Royce Closed-End Equity Funds Win Lipper Awards
Royce & Associates, Inc.


New York, April 24, 2008 -- Lipper, a Reuters Company, announced that two closed-end equity funds managed by Royce & Associates LLC, have been awarded the 2007 Lipper Performance Achievement Award—ranked as the number one performing fund in their Lipper Classification for the periods listed below ended 12/31/07. The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance, relative to their peers.

Royce Focus Trust, Inc. #1 for the 1-Year, 5-Year, and 10-Year Periods: Lipper Closed-End Equity Fund Performance Analysis Service/Value Funds. This Fund ranked # 1 of 13 funds, #1 of 6 Funds, and #1 of 6 Funds in the category for the one, five-, and 10-year periods respectively. (NASDAQ: FUND)

Royce Micro-Cap Trust, Inc. #1 for the 5-Year Period: Lipper Closed-End Equity Fund Performance Analysis Service/Core Funds. This Fund ranked # 19 of 26 Funds, #1 of 14 Funds, and #2 of 13 Funds in the category for the one-, five-, and 10-year periods respectively. (NYSE: RMT)

About Royce & Associates
Royce & Associates, LLC, is one of the industry’s most experienced and highly respected smaller-company value investment managers. The Royce Funds includes 22 open-end mutual funds, three closed-end funds and two open-end mutual funds offered to variable annuity and variable life insurance companies. We pay close attention to risk and maintaining our discipline, regardless of market movements and trends. Smaller company investing is our only business. The firm, a registered investment adviser based in New York City, was founded in 1972 by Charles M. Royce, one of the pioneers of small-cap investing, and has been a wholly owned, independent subsidiary of Legg Mason, Inc. since October 1, 2001. The firm has approximately $27 billion in open- and closed-end fund assets under managements as of 3/31/08.

Click for more information on Royce & Associates or other Closed-End Funds