Saba Capital reports 6.08% stake in Royce Micro-Cap

Rhea-AI Filing Summary

Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein filed Amendment No. 1 to a Schedule 13D reporting beneficial ownership of 3,252,976 Royce Micro-Cap Trust, Inc. common shares, representing 6.08% of the outstanding shares based on 53,478,521 shares outstanding as of December 31, 2025.

The reporting persons hold only shared voting and dispositive power over these shares and state that approximately $32,550,536 was paid to acquire them, funded by investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. Recent transactions over the 60 days prior to June 24, 2026 were executed in the open market as described in an attached schedule.

Filing Explained

The amendment states that funds and accounts advised by Saba Capital have the right to receive dividends and proceeds from sales of the reported shares, adding the economic-entitlement detail to the disclosed shared voting and disposal powers.

Key Figures

Beneficially owned shares: 3,252,976 common shares Ownership percentage: 6.08% Shares outstanding baseline: 53,478,521 shares +4 more

7 metrics

Beneficially owned shares 3,252,976 common shares Beneficially owned by each reporting person as disclosed in the cover tables

Ownership percentage 6.08% Percent of Royce Micro-Cap Trust common shares beneficially owned, based on shares outstanding

Shares outstanding baseline 53,478,521 shares Royce Micro-Cap Trust common shares outstanding as of 12/31/25 from the N-CSR

Aggregate purchase price $32,550,536 Total approximate amount paid to acquire the reported Common Shares

Sole voting power 0 shares Shares over which the reporting persons have sole voting power

Shared voting and dispositive power 3,252,976 shares Shares over which the reporting persons share voting and dispositive power

Event date 06/24/2026 Date of the event requiring the amended Schedule 13D

Key Terms

beneficial owner, margin account borrowings, dispositive power, subscription proceeds, +1 more

5 terms

beneficial owner financial

"the beneficial owner of the Common Shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

margin account borrowings financial

"capital appreciation thereon and margin account borrowings made in the ordinary course"

dispositive power financial

"sole or shared power to dispose or to direct the disposition"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

subscription proceeds financial

"Funds for the purchase of the Common Shares were derived from the subscription proceeds"

Schedule 13D regulatory

"filed a statement on Schedule 13D to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Saba Capital report in Royce Micro-Cap Trust (RMT)?

Saba Capital and related reporting persons disclose beneficial ownership of 3,252,976 Royce Micro-Cap Trust common shares, equal to 6.08% of the outstanding shares. This percentage is calculated using 53,478,521 shares outstanding as of December 31, 2025, from the fund’s N-CSR.

How many Royce Micro-Cap Trust (RMT) shares were used to calculate Saba’s percentage ownership?

The reported 6.08% ownership is based on 53,478,521 Royce Micro-Cap Trust common shares outstanding as of December 31, 2025. That outstanding share figure comes from the company’s N-CSR filed on February 27, 2026 and is referenced for percentage calculations.

How much did Saba Capital pay to acquire its Royce Micro-Cap Trust (RMT) position?

The reporting persons state that a total of approximately $32,550,536 was paid to acquire the Royce Micro-Cap Trust common shares reported. This aggregate amount reflects purchases funded by investor subscription proceeds, capital appreciation in the accounts, and ordinary-course margin borrowings secured by portfolio positions.

What is the source of funds for Saba Capital’s Royce Micro-Cap Trust (RMT) investment?

Funds for buying the Royce Micro-Cap Trust common shares came from subscription proceeds from investors, capital appreciation in those accounts, and margin account borrowings in the ordinary course of business. Positions in those margin accounts are pledged as collateral for any related debit balances.

What voting and dispositive powers do Saba Capital and affiliates have over RMT shares?

The reporting persons disclose 0 shares with sole voting or dispositive power and 3,252,976 shares with shared voting and shared dispositive power. Dividends and sale proceeds from these shares are payable to the funds and accounts advised by Saba Capital, rather than directly to the individuals.

When did the ownership level in Royce Micro-Cap Trust (RMT) trigger this Schedule 13D amendment?

The date of the event requiring this amended Schedule 13D filing is June 24, 2026. Transactions in Royce Micro-Cap Trust common shares during the 60 days prior to that date, all executed in the open market, are detailed in a referenced Schedule A exhibit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/24/2026 - 04:31 PM Accepted by SEC EDGAR 07/24/2026 - 04:31 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Royce Micro-Cap Trust, Inc.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

780915104

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/24/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 780915104

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,252,976.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,252,976.00

11

Aggregate amount beneficially owned by each reporting person

3,252,976.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.08 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 53,478,521 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/27/26.

SCHEDULE 13D

CUSIP Number(s): 780915104

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,252,976.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,252,976.00

11

Aggregate amount beneficially owned by each reporting person

3,252,976.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.08 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 53,478,521 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/27/26.

SCHEDULE 13D

CUSIP Number(s): 780915104

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,252,976.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,252,976.00

11

Aggregate amount beneficially owned by each reporting person

3,252,976.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.08 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 53,478,521 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/27/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: Royce Micro-Cap Trust, Inc.
(c)	Address of Issuer's Principal Executive Offices: One Madison Avenue, New York, NEW YORK , 10010.
Item 1 Comment: This Amendment No. 1 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $32,550,536 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 53,478,521 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 2/27/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 6/24/26, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	07/24/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	07/24/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	07/24/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823