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 13, 2026

   Morgan Stanley sold down below 5% and stopped reporting.

   Original document →

2. Aug 5, 2026

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

   Original document →

3. July 24, 2026

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

   Original document →

4. Jan 6, 2026

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

   Original document →

5. May 7, 2025

   Morgan Stanley now owns 6%, as a passive investor.

   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 →
  Among the 53 funds we follow that invest in shares, 41 charge a lower management fee and 28 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• 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. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.19 in the fiscal year ended Dec 31, 2025; $0.47 in the year ended Dec 31, 2024; $0.15 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.35% a year in the fiscal year ended Dec 31, 2025; 1.71% a year in the year ended Dec 31, 2024; 2.52% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $631 million at Dec 31, 2025; $567 million at Dec 31, 2024; $521 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 3% on top of its own money at Dec 31, 2025; none at Dec 31, 2024; none at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +24.1%, counting payouts; the holdings +23.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +14.8%, counting payouts; the holdings +11.8%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +14.5%, counting payouts; the holdings +16.2%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -33.1%, counting payouts; the holdings -27%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +19.8%, counting payouts; the holdings +16.3%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +30.7%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $13,100 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +70.4%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in shares with a fiscal year ending within six months of this one, 12 reported a higher share return for that year and 33 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

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 →