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Royce Focus Trust (Nasdaq: FUND) as of December 31, 2008

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^{Published in Business and Finance on Thursday, January 15th 2009 at 12:23 GMT, Last Modified on 2009-01-15 12:24:36 by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Royce Focus Trust, Inc. (Nasdaq - 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

Recent Developments

Royce Focus Trust, Inc. (Nasdaq - FUND) paid a quarterly distribution of $0.10 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, was paid on December 23, 2008 to stockholders of record at the close of business on December 8, 2008 (ex-dividend on December 4, 2008). The price of shares issued for reinvestment was $3.92.

Total distributions to Common Stockholders declared in 2008 were $0.47 per share. For Federal income tax purposes, approximately 74% of the 2008 distributions will be taxable at long-term capital gains rates, 19% will be taxable as ordinary income and 7% will be reported as a return of capital.

Royce Focus Trust, Inc. 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. The dividend was paid on September 23, 2008 to stockholders of record at the close of business on December 8, 2008 (ex-dividend December 4, 2008).

For Federal income tax purposes, approximately 79% of the 2008 distributions will be taxable at long-term capital gains rates and 21% will be taxable as ordinary income. Treatment of a portion of the dividends as long-term capital gains has the effect of providing individual preferred stockholders with a higher ordinary income tax-equivalent yield.

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 (Nasdaq - 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.

Daily net asset values (NAVs) for Royce Focus Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XFUNX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at [ www.roycefunds.com ].