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Royce Focus Trust (NASDAQ: FUND) as of September 30, 2010


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

Closing Prices a" September 30, 2010

NAV $7.37
MKT $6.37

Total Return Performance

Periods ended September 30, 2010

NAV MKT
1 Month* 11.50% 11.36%
Year to Date* 2.93 0.63
One-Year 10.33 7.42
Three-Year Average Annual -4.36 -7.90
Five-Year Average Annual 4.60 2.09
Ten-Year Average Annual 10.38 10.78

*Not Annualized

Portfolio Diagnostics

Wtd. Average Geometric Market Cap $2918 million
Wtd. Average P/E Ratio: 14.1x*
Wtd. Average P/B Ratio: 1.8x
Net Assets Applicable to Common Stock: $171 million
Net Leverage: 0 %

*The Fundsa™ 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.

Berkshire-Hathaway, Inc.

4.5%

2.

Mosaic Company (The)

3.0

3.

Seabridge Gold

3.0

4.

Kennedy-Wilson Holdings

2.9

5.

Western Digital

2.7

6.

Graftech International

2.7

7.

Trican Well Service

2.6

8.

Franklin Resources

2.6

9.

Reliance Steel & Aluminum

2.6

10.

Sanderson Farms

2.5

Top Five Industries

% of Net Assets

1.

Natural Resources

30%

2.

Industrial Products

20

3.

Consumer Products

12

4.

Technology

12

5.

Financial Services

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) and whose shares of 6.00% Cumulative Preferred Stock are listed and traded on the NYSE (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 75% 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 ].


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