Royce Focus Trust (NASDAQ:FUND) as of September 30, 2014

NEW YORK--(BUSINESS WIRE)--

Royce Focus Trust, Inc. FUND:

Closing Prices – September 30, 2014
NAV	$8.73
MKT	$7.87

Total Return Performance
Periods ended September 30, 2014			NAV		MKT
1 Month*			-6.74%		-5.69%
Year to Date*			4.48		7.29
One-Year			11.92		14.81
Three-Year Average Annual			14.80		15.93
Five-Year Average Annual			10.24		10.58
Ten-Year Average Annual			8.36		7.81
*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Market Cap			$6015million
Wtd. Average P/E Ratio:			16.5x*
Wtd. Average P/B Ratio:			2.2x*
Net Assets:			$197million

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

Portfolio Composition
Top 10 Positions		% of Net Assets
1. Myriad Genetics		4.6%
2. Western Digital Corp.		4.5
3. Apple		4.3
4. Franklin Resources		3.6
5. SanDisk Corp.		3.0
6. Kennedy-Wilson Holdings		2.9
7. Exxon Mobil Corp.		2.9
8. TGS-NOPEC Geophysical		2.8
9. Thor Industries		2.8
10. Cirrus Logic		2.7
Top Five Sectors		% of Net Assets
1. Information Technology		19%
2. Materials		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.