics |
12,500 | 901,750 | |||||
Conrad Industries a |
154,000 | 295,834 | |||||
Dril-Quip a |
66,500 | 1,482,950 | |||||
Gulf Island Fabrication |
59,500 | 1,326,850 | |||||
GulfMark Offshore a |
70,200 | 1,146,366 | |||||
168,500 | 1,737,235 | ||||||
Lufkin Industries |
36,000 | 1,339,920 | |||||
NATCO Group Cl. A a |
100,400 | 868,460 | |||||
Tesco Corporation a |
20,000 | 215,600 | |||||
Trican Well Service a |
5,000 | 189,686 | |||||
Valley National Gases a |
30,100 | 279,930 | |||||
Veritas DGC a |
37,700 | 858,806 | |||||
Willbros Group a |
71,900 | 1,072,029 | |||||
11,715,416 | |||||||
Oil and Gas - 4.0% | |||||||
57,000 | 694,260 | ||||||
Bonavista Energy Trust |
132,000 | 2,701,031 | |||||
30,000 | 200,400 | ||||||
25,000 | 326,000 | ||||||
53,800 | 1,366,520 | ||||||
25,000 | 1,000,968 | ||||||
Gulfport Energy a |
362,176 | 1,358,160 | |||||
Nuvista Energy a |
121,000 | 925,730 | |||||
Pioneer Drilling Company a |
71,800 | 603,120 | |||||
24,140 | 575,980 | ||||||
67,300 | 642,042 | ||||||
10,394,211 | |||||||
Precious Metals and Mining - 1.8% | |||||||
Apex Silver Mines a |
78,100 | 1,694,770 | |||||
Aurizon Mines a |
50,000 | 55,500 | |||||
15,500 | 321,005 | ||||||
5,000 | 14,819 | ||||||
575,900 | 728,267 | ||||||
MK Resources Company a |
516,300 | 1,419,825 | |||||
Northern Orion Resources a |
165,000 | 417,309 | |||||
4,651,495 | |||||||
Real Estate - 1.2% | |||||||
HomeFed Corporation a |
69,352 | 2,964,798 | |||||
21,500 | 171,355 | ||||||
3,136,153 | |||||||
Other Natural Resources - 0.3% | |||||||
Pope Resources L.P. |
33,000 | 712,140 | |||||
Total | 30,609,415 | ||||||
Technology - 24.7% | |||||||
Aerospace and Defense - 2.3% |
|||||||
Astronics Corporation a |
93,800 | 480,256 | |||||
CPI Aerostructures a |
53,000 | 482,300 | |||||
Ducommun a |
84,500 | 1,888,575 | |||||
Fairchild Corporation (The) Cl. A a |
76,500 | 304,470 | |||||
HEICO Corporation |
50,600 | 894,608 | |||||
HEICO Corporation Cl. A |
4,160 | 56,077 | |||||
Herley Industries a |
81,000 | 1,513,890 | |||||
Kaman Corporation Cl. A |
22,500 | 268,650 | |||||
8,600 | 70,520 | ||||||
SIFCO Industries a |
45,800 | 149,308 | |||||
6,108,654 | |||||||
Components and Systems - 6.9% | |||||||
267,900 | 482,220 | ||||||
AlphaSmart a |
16,200 | 57,996 | |||||
Bonso Electronics International |
31,300 | 170,898 | |||||
Belden CDT |
15,000 | 327,000 | |||||
CSP a |
127,581 | 941,803 | |||||
Del Global Technologies a |
168,279 | 462,767 | |||||
66,000 | 529,320 | ||||||
97,900 | 2,527,778 | ||||||
69,200 | 670,548 | ||||||
82,000 | 405,900 | ||||||
Kronos a |
17,375 | 769,539 | |||||
Lowrance Electronics |
80,000 | 1,961,600 | |||||
1,000 | 8,240 | ||||||
MOCON |
22,600 | 185,320 | |||||
38,000 | 315,400 | ||||||
45,000 | 516,150 | ||||||
32,000 | 515,200 | ||||||
29,000 | 405,710 | ||||||
56,050 | 354,236 | ||||||
21,500 | 237,360 | ||||||
Printronix a |
32,700 | 491,514 | |||||
Radiant Systems a |
29,200 | 117,384 | |||||
172,800 | 813,888 | ||||||
Richardson Electronics |
202,100 | 1,942,181 | |||||
11,781 | 310,783 | ||||||
114,000 | 417,240 | ||||||
TransAct Technologies a |
78,600 | 2,031,810 | |||||
Zomax a |
20,000 | 64,200 | |||||
18,033,985 | |||||||
Distribution - 1.1% | |||||||
Agilysys |
90,000 | 1,556,100 | |||||
Bell Industries a |
85,700 | 239,960 | |||||
Jaco Electronics a |
31,400 | 169,560 | |||||
Nu Horizons Electronics a |
40,000 | 254,000 | |||||
Pomeroy IT Solutions a |
42,000 | 531,720 | |||||
2,751,340 | |||||||
Internet Software and Services - 0.6% | |||||||
15,000 | 127,500 | ||||||
Inforte Corporation a |
50,000 | 345,000 | |||||
Lionbridge Technologies a |
37,500 | 322,125 | |||||
LookSmart a |
20,000 | 29,400 | |||||
65,700 | 306,162 | ||||||
Register.com a |
41,857 | 227,702 | |||||
Stamps.com a |
21,200 | 281,960 | |||||
25,000 | 44,250 | ||||||
1,684,099 | |||||||
IT Services - 5.4% | |||||||
CIBER a |
226,662 | 1,704,498 | |||||
Computer Task Group a |
341,100 | 1,060,821 | |||||
Covansys Corporation a |
242,500 | 2,798,450 | |||||
158,100 | 1,928,820 | ||||||
Forrester Research a |
105,500 | 1,607,820 | |||||
20,000 | 316,300 | ||||||
Sapient Corporation a |
500,000 | 3,815,000 | |||||
Syntel |
54,300 | 897,579 | |||||
Tier Technologies Cl. B a |
6,800 | 65,620 | |||||
14,194,908 | |||||||
Semiconductors and Equipment - 1.7% | |||||||
August Technology a |
43,500 | 298,845 | |||||
ESS Technology a |
25,000 | 171,250 | |||||
68,500 | 969,960 | ||||||
34,500 | 144,210 | ||||||
Helix Technology |
9,500 | 129,153 | |||||
10,000 | 66,200 | ||||||
120,450 | 756,426 | ||||||
Monolithic System Technology a |
5,000 | 21,700 | |||||
PDF Solutions a |
30,000 | 364,500 | |||||
29,750 | 494,445 | ||||||
QuickLogic Corporation a |
20,000 | 48,400 | |||||
Semitool a |
25,500 | 193,545 | |||||
68,000 | 357,000 | ||||||
63,500 | 311,150 | ||||||
4,326,784 | |||||||
Software - 4.0% | |||||||
Aladdin Knowledge Systems a |
27,300 | 611,547 | |||||
15,400 | 765,842 | ||||||
Applix a |
20,000 | 88,000 | |||||
35,000 | 346,500 | ||||||
19,200 | 30,336 | ||||||
Integral Systems |
58,500 | 1,141,335 | |||||
24,500 | 294,000 | ||||||
59,500 | 643,790 | ||||||
12,700 | 102,108 | ||||||
40,333 | 123,016 | ||||||
121,142 | 1,070,895 | ||||||
23,500 | 90,240 | ||||||
SPSS a |
91,900 | 1,225,027 | |||||
4,000 | 20,640 | ||||||
Transaction Systems Architects Cl. A a |
140,100 | 2,603,759 | |||||
95,000 | 1,223,600 | ||||||
10,380,635 | |||||||
Telecommunications - 2.7% | |||||||
94,800 | 1,276,008 | ||||||
27,500 | 249,150 | ||||||
C-COR.net a |
5,000 | 42,250 | |||||
50,000 | 213,000 | ||||||
Centillium Communications a |
11,000 | 26,180 | |||||
14,000 | 56,966 | ||||||
19,000 | 514,900 | ||||||
Giga-tronics a |
3,200 | 5,344 | |||||
2,500 | 8,875 | ||||||
5,000 | 36,100 | ||||||
MetaSolv a |
5,800 | 14,906 | |||||
Netopia a |
93,000 | 199,020 | |||||
North Pittsburgh Systems |
15,700 | 325,147 | |||||
Optical Communication Products a |
45,000 | 94,050 | |||||
PC-Tel a |
48,100 | 397,306 | |||||
Radyne ComStream a |
96,400 | 726,856 | |||||
SpectraLink Corporation |
57,000 | 541,500 | |||||
Terremark Worldwide a |
200,000 | 128,000 | |||||
Tollgrade Communications a |
20,000 | 175,800 | |||||
ViaSat a |
95,200 | 1,913,520 | |||||
6,944,878 | |||||||
Total | 64,425,283 | ||||||
Miscellaneous - 4.4% | |||||||
Total | 11,317,311 | ||||||
TOTAL COMMON STOCKS | |||||||
(Cost $185,365,921) |
273,610,911 | ||||||
PREFERRED STOCKS - 0.5% | |||||||
Angelo and Maxies 10.00% Conv. |
6,991 | 17,478 | |||||
Seneca Foods Conv. a |
75,409 | 1,368,673 | |||||
TOTAL PREFERRED STOCKS | |||||||
(Cost $957,998) |
1,386,151 | ||||||
REPURCHASE AGREEMENT - 17.4% | |||||||
State
Street Bank & Trust Company, 1.30% dated 9/30/04, due 10/1/04, maturity value
$45,421,640 (collateralized by Federal Home Loan Bank due 4/2/18 and Federal National
Mortgage Association 5.25% due 1/15/06, valued at $46,336,620) |
45,420,000 | ||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED-7.7% | |||||||
U.S.
Treasury Bonds |
31,065 | ||||||
U.S.
Treasury Notes |
37,690 | ||||||
Money
Market Funds |
|||||||
Prime Portfolio |
20,104,585 | ||||||
Total (Cost $20,173,340) | 20,173,340 | ||||||
TOTAL INVESTMENTS - 130.6% | |||||||
(Cost $251,917,259) |
340,590,402 | ||||||
LIABILITES LESS CASH AND OTHER ASSETS - (7.6)% |
(19,860,301 | ) | |||||
PREFERRED STOCK - (23.0)% | (60,000,000 | ) | |||||
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0% |
$ | 260,730,101 | |||||
INCOME TAX INFORMATION: The cost
of total investments for Federal income tax purposes was $252,800,326.
At September
30, 2004, net unrealized appreciation for all securities was $87,790,076, consisting
of aggregate gross unrealized appreciation of $98,823,096 and aggregate gross unrealized
depreciation of $11,033,020. 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:
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 Board of Trustees. 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.
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 controls over financial reporting during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal controls 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.
Royce Micro-Cap Trust, Inc.
By: /s/ Charles
M. Royce
Charles M. Royce
President, Royce Micro-Cap
Trust, Inc.
Date: November 29, 2004
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 29, 2004
By: /s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap
Trust, Inc.
Date: November 29, 2004