ROYCE SMALL-CAP TRUST, INC.

Royce Small-Cap Trust, Inc. is a closed-end diversified management investment fund focused on achieving long-term capital growth. The fund primarily invests in equity securities of small- and micro-cap companies, typically allocating at least 65–80% of its assets to this segment of the market. Its strategy centers on identifying businesses that are undervalued or underappreciated, often with strong fundamentals or high returns on invested capital. Managed by an experienced team at Royce Investment Partners, the fund maintains a broad portfolio diversified across key sectors such as industrials, financials, information technology, health care, and consumer discretionary. With net assets totaling approximately $1.94 billion as of mid-2025, Royce Small-Cap Trust serves as a prominent vehicle for investors aiming to participate in the growth potential of smaller companies, while balancing risk through sector and company diversification.