Royce Focus Trust (NASDAQ: FUND) as of December 31, 2011

• 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 35 years of small- and micro-cap investment experience

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

Closing Prices – December 31, 2011

NAV	$	7.36
MKT	$	6.30

Total Return Performance
Periods ended December 31, 2011	NAV	MKT
1 Month*	-3.73%	-3.14%
Year to Date*	-10.51	-11.75
One-Year	-10.51	-11.75
Three-Year Average Annual	18.83	14.13
Five-Year Average Annual	1.53	-3.36
Ten-Year Average Annual	9.51	8.80
*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Market Cap	$4754 million
Wtd. Average P/E Ratio:	12.2x*
Wtd. Average P/B Ratio:	1.8x*
Net Assets Applicable to Common Stock:	$176 million
Net Leverage:	2.6%

*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 Cl. B	3.8%
2. Microsoft Corp.	3.4
3. Analog Devices	3.4
4. Buckle (The)	3.3
5. Allied Nevada Gold	3.2
6. Franklin Resources	3.2
7. Exxon Mobil	3.1
8. Western Digital	3.1
9. Newmont Mining	3.0
10. Mosaic Company (The)	2.8

Top Five Sectors	% of Net Assets
1. Materials	29%
2. Financials	20
3. Information Technology	17
4. Energy	13
5. Industrials	8

Recent Developments
Royce Focus Trust, Inc. (Nasdaq - FUND) paid a distribution of $0.11 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011). The price of shares issued for reinvestment determined on December 13, 2011, was $6.24.

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 was paid on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011).

Royce Focus Trust (Nasdaq: FUND) resumed a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%.

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