CEFA - Closed-End Fund Association

Closing Prices - May 31, 2006

    NAV    $10.52
    MKT    $10.77

    Total Return Performance
    Periods ended May 31, 2006                        NAV            MKT

    1 Month*                                          -4.88%         -5.53%
    Year to Date*                                      9.04          14.32
    One-Year                                          33.83          39.52
    Three-Year Average Annual                         28.86          33.21
    Five-Year Average Annual                          18.37          22.34
    From Inception (11/1/96**) Average Annual         14.51          17.07

    *Not Annualized
    **Royce and Associates, LLC assumed investment management responsibilities
for the Fund on 11/1/96.

    Portfolio Diagnostics

    Median Market Cap                           $1,345 million
    Wtd. Average P/E Ratio:                     14.5x*
    Wtd. Average P/B Ratio:                     2.3x
    Wtd. Average Yield:                         1.4%
    Net Assets Attributable to Common Stock:    $156 million
    Net Leverage:                               0%

*The Funds' P/E ratio calculations exclude 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. U.S. Treasury Note 2%                           6.2%
     2. New Zealand Government Bond                     4.0
     3. Athena Neurosciences Finance 7.25% Bond         3.8
     4. IPSCO                                           3.6
     5. Canadian Government 3% Bond                     3.5
     6. Endo Pharmaceuticals Holdings                   2.8
     7. Thor Industries, Inc.                           2.8
     8. Simpson Manufacturing                           2.7
     9. Lincoln Electric Holdings                       2.7
    10. Tesco Corporation                               2.6

    Top Five Industries                % of Net Assets
    1. Natural Resources                    23%
    2. Industrial Products                  22
    3. Health                                8
    4. Technology                            8
    5. Consumer Products                     6