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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Focus Trust (MARKET: FUND | NAV: XFUNX)

    Closed-End Fund

    1. NAV as of 9/1/2010  $6.81
      Daily NAV change  +$0.20 (+3.03%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      W. Whitney George

      Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Berkshire Hathaway Cl. B 4.9%
      Seabridge Gold 3.6%
      Sanderson Farms 3.3%
      Kennedy-Wilson Holdings 3.1%
      Buckle (The) 3.0%
      GrafTech International 2.8%
      ENSCO ADR 2.7%
      Reliance Steel & Aluminum 2.5%
      Mosaic Company (The) 2.4%
      Trican Well Service 2.4%
      Top 10 as % of Total 30.6%

      % of Net Assets Applicable to Common Stock Holders

      Literature & Research

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

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    2. Royce Focus Trust (FUND) is a closed-end fund that invests primarily in a limited number of smaller companies, selected using a value approach.

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      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      XFUNX -11.05% -7.82% 20.66% -7.68% 5.04% 10.72% 9.75%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.74%
      Inception Date: 11/1/1996 

      * Not Annualized

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

      1. Fund Statistics
        as of Quarter-End 6/30/2010

        Symbol: Market Price FUND
        Symbol: NAV XFUNX
        Fund Net Assets (Attributable to Common Stock) $130 million
        Number of Holdings 60
        Average Market Capitalization* $2.36 billion
        Weighted Average P/E Ratio** 10.2x
        Weighted Average P/B Ratio 1.6x
        Portfolio Turnover 2009 46%
        Net Leverage† 1%
        Minimum Investment n/a
        Cusip Number 78080N108
        Inception Date 11/1/1996
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (24% of portfolio holdings as of 6/30/2010).

        †Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.

      2. Growth of Hypothetical $10,000 Invested 11/01/1996 As of Quarter-End 6/30/2010

        XFUNX vs Russell 2000

        Capital Structure:

        Publicly Traded Securities Outstanding at 12/31/09

        19.8 Million Shares of Common Stock
        • $141 Million (NAV)
        6.00% Cumulative Preferred Stock
        • $25 Million

    1. Growth of Hypothetical $10,000 Invested 11/01/1996 As of Quarter-End 6/30/2010

      XFUNX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 6/30/2010

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 6/30/2010

        Sector Name Gain/Loss*
      (in millions)
      1 Natural Resources $0.19
      2 Health -$0.14
      3 Financial Intermediaries -$0.39
      4 Industrial Services -$1.41
      5 Consumer Services -$1.66
      6 Technology -$1.97
      7 Consumer Products -$2.42
      8 Financial Services -$2.83
      9 Industrial Products -$4.48

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 6/30/2010

      Company Gain*
      (in millions)
      Seabridge Gold $0.99
      Allied Nevada Gold $0.44
      Alamos Gold $0.30
      Centamin Egypt $0.24
      Pan American Silver $0.21

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 6/30/2010

      Company Loss*
      (in millions)
      Mosaic Company (The) -$1.61
      Reliance Steel & Aluminum -$1.18
      Western Digital -$1.01
      Schnitzer Steel Industries Cl. A -$0.93
      Artio Global Investors Cl. A -$0.72

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

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    2. Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      XFUNX -11.05% -7.82% 20.66% -7.68% 5.04% 10.72% 9.75%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.74%
      Inception Date: 11/1/1996

      * Not Annualized

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.


      Small-Cap Market Cycle Performance as of Quarter-End 6/30/10

      XFUNX

      View how RFT performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
      Number of Five-Year Average Annual Return Periods since RFT's Inception

      XFUNX

      Distribution History

      Our closed-end funds pay quarterly distributions to Preferred Stockholders. Please see Royce Closed-End Funds Suspend Managed Distribution Policy for details on distributions for Common Stockholders.

      5-Year Distribution History
      Record Date Payable Date Ordinary Income Return of Capital S/T Gains L/T Gains Total Reinvest Price
      3/06/09 3/04/09 $0.0029 $0.0871 $— $— $0.00 $—
      12/08/08 12/04/08 $0.0193 $0.0069 $— $0.0737 $0.09 $3.92
      9/08/08 9/04/08 $0.0232 $0.0083 $— $0.0885 $0.11 $7.20
      6/06/08 6/04/08 $0.0232 $0.0083 $— $0.0885 $0.11 $9.04
      3/06/08 3/04/08 $0.0251 $0.0090 $— $0.0959 $0.12 $8.00
      12/06/07 12/04/07 $0.3574 $— $0.0358 $1.2248 $1.62 $8.90
      9/06/07 9/04/07 $0.0287 $— $0.0029 $0.0984 $0.13 $10.24
      6/06/07 6/04/07 $0.0287 $— $0.0029 $0.0984 $0.13 $11.11
      3/06/07 3/02/07 $0.0287 $— $0.0029 $0.0984 $0.13 $9.98
      12/06/06 12/04/06 $0.1502 $— $0.0851 $0.9647 $1.20 $9.84
      9/06/06 9/01/06 $0.0163 $— $0.0092 $0.1045 $0.13 $9.95
      6/06/06 6/02/06 $0.0150 $— $0.0085 $0.0965 $0.12 $9.43
      3/06/06 3/02/06 $0.0150 $— $0.0085 $0.0965 $0.12 $10.35
      12/06/05 12/02/05 $0.0454 $— $0.0364 $0.7682 $0.85 $9.54
      9/06/05 9/01/05 $0.0064 $— $0.0051 $0.1085 $0.12 $9.68
      6/06/05 6/02/05 $0.0064 $— $0.0051 $0.1085 $0.12 $8.59
      3/07/05 3/03/05 $0.0064 $— $0.0051 $0.1085 $0.12 $9.61

      Market Price Performance History Since Inception (11/01/1996)1

      Adjusted-Actual Market Price

      1Royce &Associates assumed investment management responsibility for the Fund on 11/1/96.
      2Reflects the cumulative performance experience of a continuous common stockholder who reinvested all distributions as indicated and fully participated in the primary subscription of the Fund's 2005 rights offering.
      3Reflects actual month-end market price movement of one share as it has traded on Nasdaq.

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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $7.83 4/23/10
        Low $6.00 9/01/09
        Previous Month Ending 8/31/2010
        High $7.04 8/04/10
        Low $6.56 8/24/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $7.16
        2008 $4.76
        2007 $8.92
        2006 $9.75
        2005 $9.80
        2004 $9.76
        2003 $9.00
        2002 $6.27
        2001 $7.28
        2000 $6.77

  3. Portfolio Manager

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College

    Experience

    • 29 Years of Experience
    • 18 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 6/30/2010

      Fund Net Assets (Attributable to Common Stock) $130 million
      Number of Holdings 60
      Net Leverage† 1%
      Average Market Capitalization* $2.36 billion
      Weighted Average P/E Ratio** 10.2x
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2009 46%

      †Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.
      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (24% of portfolio holdings as of 6/30/2010).

      Market Cap Exposure (In Millions)
      as of Quarter-End 6/30/2010

      Royce Focus Trust

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

    2. Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Berkshire Hathaway Cl. B 4.9%
      Seabridge Gold 3.6%
      Sanderson Farms 3.3%
      Kennedy-Wilson Holdings 3.1%
      Buckle (The) 3.0%
      GrafTech International 2.8%
      ENSCO ADR 2.7%
      Reliance Steel & Aluminum 2.5%
      Mosaic Company (The) 2.4%
      Trican Well Service 2.4%
      Top 10 as % of Total 30.6%

      % of Net Assets Applicable to Common Stock Holders


      Portfolio Holdings
      as of Quarter-End 06/30/2010

      View the complete list of holdings for Royce Focus Trust for the quarter ended 06/30/2010. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

    3. Portfolio Sector Breakdown
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Natural Resources 29.7%
      Industrial Products 19.7%
      Consumer Products 12.1%
      Financial Services 11.0%
      Technology 8.8%
      Financial Intermediaries 7.0%
      Consumer Services 5.8%
      Industrial Services 5.1%
      Health 1.3%
      Treasuries, Cash & Cash Equivalents 18.7%

      % of Net Assets Applicable to Common Stock Holders

      Asset Allocation
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Royce Focus Trust Asset Allocation Royce Focus Trust Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 6/30/10

      Quarter Russell 2000 RFT Spread
      6/30/10 -9.9% -11.1% -1.2% 
      3/31/09 -15.0 -7.3 +7.7 
      12/31/08 -26.1 -30.5 -4.4 
      9/30/08 -1.1 -19.4 -18.3 
      3/31/08 -9.9 -5.3 +4.6 
      12/31/07 -4.6 -3.6 +1.0 
      9/30/07 -3.1 +0.4 +3.5 
      6/30/06 -5.0 -4.7 +0.3 
      3/31/05 -5.3 -5.1 +0.2 
      9/30/04 -2.9 +3.7 +6.6 
      3/31/03 -4.5 -7.3 -2.8 
      9/30/02 -21.4 -19.8 +1.6 
      6/30/02 -8.4 -7.0 +1.4 
      9/30/01 -20.8 -20.3 +0.5 
      3/31/01 -6.5 -7.5 -1.0 
      12/31/00 -6.9 +4.1 +11.0 
      6/30/00 -3.8 -0.8 +3.0 
      9/30/99 -6.3 -6.8 -0.5 
      3/31/99 -5.4 -14.9 -9.5 
      9/30/98 -20.1 -17.0 +3.1 
      6/30/98 -4.7 -5.3 -0.6 
      12/31/97 -3.3 -5.0 -1.7 
      3/31/97 -5.2 +0.4 +5.6 

      Royce Focus Trust outperformed the Russell 2000 in 14 out of 23 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      Royce Focus Trust vs. Russell 2000

      RFT vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      XFUNX -11.05% -7.82% 20.66% -7.68% 5.04% 10.72% 9.75%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.74%
      Inception Date: 11/1/1996

      * Not Annualized

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

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    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.14%
      Other expenses 0.17%
      Total annual Fund operating expenses 1.31%


  7. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks The Fund also invests primarily in a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.

    8. Close [X]

    Download literature for Royce Focus Trust

  8. © Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.