 Royce Focus Trust Announces Performance Data &
Portfolio Composition as of March 31, 2008
Royce & Associates, Inc.
New York, April 16, 2008 -- Royce Focus Trust (FUND)
-- Invests in a limited number of small-cap companies using a value approach
-- Average weekly trading volume of approximately 194,000 shares
-- Fund's adviser has more than 30 years of small- and micro-cap investment experience
Closing Prices - March 31, 2008
NAV $ 8.31
MKT $ 8.09
Total Return Performance
| Periods ended March 31, 2008 |
NAV |
MKT |
| 1 Month* |
-3.04% |
-4.51% |
| Year to Date* |
-5.32 |
-8.35 |
| One-Year |
-0.82 |
-12.06 |
| Three-Year Average Annual |
13.80 |
9.86 |
| Five-Year Average Annual |
24.68 |
26.70 |
| 10-Year Average Annual |
11.35 |
13.10 |
*Not Annualized
Portfolio Diagnostics
| Wtd. Average Market Cap: |
$1,346 million |
| Wtd. Average P/E Ratio: |
12.1x* |
| Wtd. Average P/B Ratio: |
2.1x |
| Wtd. Average Portfolio Yield: |
1.6% |
| Net Assets Attributable to Common Stock: |
$181 million |
| Net Leverage: |
0% |
* 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. Australia 7.50% Bond due 9/15/09 |
5.9% |
| 2. Unit Corporation |
4.4 |
| 3. Reliance Steel & Aluminum Co. |
3.8 |
| 4. Trican Well Service Ltd. |
3.8 |
| 5. Ensign Energy Services Inc. |
3.1 |
| 6. Knight Capital Group, Inc. |
3.1 |
| 7. Silver Standard Resources Inc. |
2.9 |
| 8. Lincoln Electric Holdings |
2.9 |
| 9. Sims Group ADR |
2.9 |
| 10. THOR Industries |
2.9 |
| Top Five Industries |
% of Net Assets |
| 1. Natural Resources |
29% |
| 2. Industrial Products |
23 |
| 3. Consumer Products |
12 |
| 4. Industrial Services |
9 |
| 5. Technology |
8 |
Recent Developments
Royce Focus Trust, Inc. (Nasdaq: FUND) paid a quarterly distribution of $0.13 per share on its Common Stock, on March 24, 2008 to stockholders of record at the close of business on March 6, 2008 (ex-dividend on March 4, 2008). The price of shares issued for reinvestment on March 13, 2008 was $8.00.
Royce Focus Trust, Inc. has paid a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share, on March 24, 2008 to stockholders of record at the close of business on March 6, 2008 (ex-dividend March 4, 2008).
Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq National Market (FUND) and whose shares of 6.00% Cumulative Preferred Stock are listed and traded on the NYSE (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing as least 75% of its assets in equity securities.
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