Core Viewpoint - The iShares ESG Aware Aggressive Allocation ETF (EAOA) aims for long-term capital growth through a higher-equity, globally diversified investment strategy that incorporates ESG considerations [1] Investment Strategy - EAOA utilizes a rules-based fund-of-funds approach, emphasizing equity exposure across various regions and styles, with a smaller allocation to fixed income for stability [1] - The fund is designed to maintain an aggressive growth-oriented profile through periodic rebalancing [1] Performance Drivers - Returns are primarily influenced by global equity risk, factor dispersion, and currency dynamics, while fixed income investments help to moderate volatility [1] Target Investors - EAOA is suitable for endowments, OCIO platforms, and wealth managers seeking equity-led growth with ESG considerations and disciplined rebalancing [1] Market Conditions - The fund tends to perform well during sustained economic expansions, improving earnings cycles, and stable inflation environments [1] - Prolonged risk-off periods or sharp interest rate shocks may pose challenges to performance [1] Key Risks - A significant risk to monitor is the potential mismatch between the static strategic mix of the fund and evolving macroeconomic conditions [1]

Distribution Announcement - Royce Micro-Cap Trust, Inc. has declared a fourth quarter distribution of $0.24 per share on its Common Stock, payable on December 24, 2025, to stockholders of record as of December 11, 2025 [1] - The distribution can be received in additional shares of Common Stock or in cash, depending on stockholder election [1] Distribution Policy - The Fund has a Distribution Policy of paying quarterly distributions at an annual rate of 7% based on the rolling average of the prior four calendar quarter-end net asset values (NAVs) [2] - The fourth quarter distribution will be the greater of 1.75% of the rolling average or the minimum distribution required by IRS regulations [2] Estimated Sources of Distribution - For the fourth quarter distribution of $0.24 per share, the estimated allocations as of November 30, 2025, include: - Net Investment Income: $0.0018 (1%) - Net Realized Short-Term Gains: $0.0171 (7%) - Net Realized Long-Term Gains: $0.2211 (92%) - Return of Capital: $0.00 (0%) [3] - Year-to-date for 2025, the total distribution per share is $0.79, with allocations as follows: - Net Investment Income: $0.0060 (1%) - Net Realized Short-Term Gains: $0.0563 (7%) - Net Realized Long-Term Gains: $0.7277 (92%) - Return of Capital: $0.00 (0%) [3] Fund Performance - The average annual total return in relation to NAV for the five-year period ending November 30, 2025, is 10.21% [4] - The annualized current distribution rate as of November 30, 2025, is 8.09% [4] - The cumulative total return from December 31, 2024, to November 30, 2025, is 14.63% [4] Fund Overview - Royce Micro-Cap Trust, Inc. is a closed-end diversified management investment company listed on the New York Stock Exchange [8] - The Fund aims for long-term capital growth by investing at least 80% of its net assets in equity securities of micro-cap companies, defined as those with a market capitalization not greater than that of the largest company in the Russell Microcap® Index [8]

Core Viewpoint - The Gabelli Global Small and Mid Cap Value Trust has approved an increase in its annualized distribution to $0.84 per share, reflecting a strong market total return of 25% year to date [1]. Distribution Policy - The Fund will pay a quarterly distribution of $0.21 per share starting December 19, 2025, for shareholders of record on December 12, 2025 [1]. - The Board of Trustees will determine the distribution amount each quarter and may also pay an adjusting distribution in December based on additional income and net realized capital gains [2]. Monitoring and Adjustments - The Board of Trustees reviews potential distributions quarterly, considering the Fund's net asset value and market conditions [3]. - The distribution policy is subject to modification by the Board at any time, and there is no guarantee that it will continue [3]. Tax Implications - Distributions may be treated as long-term capital gains or qualified dividend income, subject to a maximum federal income tax rate of 20% for individuals [4]. - Certain U.S. shareholders may incur a 3.8% Medicare surcharge on net investment income, which includes dividends and capital gains from the Fund [4]. Earnings and Return of Capital - If the Fund's earnings do not cover the total distributions, the excess amount will be deemed a return of capital, generally not taxable and reducing the shareholder's cost basis [5]. - In 2025, distributions to common shareholders are estimated to consist of approximately 24% from net investment income, 38% from net capital gains, and 38% as a return of capital [6]. Fund Overview - The Gabelli Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with total net assets of $169 million, primarily aiming for long-term capital growth [7]. - The Fund invests at least 80% of its total assets in equity securities of small or medium-sized companies [7].

Core Points - The Gabelli Healthcare & Wellness Trust declared a cash distribution of $0.17 per share, payable on December 19, 2025, to shareholders of record on December 12, 2025 [1] - The Fund aims to pay quarterly distributions determined by the Board of Trustees, with potential additional distributions in December based on excess income and net realized capital gains [2] - The Board of Trustees reviews potential distributions each quarter, considering the Fund's net asset value and market conditions, with the distribution policy subject to modification or termination [3] Distribution Details - Distributions may be treated as long-term capital gains or qualified dividend income, subject to federal income tax rates, including a potential 3.8% Medicare surcharge for certain high-income shareholders [4] - If the Fund's earnings do not cover the total distributions in a year, the excess amount will be considered a return of capital, generally not taxable and reducing the shareholder's cost basis [5] - In 2025, distributions to common shareholders are estimated to consist of approximately 5% from net investment income and 95% from net capital gains, with final determinations made after year-end [6] Fund Overview - The Gabelli Healthcare & Wellness Trust is a diversified, closed-end management investment company with total net assets of $215 million, focusing on long-term capital growth [7]

Core Viewpoint - Firsthand Technology Value Fund, Inc. reported a decline in net assets and investment performance for the quarter ended March 31, 2025, indicating challenges in its portfolio management and market conditions [1][2][5]. Financial Summary - As of March 31, 2025, the Fund's net assets were approximately $0.8 million, or $0.12 per share, down from $1.1 million, or $0.15 per share as of December 31, 2024 [2]. - The Fund's total assets were valued at approximately $1.49 million, with total liabilities of $0.65 million, resulting in net assets of $0.84 million [3]. - The Fund reported total investment income of approximately $6 thousand for the quarter, with a net investment loss of approximately $113 thousand and net realized and unrealized losses on investments of approximately $110 thousand [5]. Portfolio Management - The Valuation Committee adjusted the fair values of private companies in the portfolio, considering performance, recent transactions, and market multiples [4]. - The Fund continued to manage its portfolio prudently, collaborating with portfolio companies to enhance performance and identify exit opportunities [6]. Company Overview - Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund focused on technology and cleantech investments, aiming for long-term capital growth [7][8].