Royce Focus Trust (NASDAQ: FUND) as of May 31, 2012:
| Closing Prices – May 31, 2012 |
NAV $7.03 |
MKT $6.22 |
Total Return Performance | ||||||||
Periods ended May 31, 2012 | NAV | MKT | ||||||
| 1 Month* | -9.99 | % | -8.12 | % | ||||
| Year to Date* | -3.17 | 0.07 | ||||||
| One-Year | -18.72 | -18.01 | ||||||
| Three-Year Average Annual | 9.92 | 9.09 | ||||||
| Five-Year Average Annual | -2.45 | -5.48 | ||||||
| Ten-Year Average Annual | 8.59 | 7.98 | ||||||
| *Not Annualized | ||||||||
Portfolio Diagnostics | |||
| Wtd. Average Geometric Market Cap | $4821 million | ||
| Wtd. Average P/E Ratio: | 11.7x* | ||
| Wtd. Average P/B Ratio: | 1.6x* | ||
| Net Assets Applicable to Common Stock: | $171 million | ||
| Net Leverage: | 0.0% | ||
*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. Berkshire Hathaway Inc. Cl. B | 4.1 | % | ||
| 2. Microsoft Corp | 4.0 | |||
| 3. Analog Devices | 3.5 | |||
| 4. Western Digital | 3.2 | |||
| 5. Buckle (The) | 3.2 | |||
| 6. Exxon Mobil Corp. | 3.0 | |||
| 7. Franklin Resources | 2.9 | |||
| 8. Mosaic Company (The) | 2.8 | |||
| 9. Kennedy Wilson-Holdings | 2.7 | |||
| 10. Allied Nevada Gold | 2.7 | |||
Top Five Sectors | % of Net Assets | |||
| 1. Materials | 30 | % | ||
| 2. Financials | 19 | |||
| 3. Information Technology | 19 | |||
| 4. Energy | 12 | |||
| 5. Consumer Discretionary | 7 | |||
Recent Developments
Royce Focus Trust, Inc. (Nasdaq - FUND) has declared 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, is to be paid on June 25, 2012 to stockholders of record at the close of business on June 6, 2012 (ex-dividend on June 4, 2012). The price of shares issued for reinvestment was $6.20.
Royce Focus Trust, Inc. has declared 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 is to be paid on June 25, 2012 to stockholders of record at the close of business on June 6, 2012 (ex-dividend June 4, 2012).
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 at least 65% 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.
John D. Diederich, 212-355-7311