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

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.

1.

Berkshire-Hathaway, Inc.

2.

Mosaic Company (The)

3.

Seabridge Gold

4.

Kennedy-Wilson Holdings

5.

Western Digital

6.

Graftech International

7.

Trican Well Service

8.

Franklin Resources

9.

Reliance Steel & Aluminum

10.

Sanderson Farms

1.

Natural Resources

2.

Industrial Products

3.

Consumer Products

4.

Technology

5.

Financial Services

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.