Morgan Stanley trims Royce Micro-Cap Trust stake

Royce Micro-Cap Trust, Inc. received an updated ownership report from Morgan Stanley and Morgan Stanley Smith Barney LLC regarding their holdings of the company’s common stock (CUSIP 780915104).

Rhea-AI Filing Summary

Royce Micro-Cap Trust, Inc. received an updated ownership report from Morgan Stanley and Morgan Stanley Smith Barney LLC regarding their holdings of the company’s common stock (CUSIP 780915104).

Morgan Stanley reports beneficial ownership of 2,558,877 shares, representing 4.8% of the class, with 0 sole voting and dispositive power and only shared powers. Morgan Stanley Smith Barney LLC reports beneficial ownership of 2,535,721 shares, representing 4.7% of the class, also with no sole voting or dispositive power and minimal shared voting power.

Both entities state that, as of the reporting date, each has ceased to be the beneficial owner of more than five percent of Royce Micro-Cap Trust’s common stock. The disclosure applies to specified Morgan Stanley reporting units, not necessarily all Morgan Stanley affiliates.

Key Figures

Morgan Stanley shares: 2,558,877 shares Morgan Stanley ownership percentage: 4.8 % Morgan Stanley Smith Barney LLC shares: 2,535,721 shares +3 more

6 metrics

Morgan Stanley shares 2,558,877 shares Beneficially owned common stock of Royce Micro-Cap Trust, representing 4.8% of the class

Morgan Stanley ownership percentage 4.8 % Percentage of Royce Micro-Cap Trust common stock beneficially owned by Morgan Stanley

Morgan Stanley Smith Barney LLC shares 2,535,721 shares Beneficially owned common stock of Royce Micro-Cap Trust, representing 4.7% of the class

Morgan Stanley Smith Barney LLC ownership percentage 4.7 % Percentage of Royce Micro-Cap Trust common stock beneficially owned by Morgan Stanley Smith Barney LLC

Sole voting power (Morgan Stanley) 0.00 shares Shares of Royce Micro-Cap Trust over which Morgan Stanley has sole voting power

Shared dispositive power (Morgan Stanley) 2,558,877.00 shares Shares of Royce Micro-Cap Trust over which Morgan Stanley has shared dispositive power

Key Terms

beneficial owner, shared voting power, shared dispositive power, dispositive power, +1 more

5 terms

beneficial owner regulatory

"has ceased to be the beneficial owner of more than five percent of the class"

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.

shared voting power regulatory

"Shared Voting Power 23,158.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power regulatory

"Shared Dispositive Power 2,558,877.00"

dispositive power regulatory

"Sole Dispositive Power 0.00 8 | Shared Dispositive Power 2,558,877.00"

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.

Schedule 13G regulatory

"If a parent holding company has filed this schedule, pursuant to ... Schedule 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

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

What does the new Schedule 13G/A mean for Royce Micro-Cap Trust (RMT)?

The amended filing shows Morgan Stanley and Morgan Stanley Smith Barney LLC now each hold under 5% of Royce Micro-Cap Trust’s common stock. This indicates their beneficial ownership has fallen below the five-percent reporting threshold.

How many Royce Micro-Cap Trust (RMT) shares does Morgan Stanley report owning?

Morgan Stanley reports beneficial ownership of 2,558,877 shares of Royce Micro-Cap Trust common stock, representing 4.8% of the outstanding class. These shares are held with shared, not sole, voting and dispositive power.

What is Morgan Stanley Smith Barney LLC’s stake in Royce Micro-Cap Trust (RMT)?

Morgan Stanley Smith Barney LLC reports beneficial ownership of 2,535,721 shares of Royce Micro-Cap Trust common stock, equal to 4.7% of the class. It reports no sole voting or dispositive power over these shares.

Did Morgan Stanley remain a 5% beneficial owner of Royce Micro-Cap Trust (RMT)?

No. Both Morgan Stanley and Morgan Stanley Smith Barney LLC state they have ceased to be beneficial owners of more than five percent of Royce Micro-Cap Trust’s common stock as of the reporting date.

What type of security in Royce Micro-Cap Trust (RMT) is covered in this filing?

The filing covers Royce Micro-Cap Trust’s common stock, identified by CUSIP 780915104. It details the number of shares and percentage of the class beneficially owned by Morgan Stanley entities as of June 30, 2026.

Do Morgan Stanley entities have sole voting power over Royce Micro-Cap Trust (RMT) shares?

No. Both Morgan Stanley and Morgan Stanley Smith Barney LLC report 0 shares with sole voting or sole dispositive power. Their reported positions are held with shared voting and/or shared dispositive authority.

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

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Available on EDGAR 08/13/2026 - 05:31 PM Accepted by SEC EDGAR 08/13/2026 - 05:31 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

ROYCE MICRO-CAP TRUST, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

780915104

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 780915104

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 23,158.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,558,877.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,558,877.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP Number(s): 780915104

1

Names of Reporting Persons

Morgan Stanley Smith Barney LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,535,721.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,535,721.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

BD, IA, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley Smith Barney LLC has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ROYCE MICRO-CAP TRUST, INC.
(b)	Address of issuer's principal executive offices: ONE MADISON AVENUE, NEW YORK, NY, 10010
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Smith Barney LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 780915104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 4.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/13/2026

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	08/13/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).