Royce Focus Trust (NASDAQ: FUND) as of October 31, 2012

• Invests in a limited number of companies using a value approach
• Average weekly trading volume of approximately 194,000 shares
• Fund’s adviser has more than 35 years of investment experience

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

Closing Prices – October 31, 2012

NAV $7.67

MKT $6.66

Total Return Performance
Periods ended October 31, 2012	NAV	MKT
1 Month*	-1.16%	-0.89%
Year to Date*	8.76	10.31
One-Year	2.34	1.78
Three-Year Average Annual	10.39	9.42
Five-Year Average Annual	-0.43	-2.44
Ten-Year Average Annual	12.55	12.17
*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Market Cap	$5175 million
Wtd. Average P/E Ratio:	13.4x*
Wtd. Average P/B Ratio:	1.8x*
Net Assets Applicable to Common Stock:	$187 million
Net Leverage:	0.0%

*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. Microsoft	3.5%
2. Berkshire Hathaway Cl. B	3.5
3. Buckle (The)	3.4
4. Allied Nevada Gold	3.2
5. Western Digital	3.2
6. Franklin Resources	3.2
7. Analog Devices	3.1
8. Exxon Mobil	3.1
9. Mosaic Company (The)	2.8
10. Newmont Mining	2.5
Top Five Sectors	% of Net Assets
1. Materials	32%
2. Information Technology	17
3. Financials	16
4. Energy	13
5. Consumer Discretionary	7

Recent Developments

The Board of Directors Royce Focus Trust, Inc. has approved the redemption of all of the Fund’s outstanding 6.0% Cumulative Preferred Stock (RFO.pra) on November 15, 2012.

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. 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.