Royce Focus Trust (NASDAQ: FUND) as of August 31, 2014

NEW YORK--(BUSINESS WIRE)--

Royce Focus Trust FUND:

Closing Prices – August 31, 2014
NAV				$9.49
MKT				$8.46

Total Return Performance
Periods ended August 31, 2014				NAV				MKT
1 Month*				3.83%				2.42%
Year to Date*				12.03				13.76
One-Year				23.78				25.57
Three-Year Average Annual				11.62				12.04
Five-Year Average Annual				13.80				13.96
Ten-Year Average Annual				9.97				9.06

*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Market Cap					$6391million
Wtd. Average P/E Ratio:					17.3x*
Wtd. Average P/B Ratio:					2.4x*
Net Assets:					$212million

*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.					4.6%
2.		Myriad Genetics					4.1
3.		Apple					4.1
4.		Franklin Resources					3.5
5.		Kennedy-Wilson Holdings					3.0
6.		Cirrus Logic					2.9
7.		Exxon Mobil Corp.					2.8
8.		SanDisk Corp.					2.8
9.		Thor Industries					2.7
10.		TGS-NOPEC Geophysical					2.7

Top Five Sectors									% of Net Assets
1.		Materials							21%
2.		Information Technology							19
3.		Financials							16
4.		Energy							13
5.		Consumer Discretionary							8

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 (800) 221-4268 or visit our website at www.roycefunds.com.