RMT - Royce Micro-Cap Trust

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Aug 5, 2026

   Saba raised its stake to 7.1% (from 6.1%). It has said it may push for changes.

   Original document →

2. July 24, 2026

   Saba raised its stake to 6.1% (from 5%). It has said it may push for changes.

   Original document →

3. Jan 6, 2026

   Saba now owns 5%. It has said it may push for changes.

   Original document →

About this fund

• Run by Royce & Associates, LP. Part of the Royce fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $908 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 3% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.1% a year in management fees; 1.4% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.19 a share. $0.13 of that was income; $0.06 came from gains. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $11.80. The shares traded at $10.43, about 11.6% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 33% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +70.4%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +23.2%. How the share price did: the shares returned +24.1% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1995.

What the fund holds

Almost all shares (99%). About 83% issued in the U.S.

1. Ichor Holdings - 1.8%
2. Ultra Clean Holdings - 1.8%
3. Cohu - 1.7%
4. Graham - 1.5%
5. NWPX Infrastructure - 1.5%
6. Bel Fuse - 1.4%
7. Ezcorp - 1.4%
8. Lindblad Expeditions Holdings - 1.3%
9. Richardson Electronics Ltd/United States - 1.3%
10. CECO Environmental - 1.3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →