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

NEW YORK--(BUSINESS WIRE)--

Royce Focus Trust FUND:

Closing Prices – March 31, 2014

NAV $9.02

MKT $7.96

Total Return Performance
Periods ended March 31, 2014				NAV				MKT
1 Month*				2.29%				1.01%
Year to Date				5.23				5.78
One-Year				23.10				20.31
Three-Year Average Annual				5.02				4.56
Five-Year Average Annual				20.51				16.94
Ten-Year Average Annual				9.02				7.93
*Not Annualized
Portfolio Diagnostics
Wtd. Average Geometric Market Cap		$6917 million
Wtd. Average P/E Ratio:		17.7x*
Wtd. Average P/B Ratio:		2.2x*
Net Assets:		$200 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.		4.8%
2. Myriad Genetics		4.3
3. Helmerich & Payne		4.0
4. Berkshire Hathaway		3.7
5. Franklin Resources		3.5
6. Microsoft Corp.		3.3
7. Apple		3.2
8. Thor Industries		3.2
9. Exxon Mobile Corp.		2.9
10. Sprott		2.5
Top Five Sectors		% of Net Assets
1. Materials		19%
2. Information Technology		18
3. Financials		17
4. Energy		15
5. Consumer Discretionary		10

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.