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: 12/31/2011 | |
Date of reporting period: 9/30/2011 |
Item 1 - Schedule of Investments |
SCHEDULE OF INVESTMENTS |
ROYCE MICRO-CAP TRUST |
SEPTEMBER 30, 2011 (UNAUDITED) |
SHARES | VALUE | |||||||
COMMON STOCKS 109.6% |
||||||||
Consumer Discretionary 12.6% |
||||||||
Auto Components - 1.7% |
||||||||
21,500 | $ | 96,965 | ||||||
Drew Industries |
134,700 | 2,691,306 | ||||||
771,500 | 36,161 | |||||||
37,413 | 121,966 | |||||||
Williams Controls |
107,000 | 1,173,790 | ||||||
4,120,188 | ||||||||
Distributors - 0.4% |
||||||||
Weyco Group |
48,000 | 1,070,400 | ||||||
Diversified Consumer Services - 0.3% |
||||||||
ChinaCast Education 2 |
131,100 | 483,759 | ||||||
Lincoln Educational Services |
28,400 | 229,756 | ||||||
6,925 | 19,944 | |||||||
733,459 | ||||||||
Hotels, Restaurants & Leisure - 0.2% |
||||||||
Benihana Cl. A 2 |
64,100 | 551,901 | ||||||
Household Durables - 2.6% |
||||||||
Cavco Industries 2 |
3,091 | 106,454 | ||||||
CSS Industries |
20,243 | 337,653 | ||||||
Ethan Allen Interiors |
81,600 | 1,110,576 | ||||||
Flexsteel Industries |
172,500 | 2,584,050 | ||||||
Koss Corporation |
73,400 | 431,592 | ||||||
Natuzzi ADR 2 |
409,800 | 1,163,832 | ||||||
Universal Electronics 2 |
47,100 | 771,969 | ||||||
6,506,126 | ||||||||
Internet & Catalog Retail - 1.2% |
||||||||
Geeknet 2 |
93,500 | 1,890,570 | ||||||
NutriSystem |
21,800 | 263,998 | ||||||
US Auto Parts Network 2 |
140,900 | 714,363 | ||||||
2,868,931 | ||||||||
Leisure Equipment & Products - 0.3% |
||||||||
Leapfrog Enterprises Cl. A 2 |
142,400 | 479,888 | ||||||
Sturm, Ruger & Co. |
12,800 | 332,544 | ||||||
812,432 | ||||||||
Media - 0.4% |
||||||||
Global Sources 2 |
23,411 | 158,492 | ||||||
Rentrak Corporation 2 |
45,000 | 566,550 | ||||||
Value Line |
32,487 | 373,276 | ||||||
1,098,318 | ||||||||
Specialty Retail - 4.0% |
||||||||
Americas Car-Mart 2 |
92,800 | 2,693,056 | ||||||
Charming Shoppes 2 |
947,400 | 2,463,240 | ||||||
Dickson Concepts (International) |
382,000 | 180,832 | ||||||
Le Chateau Cl. A |
52,500 | 190,381 | ||||||
Lewis Group |
57,000 | 492,558 | ||||||
Shoe Carnival 2 |
12,752 | 300,947 | ||||||
Stein Mart |
178,900 | 1,118,125 | ||||||
Systemax 2 |
112,000 | 1,424,640 | ||||||
West Marine 2 |
86,000 | 662,200 | ||||||
Wet Seal (The) Cl. A 2 |
87,579 | 392,354 | ||||||
9,918,333 | ||||||||
Textiles, Apparel & Luxury Goods - 1.5% |
||||||||
China Xiniya Fashion ADR 2 |
40,000 | 71,600 | ||||||
G-III Apparel Group 2 |
20,700 | 473,202 | ||||||
J. G. Boswell Company 4 |
2,490 | 1,680,750 | ||||||
K-Swiss Cl. A 2 |
72,400 | 307,700 | ||||||
Movado Group |
77,633 | 945,570 | ||||||
True Religion Apparel 2 |
12,200 | 328,912 | ||||||
3,807,734 | ||||||||
Total |
31,487,822 | |||||||
Consumer Staples 3.5% |
||||||||
Beverages - 0.4% |
||||||||
200,000 | 1,058,000 | |||||||
Food & Staples Retailing - 0.5% |
||||||||
Arden Group Cl. A |
16,000 | 1,272,000 | ||||||
Food Products - 2.3% |
||||||||
Asian Citrus Holdings |
1,060,000 | 490,822 | ||||||
Binggrae |
9,700 | 385,552 | ||||||
BW Plantation |
744,900 | 89,260 | ||||||
Farmer Bros. 1 |
51,400 | 283,214 | ||||||
Griffin Land & Nurseries |
55,786 | 1,432,584 | ||||||
Origin Agritech 2 |
121,488 | 283,067 | ||||||
Seneca Foods Cl. A 2 |
51,400 | 1,017,720 | ||||||
Seneca Foods Cl. B 2 |
42,500 | 820,250 | ||||||
Westway Group |
220,000 | 935,000 | ||||||
5,737,469 | ||||||||
Personal Products - 0.3% |
||||||||
Inter Parfums |
26,400 | 407,880 | ||||||
Schiff Nutrition International Cl. A 2 |
15,915 | 176,338 | ||||||
584,218 | ||||||||
Total |
8,651,687 | |||||||
Energy 3.8% |
||||||||
Energy Equipment & Services - 3.0% |
||||||||
CE Franklin 2 |
45,450 | 368,599 | ||||||
53,213 | 1,254,763 | |||||||
Global Geophysical Services 2 |
35,000 | 278,950 | ||||||
Gulf Island Fabrication |
29,116 | 602,119 | ||||||
Lamprell |
202,400 | 808,969 | ||||||
50,000 | 291,000 | |||||||
OYO Geospace 2 |
7,130 | 401,348 | ||||||
Pason Systems |
139,200 | 1,769,390 | ||||||
Pioneer Drilling 2 |
57,500 | 412,850 | ||||||
127,000 | 149,860 | |||||||
Tesco Corporation 2 |
50,000 | 580,000 | ||||||
Willbros Group 2 |
131,100 | 546,687 | ||||||
7,464,535 | ||||||||
Oil, Gas & Consumable Fuels - 0.8% |
||||||||
12,000 | 203,880 | |||||||
98,000 | 816,340 | |||||||
Sprott Resource 2 |
104,400 | 398,512 | ||||||
29,000 | 39,730 | |||||||
VAALCO Energy 2 |
109,100 | 530,226 | ||||||
1,988,688 | ||||||||
Total |
9,453,223 | |||||||
Financials 21.0% |
||||||||
Capital Markets - 8.5% |
||||||||
ASA Gold and Precious Metals |
30,000 | 809,700 | ||||||
130,200 | 169,260 | |||||||
Cohen & Steers |
27,900 | 802,125 | ||||||
Cowen Group Cl. A 2 |
417,834 | 1,132,330 | ||||||
Diamond Hill Investment Group |
34,479 | 2,392,498 | ||||||
Duff & Phelps Cl. A |
50,000 | 533,000 | ||||||
Edelman Financial Group (The) |
209,000 | 1,350,140 | ||||||
Epoch Holding Corporation |
196,500 | 2,666,505 | ||||||
FBR & Co. 2 |
541,600 | 1,289,008 | ||||||
Fiera Sceptre |
78,000 | 471,915 | ||||||
24,910 | 517,132 | |||||||
JZ Capital Partners |
353,999 | 1,864,636 | ||||||
MVC Capital |
141,200 | 1,478,364 | ||||||
NGP Capital Resources |
159,225 | 1,041,332 | ||||||
Queen City Investments 4 |
948 | 929,040 | ||||||
U.S. Global Investors Cl. A |
91,500 | 620,370 | ||||||
Urbana Corporation 2 |
237,600 | 222,204 | ||||||
Virtus Investment Partners 2 |
45,000 | 2,412,900 | ||||||
Westwood Holdings Group |
8,800 | 304,040 | ||||||
21,006,499 | ||||||||
Commercial Banks - 2.6% |
||||||||
BCB Holdings 2 |
806,207 | 660,030 | ||||||
Chemung Financial |
40,000 | 919,600 | ||||||
Commercial National Financial |
20,000 | 409,800 | ||||||
Fauquier Bankshares |
135,800 | 1,572,564 | ||||||
Financial Institutions |
36,000 | 513,360 | ||||||
First Bancorp |
40,200 | 506,118 | ||||||
LCNB Corporation |
29,324 | 388,543 | ||||||
Orrstown Financial Services |
18,500 | 237,725 | ||||||
Peapack-Gladstone Financial |
124,000 | 1,249,920 | ||||||
6,457,660 | ||||||||
Diversified Financial Services - 0.9% |
||||||||
Banca Finnat Euramerica |
1,310,000 | 630,152 | ||||||
Bolsa Mexicana de Valores |
300,000 | 414,249 | ||||||
25,000 | 157,250 | |||||||
PICO Holdings 2 |
45,700 | 937,307 | ||||||
2,138,958 | ||||||||
Insurance - 2.4% |
||||||||
Hilltop Holdings 2 |
101,400 | 731,094 | ||||||
Independence Holding |
95,800 | 694,550 | ||||||
Presidential Life |
233,100 | 1,916,082 | ||||||
SeaBright Holdings |
181,000 | 1,303,200 | ||||||
United Fire & Casualty |
78,500 | 1,388,665 | ||||||
6,033,591 | ||||||||
Real Estate Investment Trusts (REITs) - 1.7% |
||||||||
BRT Realty Trust 2 |
155,099 | 964,716 | ||||||
Colony Financial |
139,717 | 1,805,143 | ||||||
PennyMac Mortgage Investment Trust |
80,000 | 1,272,000 | ||||||
Vestin Realty Mortgage II 2 |
214,230 | 263,503 | ||||||
4,305,362 | ||||||||
Real Estate Management & Development - 4.0% |
||||||||
Consolidated-Tomoka Land |
62,750 | 1,647,815 | ||||||
Forestar Group 2 |
141,000 | 1,538,310 | ||||||
IFM Investments ADR 2 |
33,185 | 38,163 | ||||||
Kennedy-Wilson Holdings |
465,358 | 4,932,795 | ||||||
Tejon Ranch 2 |
73,162 | 1,746,377 | ||||||
ZipRealty 2 |
25,000 | 36,250 | ||||||
9,939,710 | ||||||||
Thrifts & Mortgage Finance - 0.9% |
||||||||
Alliance Bancorp, Inc. of Pennsylvania |
41,344 | 437,420 | ||||||
88,362 | 1,189,352 | |||||||
CFS Bancorp |
75,000 | 325,500 | ||||||
HopFed Bancorp |
57,222 | 327,882 | ||||||
2,280,154 | ||||||||
Total |
52,161,934 | |||||||
Health Care 7.6% |
||||||||
Biotechnology - 0.5% |
||||||||
498,000 | 537,840 | |||||||
3SBio ADR 2 |
37,280 | 444,750 | ||||||
120,000 | 297,600 | |||||||
1,280,190 | ||||||||
Health Care Equipment & Supplies - 4.4% |
||||||||
Allied Healthcare Products 2 |
226,798 | 882,244 | ||||||
Atrion Corporation |
6,579 | 1,364,419 | ||||||
CryoLife 2 |
50,573 | 227,073 | ||||||
DynaVox Cl. A 2 |
20,000 | 72,000 | ||||||
Exactech 2 |
132,100 | 1,859,968 | ||||||
87,000 | 288,840 | |||||||
42,078 | 1,030,911 | |||||||
Medical Action Industries 2 |
125,250 | 632,512 | ||||||
STRATEC Biomedical |
14,000 | 547,536 | ||||||
Syneron Medical 2 |
69,200 | 685,772 | ||||||
Theragenics Corporation 2 |
336,900 | 444,708 | ||||||
Utah Medical Products |
42,300 | 1,114,605 | ||||||
Young Innovations |
61,450 | 1,751,325 | ||||||
10,901,913 | ||||||||
Health Care Providers & Services - 0.7% |
||||||||
Gentiva Health Services 2 |
23,000 | 126,960 | ||||||
LHC Group 2 |
14,800 | 252,488 | ||||||
65,383 | 438,066 | |||||||
PharMerica Corporation 2 |
40,000 | 570,800 | ||||||
Psychemedics Corporation |
37,500 | 267,375 | ||||||
U.S. Physical Therapy |
10,000 | 185,200 | ||||||
1,840,889 | ||||||||
Health Care Technology - 0.3% |
||||||||
Transcend Services 2 |
30,700 | 691,978 | ||||||
Life Sciences Tools & Services - 0.9% |
||||||||
EPS |
560 | 1,273,352 | ||||||
Furiex Pharmaceuticals 2 |
23,758 | 338,077 | ||||||
PAREXEL International 2 |
28,800 | 545,184 | ||||||
2,156,613 | ||||||||
Pharmaceuticals - 0.8% |
||||||||
Adolor Corporation 2 |
166,300 | 286,036 | ||||||
Bukwang Pharmaceutical |
24,700 | 317,116 | ||||||
Daewoong Pharmaceutical |
11,904 | 319,807 | ||||||
Hi-Tech Pharmacal 2 |
11,700 | 393,120 | ||||||
122,000 | 719,800 | |||||||
2,035,879 | ||||||||
Total |
18,907,462 | |||||||
Industrials 26.0% |
||||||||
Aerospace & Defense - 2.2% |
||||||||
Astronics Corporation 2 |
9,117 | 257,555 | ||||||
Astronics Corporation Cl. B 2 |
912 | 25,118 | ||||||
29,900 | 284,349 | |||||||
Ducommun |
72,100 | 1,080,058 | ||||||
HEICO Corporation |
52,500 | 2,585,100 | ||||||
Innovative Solutions and Support 2 |
100,000 | 483,000 | ||||||
SIFCO Industries |
45,800 | 839,972 | ||||||
5,555,152 | ||||||||
Air Freight & Logistics - 0.6% |
||||||||
Forward Air |
50,700 | 1,290,315 | ||||||
Pacer International 2 |
35,000 | 131,250 | ||||||
1,421,565 | ||||||||
Building Products - 3.3% |
||||||||
AAON |
109,500 | 1,724,625 | ||||||
American Woodmark |
72,000 | 871,920 | ||||||
Apogee Enterprises |
57,900 | 497,361 | ||||||
Burnham Holdings Cl. A 4 |
118,800 | 1,651,320 | ||||||
Griffon Corporation 2 |
89,500 | 732,110 | ||||||
NCI Building Systems 2 |
8,400 | 63,504 | ||||||
Sung Kwang Bend |
28,000 | 352,194 | ||||||
90,000 | 1,442,700 | |||||||
WaterFurnace Renewable Energy |
48,400 | 855,394 | ||||||
8,191,128 | ||||||||
Commercial Services & Supplies - 2.9% |
||||||||
CompX International Cl. A |
107,500 | 1,365,250 | ||||||
Courier Corporation |
30,450 | 199,143 | ||||||
Heritage-Crystal Clean 2 |
113,301 | 2,057,546 | ||||||
Interface Cl. A |
27,000 | 320,220 | ||||||
Team 2 |
93,240 | 1,956,175 | ||||||
US Ecology |
82,000 | 1,268,540 | ||||||
7,166,874 | ||||||||
Construction & Engineering - 1.1% |
||||||||
Comfort Systems USA |
27,096 | 225,439 | ||||||
Integrated Electrical Services 2 |
682,700 | 1,413,189 | ||||||
MYR Group 2 |
28,500 | 502,740 | ||||||
Pike Electric 2 |
89,200 | 603,884 | ||||||
2,745,252 | ||||||||
Electrical Equipment - 2.5% |
||||||||
AZZ |
16,147 | 626,019 | ||||||
Deswell Industries |
564,371 | 1,410,927 | ||||||
Encore Wire |
15,000 | 308,700 | ||||||
Fushi Copperweld 2 |
89,563 | 443,337 | ||||||
Jinpan International |
119,746 | 950,783 | ||||||
LSI Industries |
79,812 | 497,229 | ||||||
Powell Industries 2 |
42,700 | 1,322,419 | ||||||
Preformed Line Products |
16,000 | 732,800 | ||||||
6,292,214 | ||||||||
Industrial Conglomerates - 1.1% |
||||||||
Raven Industries |
58,400 | 2,814,880 | ||||||
Machinery - 6.3% |
||||||||
Armstrong Industrial |
2,166,800 | 375,854 | ||||||
Cascade Corporation |
8,600 | 287,154 | ||||||
CIRCOR International |
14,000 | 411,180 | ||||||
Columbus McKinnon 2 |
26,950 | 295,372 | ||||||
Eastern Company (The) |
39,750 | 725,438 | ||||||
FAG Bearings India |
23,700 | 565,603 | ||||||
Force Protection 2 |
136,900 | 527,065 | ||||||
Foster (L.B.) Company Cl. A |
66,200 | 1,471,626 | ||||||
42,900 | 618,189 | |||||||
Graham Corporation |
45,800 | 762,112 | ||||||
Hurco Companies 2 |
53,866 | 1,093,480 | ||||||
NN 2 |
114,300 | 577,215 | ||||||
PMFG 2 |
143,800 | 2,267,726 | ||||||
Semperit AG Holding |
12,500 | 496,780 | ||||||
Sun Hydraulics |
88,387 | 1,801,327 | ||||||
Tennant Company |
92,300 | 3,264,651 | ||||||
15,540,772 | ||||||||
Professional Services - 3.2% |
||||||||
Acacia Research-Acacia Technologies 2 |
23,500 | 845,765 | ||||||
Advisory Board (The) 2 |
41,400 | 2,671,542 | ||||||
CBIZ 2 |
47,000 | 309,730 | ||||||
Exponent 2 |
58,400 | 2,413,672 | ||||||
GP Strategies 2 |
41,385 | 413,436 | ||||||
Heidrick & Struggles International |
20,000 | 329,000 | ||||||
JobStreet Corporation |
50,000 | 36,756 | ||||||
Kforce 2 |
60,000 | 588,600 | ||||||
On Assignment 2 |
41,100 | 290,577 | ||||||
7,899,078 | ||||||||
Road & Rail - 1.7% |
||||||||
Frozen Food Express Industries 2 |
157,000 | 312,430 | ||||||
Patriot Transportation Holding 2 |
111,681 | 2,257,073 | ||||||
Universal Truckload Services |
134,200 | 1,744,600 | ||||||
4,314,103 | ||||||||
Trading Companies & Distributors - 0.7% |
||||||||
Aceto Corporation |
72,219 | 382,038 | ||||||
Houston Wire & Cable |
67,375 | 774,139 | ||||||
Lawson Products |
50,269 | 679,637 | ||||||
1,835,814 | ||||||||
Transportation Infrastructure - 0.4% |
||||||||
Touax |
36,814 | 1,083,691 | ||||||
Total |
64,860,523 | |||||||
Information Technology 21.2% |
||||||||
Communications Equipment - 0.8% |
||||||||
Bel Fuse Cl. A |
67,705 | 1,132,705 | ||||||
93,735 | 199,655 | |||||||
PC-Tel 2 |
44,100 | 271,215 | ||||||
Zhone Technologies 2 |
391,236 | 465,571 | ||||||
2,069,146 | ||||||||
Computers & Peripherals - 1.3% |
||||||||
112,312 | 821,001 | |||||||
Intevac 2 |
31,400 | 219,486 | ||||||
Rimage Corporation |
79,200 | 1,001,880 | ||||||
Super Micro Computer 2 |
42,754 | 535,707 | ||||||
TransAct Technologies 2 |
78,600 | 644,520 | ||||||
3,222,594 | ||||||||
Electronic Equipment, Instruments & Components - 6.3% |
||||||||
Agilysys 2 |
90,000 | 641,700 | ||||||
Diploma |
50,000 | 247,869 | ||||||
Domino Printing Sciences |
80,000 | 574,305 | ||||||
Frequency Electronics 2 |
26,300 | 224,339 | ||||||
Hana Microelectronics |
500,000 | 268,317 | ||||||
Hollysys Automation Technologies 2 |
255,000 | 1,489,200 | ||||||
Inficon Holding |
5,200 | 758,422 | ||||||
Mercury Computer Systems 2 |
32,100 | 369,150 | ||||||
Mesa Laboratories |
48,267 | 1,797,463 | ||||||
35,100 | 699,894 | |||||||
Newport Corporation 2 |
80,900 | 874,529 | ||||||
Park Electrochemical |
15,400 | 329,098 | ||||||
Pulse Electronics |
150,000 | 429,000 | ||||||
30,150 | 113,967 | |||||||
Richardson Electronics |
250,900 | 3,414,749 | ||||||
Rogers Corporation 2 |
58,400 | 2,285,192 | ||||||
TTM Technologies 2 |
114,400 | 1,087,944 | ||||||
15,605,138 | ||||||||
Internet Software & Services - 1.3% |
||||||||
Bitauto Holdings ADR 2 |
50,000 | 305,000 | ||||||
88,300 | 98,896 | |||||||
Marchex Cl. B |
95,000 | 807,500 | ||||||
RealNetworks |
93,375 | 787,151 | ||||||
Support.com 2 |
395,000 | 782,100 | ||||||
WebMediaBrands 2 |
525,000 | 336,000 | ||||||
72,920 | 218,031 | |||||||
3,334,678 | ||||||||
IT Services - 4.8% |
||||||||
71,500 | 191,620 | |||||||
Cass Information Systems |
15,000 | 465,750 | ||||||
Computer Task Group 2 |
161,100 | 1,799,487 | ||||||
Forrester Research |
54,900 | 1,784,799 | ||||||
81,200 | 937,048 | |||||||
Innodata Isogen 2 |
591,406 | 1,744,648 | ||||||
Sapient Corporation |
350,000 | 3,549,000 | ||||||
340,000 | 1,254,600 | |||||||
Yucheng Technologies 2 |
111,844 | 317,637 | ||||||
12,044,589 | ||||||||
Semiconductors & Semiconductor Equipment - 4.0% |
||||||||
Advanced Energy Industries 2 |
46,600 | 401,692 | ||||||
Alpha & Omega Semiconductor 2 |
202,400 | 1,661,704 | ||||||
22,700 | 181,600 | |||||||
Axcelis Technologies 2 |
900,000 | 1,080,000 | ||||||
Exar Corporation 2 |
367,508 | 2,098,471 | ||||||
GSI Technology 2 |
85,800 | 422,136 | ||||||
Himax Technologies ADR |
87,768 | 97,422 | ||||||
Integrated Silicon Solution 2 |
98,800 | 771,628 | ||||||
360,000 | 1,317,600 | |||||||
99,900 | 497,502 | |||||||
PLX Technology 2 |
310,000 | 933,100 | ||||||
Rudolph Technologies 2 |
58,900 | 394,041 | ||||||
9,856,896 | ||||||||
Software - 2.7% |
||||||||
ACI Worldwide 2 |
69,600 | 1,916,784 | ||||||
Actuate Corporation 2 |
165,800 | 915,216 | ||||||
American Software Cl. A |
63,800 | 462,550 | ||||||
Convio 2 |
30,300 | 254,823 | ||||||
Fundtech |
73,500 | 1,696,380 | ||||||
Pegasystems |
49,000 | 1,499,890 | ||||||
6,745,643 | ||||||||
Total |
52,878,684 | |||||||
Materials 9.0% |
||||||||
Chemicals - 2.9% |
||||||||
Balchem Corporation |
63,375 | 2,364,521 | ||||||
Hawkins |
54,697 | 1,741,553 | ||||||
Landec Corporation 2 |
60,300 | 320,796 | ||||||
Quaker Chemical |
66,200 | 1,715,904 | ||||||
Zoltek Companies 2 |
180,000 | 1,157,400 | ||||||
7,300,174 | ||||||||
Construction Materials - 0.9% |
||||||||
Ash Grove Cement 4 |
8,000 | 1,128,000 | ||||||
Monarch Cement |
52,303 | 1,098,363 | ||||||
2,226,363 | ||||||||
Metals & Mining - 4.4% |
||||||||
AuRico Gold 2 |
74,636 | 701,578 | ||||||
47,000 | 238,290 | |||||||
Central Steel & Wire 4 |
1,088 | 688,704 | ||||||
652,500 | 1,245,348 | |||||||
Endeavour Mining (Warrants) 2 |
50,000 | 26,243 | ||||||
140,000 | 508,200 | |||||||
Extorre Gold Mines 2 |
140,000 | 826,000 | ||||||
Haynes International |
10,100 | 438,845 | ||||||
Horsehead Holding Corporation 2 |
43,700 | 324,254 | ||||||
74,750 | 586,040 | |||||||
27,000 | 612,360 | |||||||
345,000 | 693,450 | |||||||
36,000 | 501,120 | |||||||
Northgate Minerals 2 |
250,000 | 825,000 | ||||||
RTI International Metals 2 |
25,000 | 583,000 | ||||||
Seabridge Gold 2 |
16,700 | 375,416 | ||||||
Synalloy Corporation 2 |
58,200 | 640,200 | ||||||
36,299 | 922,721 | |||||||
50,000 | 167,000 | |||||||
10,903,769 | ||||||||
Paper & Forest Products - 0.8% |
||||||||
Pope Resources L.P. |
42,205 | 1,694,953 | ||||||
Qunxing Paper Holdings 3 |
1,500,000 | 198,397 | ||||||
1,893,350 | ||||||||
Total |
22,323,656 | |||||||
Utilities 0.1% |
||||||||
Independent Power Producers & Energy Traders - 0.1% |
||||||||
China Hydroelectric ADS 2 |
83,100 | 172,848 | ||||||
Total |
172,848 | |||||||
Miscellaneous 5 4.8% |
||||||||
Total |
12,063,527 | |||||||
TOTAL COMMON STOCKS |
||||||||
(Cost $257,114,752) |
272,961,366 | |||||||
PREFERRED STOCK 0.4% |
||||||||
(Cost $578,719) |
45,409 | 895,919 | ||||||
REPURCHASE AGREEMENT 14.0% |
||||||||
Fixed Income Clearing Corporation, |
||||||||
0.01% dated 9/30/11, due 10/3/11, |
||||||||
maturity value $34,870,029 (collateralized |
||||||||
by obligations of various U.S. Government |
||||||||
Agencies, 1.75% due 8/22/12, valued at |
||||||||
$35,743,225) |
||||||||
(Cost $34,870,000) |
34,870,000 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED 3.7% |
||||||||
Money Market Funds |
||||||||
Federated Government Obligations Fund |
||||||||
(7 day yield-0.0105%) |
||||||||
(Cost $9,182,346) |
9,182,346 | |||||||
TOTAL INVESTMENTS 127.7% |
||||||||
(Cost $301,745,817) |
317,909,631 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS (3.6)% |
(8,900,599 | ) | ||||||
PREFERRED STOCK (24.1)% |
(60,000,000 | ) | ||||||
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS 100.0% |
$ | 249,009,032 | ||||||
TAX INFORMATION: The cost of total
investments for Federal income tax purposes was $302,404,845. At September 30, 2011,
net unrealized appreciation for all securities was $15,504,786, consisting of aggregate
gross unrealized appreciation of $66,309,866 and aggregate gross unrealized depreciation
of $50,805,080. 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 approved 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). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments. |
||
Level 3 | significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common stocks |
$ | 241,850,790 | $ | 30,726,158 | $ | 384,418 | $ | 272,961,366 | ||||||||
Preferred stocks |
| 895,919 | | 895,919 | ||||||||||||
Cash equivalents |
9,182,346 | 34,870,000 | | 44,052,346 | ||||||||||||
Level 3 Reconciliation: |
Realized and | ||||||||||||||||||||||||
Balance as of | Unrealized | |||||||||||||||||||||||
12/31/10 | Purchases | Transfers Out | Sales | Gain (Loss) | Balance as of 9/30/11 | |||||||||||||||||||
Common stocks |
$36,229 | $1,044,440 | $ | $ | $(696,251) | $384,418 | ||||||||||||||||||
Repurchase Agreements:
The Fund
may enter into repurchase agreements with institutions that the Funds 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 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 16, 2011
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 16, 2011
By:
/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Micro-Cap Trust, Inc.
Date: November 16, 2011