Core Insights - The Royce Small-Cap Trust aims for long-term capital growth by investing at least 65% of its assets in small- and micro-cap equity securities [9] Performance Summary - As of December 31, 2025, the Net Asset Value (NAV) was $17.69, while the market price was $16.10 [1] - The average annual total return for the Fund as of December 31, 2025, was 14.03% for one year, 16.03% for three years, and 11.75% for ten years [1] Portfolio Diagnostics - The average market capitalization of the portfolio is $3.3349 billion [3] - The weighted average Price-to-Earnings (P/E) ratio is 19.1x, and the weighted average Price-to-Book (P/B) ratio is 2.2x [3][5] - The total net assets of the Fund amount to $2.16 billion [3] Portfolio Composition - The top five sectors by percentage of net assets are Industrials (25.6%), Financials (20.8%), Information Technology (14.1%), Health Care (9.8%), and Consumer Discretionary (9.5%) [8] - The top ten positions in the portfolio include IES Holdings (2.2%), Assured Guaranty (1.4%), and APi Group (1.2%) [8] Fund Characteristics - The Royce Small-Cap Trust is the oldest and largest small-cap closed-end fund with an average weekly trading volume of approximately 1,494,105 shares [7] - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [7]

Core Viewpoint - The Royce Small-Cap Trust aims for long-term capital growth by primarily investing in small-cap and micro-cap companies, with a diversified portfolio that includes a significant portion of foreign securities [10][3]. Performance Summary - As of November 30, 2025, the Net Asset Value (NAV) is $18.23, while the market price (MKT) is $16.25 [1]. - The average annual total return for the Fund as of November 30, 2025, is as follows: - One-Month NAV: 2.47%, MKT: 1.56% - Year to Date NAV: 13.69%, MKT: 8.97% - One-Year NAV: 5.66%, MKT: 6.40% - Three-Year NAV: 14.03%, MKT: 11.62% - Five-Year NAV: 9.66%, MKT: 10.01% - Ten-Year NAV: 11.15%, MKT: 11.87% [1]. Portfolio Diagnostics - The average market capitalization of the portfolio is $3,409.4 million [4]. - The weighted average Price-to-Earnings (P/E) ratio is 19.4x, and the weighted average Price-to-Book (P/B) ratio is 2.2x [4]. - The Fund's net assets total $2.20 billion [4]. Portfolio Composition - The top ten positions in the portfolio and their respective percentages of net assets are: - IES Holdings: 2.4% - Assured Guaranty: 1.4% - APi Group: 1.2% - Arcosa: 1.1% - E-L Financial: 1.1% - Brady Corporation Cl. A: 1.0% - SEI Investments: 1.0% - International General Insurance Holdings: 1.0% - Sprott: 1.0% - Seneca Foods Cl. A: 1.0% [7][9]. - The top five sectors by percentage of net assets are: - Industrials: 24.9% - Financials: 20.2% - Information Technology: 13.5% - Health Care: 10.4% - Consumer Discretionary: 9.5% [9]. Company Background - Royce Small-Cap Trust is the oldest and largest small-cap closed-end fund, with an average weekly trading volume of approximately 1,170,399 shares [8]. - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [8].