December 12, 2011 at 14:09 PM EST
Royce Focus Trust as of November 30, 2011

Royce Focus Trust (NASDAQ: FUND):

Closing Prices – November 30, 2011

NAV $7.78
MKT $6.62

Total Return Performance

Periods ended November 30, 2011



1 Month* -2.26 % -4.75 %
Year to Date* -7.04 -8.88
One-Year 0.32 -2.80
Three-Year Average Annual 24.68 15.73
Five-Year Average Annual 2.36 -2.36
Ten-Year Average Annual 10.76 10.57
*Not Annualized

Portfolio Diagnostics

Wtd. Average Geometric Market Cap $4755 million
Wtd. Average P/E Ratio: 12.7x*
Wtd. Average P/B Ratio: 1.8x*
Net Assets Applicable to Common Stock: $183 million
Net Leverage: 1.9%

*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.  Berkshire Hathaway Cl. B


2.  Allied Nevada Gold


3.  Newmont Mining


4.  Microsoft Corp.


5.  Franklin Resources


6.  Analog Devices


7.  Buckle (The)


8.  Mosaic Company (The)


9.  Exxon Mobil

10. Western Digital 2.8

Top Five Sectors

% of Net Assets

1.  Materials


2.  Financials


3.  Information Technology


4.  Energy


5.  Industrials


Recent Developments

Royce Focus Trust, Inc. (Nasdaq - FUND) has declared a distribution of $0.11 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011). The price of shares issued for reinvestment will be determined on December 13, 2011.

Royce Focus Trust, Inc. has declared 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 is to be paid on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011).

Royce Focus Trust (Nasdaq: FUND) resumed a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%.

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.

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


Royce Focus Trust, Inc.
John D. Diederich, 212-355-7311
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