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

NEW YORK--(BUSINESS WIRE)--

Royce Focus Trust FUND:

Closing Prices – January 31, 2014
NAV		$8.33
MKT		$7.35

Total Return Performance
Periods ended January 31, 2014		NAV			MKT
1 Month*		-4.03	%		-3.54	%
Year to Date		-4.03			-3.54
One-Year		12.12			9.53
Three-Year Average Annual		4.40			4.98
Five-Year Average Annual		17.95			15.50
Ten-Year Average Annual		8.53			8.00
*Not Annualized

	Portfolio Diagnostics
	Wtd. Average Geometric Market Cap		$	6303 million
	Wtd. Average P/E Ratio:			15.6x*
	Wtd. Average P/B Ratio:			1.8x*
	Net Assets:		$	184 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.		4.9	%
2. Helmerich & Payne		3.8
3. Myriad Genetics		3.8
4. Berkshire Hathaway		3.6
5. Franklin Resources		3.5
6. Microsoft Corp.		3.3
7. Apple		3.3
8. Exxon Mobile Corp.		3.0
9. Thor Industries		2.9
10. Kennedy Wilson Holdings		2.7
Top Five Sectors		% of Net Assets
1. Materials		19	%
2. Information Technology		19
3. Financials		18
4. Energy		13
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 (800) 221-4268 or visit our website at www.roycefunds.com.