Royce Funds
New York, August 29, 2006 --
* Oldest and largest small-cap closed-end fund
* Average weekly trading volume of approximately 330,000 shares
* Fund's adviser has more than 30 years of small- and micro-cap investment
experience
Closing Prices - July 31, 2006
NAV $19.21
MKT $19.41
Total Return Performance
Periods ended July 31, 2006 NAV MKT
1 Month* -3.03% 0.26%
Year to Date* 6.32 0.95
One-Year 9.98 5.11
Three-Year Average Annual 17.62 17.62
Five-Year Average Annual 11.23 13.58
10-Year Average Annual 13.97 16.17
*Not Annualized
Portfolio Diagnostics
Wtd. Average Market Cap: $1,515 million
Wtd. Average P/E Ratio: 19.4x*
Wtd. Average P/B Ratio: 2.1x
Wtd. Average Yield: 0.9%
Net Assets Attributable to Common Stock: $1,127 million
Net Leverage: 2%
* The Fund's P/E ratio calculation excludes companies with zero or
negative earnings.
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock.
Portfolio Composition
Top 10 Positions % of Net Assets
1. AllianceBernstein Holding L.P. 2.1%
2. Ritchie Bros. Auctioneers 1.6
3. Sotheby's Holdings Cl. A 1.2
4. Lincoln Electric Holdings 1.2
5. SEACOR Holdings 1.2
6. Adaptec 1.1
7. Newport Corporation 1.0
8. Ash Grove Cement Cl. B 0.9
9. Brady Corporation Cl. A 0.9
10. PARAXEL International 0.9
Top Five Industries % of Net Assets
1. Technology 22%
2. Industrial Products 18
3. Industrial Services 14
4. Financial Intermediaries 10
5. Natural Resources 10
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Recent Developments
Royce Value Trust, Inc. (RVT) has declared a quarterly distribution of $0.43 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on September 25, 2006 to stockholders of record at the close of business on September 6, 2006 (ex-dividend on September 1, 2006). The price of shares issued for reinvestment will be determined on September 13, 2006.
Royce Value Trust, Inc. has declared a cash dividend of $0.36875 per share on its 5.90% Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on September 25, 2006, to stockholders of record at the close of business on September 6, 2006 (ex-dividend September 1, 2006).
Royce Value Trust is a closed-end diversified management investment company whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock (RVTprb) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 75% of its assets in equity securities primarily of small- and micro-cap companies.
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