Royce Focus Trust (NASDAQ: FUND) as of December 31, 2009

Invests in a limited number of small-cap companies using a value approach

Average weekly trading volume of approximately 194,000 shares

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

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posted: 29 DAYS 16 HOURS AGO

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Royce Focus Trust (NASDAQ:FUND):

Closing Prices – December 31, 2009

NAV $7.16
MKT $6.33

Total Return Performance
Periods ended December 31, 2009	NAV	MKT

1 Month*	5.60%	8.21%
Year to Date*	53.95	40.84
One-Year	53.95	40.84
Three-Year Average Annual	-0.34	-7.21
Five-Year Average Annual	5.44	1.44
Ten-Year Average Annual	11.72	12.92

*Not Annualized

Portfolio Diagnostics

Wtd. Average Market Cap	$1402 million
Wtd. Average P/E Ratio:	21.4x*
Wtd. Average P/B Ratio:	2.1x
Net Assets Attributable to Common Stock:	$166 million
Net Leverage:	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. Mosaic Company (The)	3.0%
2. Kennedy Wilson Holdings	2.9
3. Reliance Steel & Aluminum	2.7
4. Unit Corp.	2.7
5. NuCor Corp.	2.6
6. Ivanhoe Mines	2.6
7. Silver Standard Resources	2.5
8. Buckle (The)	2.5
9. Sanderson Farms	2.4
10. Major Drilling Gp. Int’l.	2.3


Top Five Industries	% of Net Assets
1. Natural Resources	30%
2. Industrial Products	24
3. Financial Services	10
4. Consumer Products	9
5. Industrial Services	8

Recent Developments

Royce Focus Trust, Inc. paid a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share. The dividend was paid on December 23, 2009 to stockholders of record at the close of business on December 7, 2009 (ex-dividend December 3, 2009).

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 as 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.