Royce Focus Trust (NASDAQ:FUND) as of December 31, 2013

• Invests in a limited number of companies using a value approach
• Average weekly trading volume of approximately 194,000 shares
• Fund’s adviser has more than 35 years of investment experience

NEW YORK--(BUSINESS WIRE)--Royce Focus Trust (NASDAQ:FUND):

Closing Prices – December 31, 2013

NAV	$	8.68
MKT	$	7.62

Total Return Performance
Periods ended December 31, 2013	NAV	MKT
1 Month*	1.72%	1.89%
Year to Date	19.77	22.03
One-Year	19.77	22.03
Three-Year Average Annual	6.10	6.49
Five-Year Average Annual	17.50	16.26
Ten-Year Average Annual	9.38	8.61

*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Market Cap	$6747 million
Wtd. Average P/E Ratio:	16.7x*
Wtd. Average P/B Ratio:	2.1x*
Net Assets:	$191 million

*The Funds’ P/E ratio calculations exclude companies with zero or negative earnings.

Portfolio Composition
Top 10 Positions	% of Net Assets
1. Western Digital Corp.	5.0%
2. Franklin Resources	3.8
3. Berkshire Hathaway, Cl. B	3.7
4. Helmerich & Payne	3.5
5. Exxon Mobile Corp.	3.2
6. Microsoft Corp.	3.1
7. Thor Industries	3.0
8. Apple	2.9
9. The Buckle	2.8
10. Myriad Genetics	2.5
Top Five Sectors	% of Net Assets
1. Materials	19%
2. Financials	19
3. Information Technology	19
4. Energy	12
5. Consumer Discretionary	11

Recent Developments

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). 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 [phone] or visit our website at www.roycefunds.com.