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Royce Focus Trust (NASDAQ: FUND) as of April 30, 2012
Royce & Associates

NEW YORK, May 14, 2012 (BUSINESS WIRE) -- --Average weekly trading volume of approximately 194,000 shares

--Fund's adviser has more than 35 years of small- and micro-cap investment experience

Royce Focus Trust FUND -0.73% as of April 30, 2012:

Closing Prices -- April 30, 2012

        NAV $ 7.81
        MKT $ 6.77

        Total Return Performance
        Periods ended April 30, 2012    NAV     MKT
                                      ------  ------
        1 Month*                      -3.10%  -2.73%
        Year to Date*                   7.57    8.92
        One-Year                      -13.11  -14.88
        Three-Year Average Annual      18.54   13.70
        Five-Year Average Annual        0.51   -3.35
        Ten-Year Average Annual         9.35    8.94

*Not Annualized

Portfolio Diagnostics

        Wtd. Average Geometric Market Cap       $5238 million
        Wtd. Average P/E Ratio:                  13.2x*
        Wtd. Average P/B Ratio:                   1.8x*
        Net Assets Applicable to Common Stock:  $186 million
        Net Leverage:                           1.0%

*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 Corp.                      3.4%
        2. Berkshire Hathaway Inc. Cl. B         3.2
        3. Western Digital Corp.                 3.1
        4. Buckle (The)                          3.0
        5. Analog Devices                        3.0
        6. Franklin Resources                    2.7
        7. Exxon Mobil Corp.                     2.6
        8. Mosaic Company (The)                  2.4
        9. Allied Nevada Gold                    2.4
        10. Kennedy Wilson-Holdings              2.3

        Top Five Sectors           % of Net Assets
        -------------------------  ---------------
        1. Information Technology         21%
        2. Materials                      19
        3. Consumer Discretionary         16
        4. Industrials                    11
        5. Financials                     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) 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 65% of its assets in equity securities.

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