As of October 31, 2025, three Royce-managed closed-end funds traded below net asset value, reflecting historical performance and market risks.

As of October 31, 2025, Royce Global Trust, Royce Small-Cap Trust, and Royce Micro-Cap Trust reported NAVs and market prices reflecting discounts to NAV, with varying one-year and 10-year returns. All three closed-end funds, managed by Royce & Associates with over 50 years of small- and micro-cap experience, focus on global or U.S. small-cap equities, carry risks from international exposure and market volatility, and offer diversified portfolios with top holdings in sectors like financials, industrials, and technology. Past performance does not guarantee future results.