[Form 4] Royce Small-Cap Trust, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Christopher D. Clark, a director and officer of Royce Small-Cap Trust, Inc. (RVT), reported an open-market purchase of common stock on 08/26/2025. The Form 4 shows he acquired 1,300 shares at a price of $15.99 per share and, after the transaction, directly beneficially owned 40,622 shares. The filing identifies Clark as a Director and as an Officer with titles including President and CEO Investment Advisor. The report was filed as a single reporting person filing and contains no derivative transactions or additional disclosures.

Positive

• Insider purchase reported: Christopher D. Clark acquired 1,300 shares, which can be interpreted as a signal of confidence.
• Clear disclosure: Filing provides transaction date, price ($15.99), and post-transaction direct holdings (40,622 shares).
• No derivatives or dispositions: Table II is empty, indicating no options, warrants, or convertible transactions reported.

Negative

• Size is modest: The purchase of 1,300 shares is limited in absolute terms and may not materially change ownership or market perception.
• No context on intent: The filing does not state whether the purchase was part of a systematic plan or one-off, limiting interpretation.

Insights

Financial Analyst

TL;DR: Insider purchased 1,300 RVT shares at $15.99, raising direct ownership to 40,622 shares — a modest but constructive signal.

The reported open-market acquisition of 1,300 shares at $15.99 is a straightforward insider buy and increases the reporting person’s direct stake to 40,622 shares. For investors, insider purchases can signal confidence in the issuer, but the absolute size here is modest relative to typical institutional positions. No derivatives or additional compensatory grants were reported, and the filing contains no material qualifiers or amendments.

Corporate Governance Expert

TL;DR: A director/officer made a routine purchase; disclosure is complete and shows direct ownership only.

Form 4 disclosure correctly identifies roles and the transaction details: date, amount purchased, price, and post-transaction holdings. The filing indicates a single reporting person and no indirect ownership or derivative instruments. From a governance perspective, the filing meets Section 16 requirements and reflects routine insider activity rather than any corrective or remedial action.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CLARK CHRISTOPHER D

(Last) (First) (Middle)

ROYCE SMALL-CAP TRUST, INC.

ONE MADISON AVENUE

(Street)

NEW YORK NY 10010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ROYCE SMALL-CAP TRUST, INC. [ RVT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	President		CEO Investment Advisor

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/26/2025		P		1,300	A	$15.99	40,622	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Christopher D. Clark	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Christopher D. Clark report on Form 4 for RVT?

He reported an open-market purchase of 1,300 shares of Royce Small-Cap Trust, Inc. common stock on 08/26/2025 at $15.99 per share, bringing his direct holdings to 40,622 shares.

When was the RVT transaction executed and at what price?

The transaction date is 08/26/2025 and the reported purchase price was $15.99 per share.

Does the Form 4 show any derivative transactions for RVT by Christopher D. Clark?

No. Table II for derivative securities is empty, indicating no options, warrants, or convertible instruments were reported.

What roles does the reporting person hold at Royce Small-Cap Trust, Inc. (RVT)?

He is identified as a Director and an Officer with titles listed including President and CEO Investment Advisor.

How many RVT shares does Clark directly own after the reported purchase?

40,622 shares are listed as directly beneficially owned following the transaction.