<SEC-DOCUMENT>0000949377-15-000133.txt : 20150304
<SEC-HEADER>0000949377-15-000133.hdr.sgml : 20150304
<ACCEPTANCE-DATETIME>20150304130746
ACCESSION NUMBER:		0000949377-15-000133
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150304
DATE AS OF CHANGE:		20150304
EFFECTIVENESS DATE:		20150304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE FOCUS TRUST INC
		CENTRAL INDEX KEY:			0000825202
		IRS NUMBER:				592876580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		15672523

	BUSINESS ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, LLC
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2125084578

	MAIL ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, LLC
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE GLOBAL TRUST INC
		DATE OF NAME CHANGE:	19961203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALL SEASONS GLOBAL FUND INC
		DATE OF NAME CHANGE:	19950803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAS ALL SEASON FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>e32997.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="3"><b>UNITED STATES<br>SECURITIES AND EXCHANGE
 COMMISSION<br></b>Washington, D.C. 20549</font></p>
<p align="center"><font face="Times New Roman" size="3"><b>FORM N-CSR</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFIED SHAREHOLDER
 REPORT<br>OF<br>REGISTERED MANAGEMENT INVESTMENT COMPANIES</b></font></p>
<p align="center"><font face="Times New Roman" size="2">Investment Company Act File
 Number: 811-05379</font></p>
<p align="center"><font face="Times New Roman" size="2">Name of Registrant: Royce
 Focus Trust, Inc.</font></p>
<p align="center"><font face="Times New Roman" size="2">Address of Registrant: 745
 Fifth Avenue<br>New York, NY 10151</font></p>
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<tr>
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<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">Name and address
 of agent for service:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen,
 Esquire</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">745 Fifth
 Avenue</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10151</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">Registrant&#146;s telephone
 number, including area code: (212) 508-4500<br>Date of fiscal year end: December
 31<br>Date of reporting period: January 1, 2014 &#150; December 31, 2014</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><b>Item 1. Reports to Shareholders.</b></font></p>
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<td><font face="Arial" size="1">&#160;</font></td>
<td width="8%"><font face="Arial" size="1"><img src="r.jpg"></font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
</tr>
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<td width="8%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="4"><b>DECEMBER 31, 2014</b></font></td>
</tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="14"><b>2014 Annual</b></font></td>
</tr>
<tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="4"><b>Review and Report to Stockholders</b></font></td>
</tr>
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<td bgcolor="#E6E9ED" align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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</tr>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><font face="Arial" size="2" color="#ffffff">Royce Focus Trust</font></td>
</tr>
<tr>
<td bgcolor="#E6E9ED" align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2" color="#ffffff">&#160;</font></td>
</tr>
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<td width="5%" bgcolor="#E6E9ED" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="43%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td bgcolor="#E6E9ED" align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2" color="#ffffff">&#160;</font></td>
</tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2" color="#ffffff">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2" color="#ffffff"><b>roycefunds.com</b></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2" color="#ffffff"><img src="theroyce.jpg"></font></td>
</tr>
<tr>
<td bgcolor="#E6E9ED" align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<!--page-->
<br clear="all" style="page-break-before:always;">
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<tr>
<td bgcolor="#000000" width="5%"><font face="Arial" size="1">&#160;</font></td>
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<td bgcolor="#000000" width="6%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
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<td valign="bottom" align="left"><font face="Arial" size="5">Table of Contents</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Annual
 Review</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Performance</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font face="Arial" size="2">1</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Annual
 Report to Stockholders</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Manager&#146;s
 Discussion of Fund Performance</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Arial" size="2">Royce Focus
 Trust</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">History Since
 Inception</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Distribution
 Reinvestment and Cash Purchase Options</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">Schedule of
 Investments and Other Financial Statements</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Arial" size="2">Royce Focus
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Board Approval
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Notes to Performance
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<td valign="bottom" align="right"><font face="Arial" size="2">19</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Results of
 Stockholders Meeting</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">20</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="5">Managed
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="4" valign="bottom" align="left"><font face="Arial" size="2">The Board
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 with the fourth quarter being the greater of this annualized rate or the distribution
 required by IRS regulations. With each distribution, the Fund will issue a notice
 to its stockholders and an accompanying press release that provides detailed information
 regarding the amount and composition of the distribution (including whether any
 portion of the distribution represents a return of capital) and other information
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 of the Fund&#146;s MDP. The Fund&#146;s Board of Directors may amend or terminate
 the MDP at any time without prior notice to stockholders. On February 26, 2015,
 stockholders will consider approving a new investment advisory agreement for the
 Fund with Sprott Asset Management, L.P (&#147;Sprott&#148;). If such approval is
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 policy.</font></td>
</tr>
</table>
<p align="right"><font face="Arial" size="2"><img src="cup.jpg"></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">This page
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#000000" width="5%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000"><font face="Arial" size="1">&#160;</font></td>
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<td bgcolor="#000000" width="6%"><font face="Arial" size="1">&#160;</font></td>
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</table><br>
<p><font face="Arial" size="5">Performance</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#000000"><font face="Arial"></font></td>
<td bgcolor="#000000"><font face="Arial"></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="15" style="border-top: 2px solid #000000;">&#160;</td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>NAV Average Annual Total Returns<br>
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<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2">&#160;</font></td>
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<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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</tr>
<tr style="font-size:1px;">
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<tr>
<td align="left"><font face="Arial" size="2"><img src="dot1.jpg">&#160;Royce Focus
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<td width="2%"><font face="Arial" size="1">&#160;</font></td>
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<td width="6%" valign="bottom" align="center"><font face="Arial" size="2">11/1/96<sup><a href="#32997pg1_1">1</a></sup></font></td>
</tr>
<tr style="font-size:2px;">
<td valign="bottom" colspan="15" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>

<tr>
<td><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
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<tr>
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</tr>
<tr style="font-size:1px;">
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</tr>
<tr>
<td colspan="15" valign="bottom" align="left"><font face="Arial" size="1"><a name="32997pg1_1"></a><sup>1</sup> Date on
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom" align="left"><font face="Arial" size="3"><b>Important
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="15" valign="bottom" align="left"><font face="Arial" size="2"><div align="justify">All performance
 information in this <i>Review and Report</i> reflects past performance, is presented
 on a total return basis, and reflects the reinvestment of distributions. Past performance
 is no guarantee of future results. Investment return and principal value of an investment
 will fluctuate, so that shares may be worth more or less than their original cost
 when sold. Current performance may be higher or lower than performance quoted. Current
 month-end performance may be obtained at www.roycefunds.com. The Fund is a closed-end
 registered investment company whose respective shares of common stock may trade
 at a discount to the net asset value. Shares of the Fund&#146;s common stock is
 also subject to the market risk of investing in the underlying portfolio securities
 held by the Fund. All indexes referenced are unmanaged and capitalization-weighted.
 Each index&#146;s returns include net reinvested dividends and/or interest income.
 Russell Investment Group is the source and owner of the trademarks, service marks
 and copyrights related to the Russell Indexes. Russell<sup>&#174;</sup> is a trademark of Russell
 Investment Group. The Russell 2500 Index is an index of the 2,500 smallest publicly
 traded U.S. companies in the Russell 3000 Index. The performance of an index does
 not represent exactly any particular investment, as you cannot invest directly in
 an index. Index returns include net reinvested dividends and/or interest income.
 Royce Focus Trust is a closed-end fund whose shares of common stock trade on the
 Nasdaq. Royce Fund Services, Inc (&#147;RFS&#148;) is a member of FINRA and has
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td colspan="11" valign="bottom" align="right"><font face="Arial" size="1">This page
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</tr>
</table>
<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#000000" width="5%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%"><font face="Arial" size="1">&#160;</font></td>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">MANAGER&#146;S
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</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="5"><img src="dot.jpg">&#160;</font></td>
<td valign="top"><font face="Arial" size="5">Royce Focus Trust</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><img src="pic.jpg"></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>Whitney George</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>FUND PERFORMANCE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">After a strong
 first half, 2014 became a disappointing year for Royce Focus Trust (FUND) on both
 an absolute and relative basis. <b>For the calendar year, the Fund was up 0.3% on
 an NAV (net asset value) basis and 0.6% based on market price, both returns well
 behind the 7.1% gain for its benchmark, the Russell 2500 Index, over the same period.
</b> The first half saw the Fund easily outpacing its benchmark. FUND rose an impressive
 12.7% on an NAV basis and 15.0% on a market price basis for the six-month period
 ended June 30, 2014 while the Russell 2500 advanced 5.8%.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="text-indent:20px;"><font face="Times New Roman" size="2">Although large-cap
 stocks made slight net gains, small-caps began to slide in the third quarter when
 FUND&#146;s limited portfolio of stocks slipped 7.3% on an NAV basis and 6.7% on
 a market price basis, placing it behind its benchmark, which declined 5.3%. At this
 stage of the year, however, the Fund remained ahead of the benchmark for the nine-month
 period ended September 30, 2014. It was during the fourth quarter, then, that FUND
 lost its relative advantage. For many stocks, large and small, the year&#146;s final
 quarter was a solidly bullish period. It was certainly a good one for the Fund&#146;s
 benchmark, which advanced 6.8% for the period. FUND, on the other hand, suffered
 losses of 4.0% on an NAV basis and 6.3% on a market price basis. This was mostly
 due to net losses in the Energy sector and, to a lesser degree, in the metals &#038;
 mining industry (from the Materials sector). There was some better news for longer-term
 periods. The Fund outpaced the Russell 2500 on an NAV basis for the 15-year period
 ended December 31, 2015. <b>The Fund&#146;s average annual NAV total return for
 the since inception of our management (11/1/96) period ended December 31, 2014 was
 10.0%.</b></font></div></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>WHAT WORKED...
 AND WHAT DIDN&#146;T</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The Energy
 and Materials sectors suffered losses in the third and forth quarter, making them
 the first- and second-largest detractors from 2014 performance. This came after
 Energy had posted the largest net gains of all the Fund&#146;s sectors in the first
 half while Materials had the third most. They were joined by Industrials and Consumer
 Staples on the list of sectors that detracted from calendar-year results. The nearly
 50% decline in crude oil prices during the year&#146;s second half hurt the share
 price of long-time holding Trican Well Service. The company is the largest pressure
 pumping service provider in Canada and a leading fracturing company in Russia. We
 built our position in TGS-NOPEC Geophysical, a Norwegian company that provides geoscientific
 data products and services to oil and gas companies. Earnings and revenues were
 hurt by the drop in commodity prices. We were confident in the long-term prospects
 for the industry, so we increased our already overweight exposure to Energy in 2014.
 With the exception of Exxon-Mobil, our holdings were exclusively in the energy equipment
 &#038; services industry.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="text-indent:20px;"><font face="Times New Roman" size="2">In a similar
 vein, we also added shares of Nu Skin Enterprises as its stock price fell through
 the year. A personal skin care product maker and distributor based in Utah, Nu Skin
 resolved some distribution issues in China by paying a small fine early in the year
 while it also improved training, restructured its debt covenants, and reversed a
 cash flow problem. This was all good news. We remain confident in its long-term
 rebound potential, which will likely be driven by a recovery in its most important
 market, China. Seeing an opportunity as its share price was falling, we also built
 our stake in London-based Ashmore Group, which is one of the world&#146;s leading
 emerging markets asset management companies. Its shares were challenged by concerns
 about the debt cycle and worrisome news from Russia and other emerging markets in
 2014. Earnings have been hurt, though revenues have remained mostly consistent.
 We liked its long-term prospects enough for it to be a top-20 holding at the end
 of the period. Finally, we also modestly added to our position in GameStop Corporation,
 a video game retailer that sells new and pre-owned gaming products, including hardware
 and software. Its shares were volatile through much of the year, but trended downward
 in November after the firm reported lower-than-expected earnings.</font></div></td></tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
 <td valign="bottom" align="left"><div style="text-indent:20px;"><font face="Times New Roman" size="2">We remained pleased
 with the comeback of Myriad Genetics. A molecular diagnostic company that specializes
 in genetic testing for cancer, its share price fell rapidly in the wake of a mixed
 ruling from the Supreme Court in June 2013, which held that human genes cannot be
 patented. The stock began to recover in the first quarter of 2014, and the firm
 remains a leader in genetic testing with a variety of industry-standard tools for
 detecting hereditary cancer risk. We took some gains in April and December.</font></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Top Contributors
 to Performance</b> For 2014 (%)<sup><a href="#32997pg2_1">1</a></sup></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Myriad Genetics</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" valign="bottom" align="right"><font face="Arial" size="2">1.81</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Western Digital</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1.34</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Apple</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1.25</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">SanDisk Corporation</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">0.87</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Cirrus Logic</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">0.65</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><a name="32997pg2_1"></a><sup>1</sup> Includes
 dividends</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Top Detractors
 from Performance</b> For 2014 (%)<a href="#32997pg2_2"><sup>2</sup></a></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Nu Skin Enterprises
 Cl. A</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" valign="bottom" align="right"><font face="Arial" size="2">-1.74</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Trican Well
 Service</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">-1.10</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Ashmore Group</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">-0.84</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">GameStop Corporation
 Cl. A</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">-0.71</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">TGS-NOPEC
 Geophysical</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">-0.63</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2pt solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><a name="32997pg2_2"></a><sup>2</sup> Net of dividends</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>CURRENT POSITIONING
 AND OUTLOOK</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">We ended 2014
 with much the same sector weightings as we began, keeping the portfolio diversified
 in terms of market capitalization, industries, and geographies. Our exposure was
 geared heavily toward both economically sensitive cyclical areas and commodity-based
 businesses.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">2&#160;|&#160;2014 Annual
 Report to Stockholders</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<!--page-->
<br clear="all" style="page-break-before:always;">
 <table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#000000" width="5%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">PERFORMANCE
 AND PORTFOLIO REVIEW</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">SYMBOLS <b>MARKET
 PRICE</b> FUND <b>NAV</b> XFUNX</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:10px;">
<td colspan="15" valign="bottom" style="border-top: 2px solid #000000;">&#160;</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Performance
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="10" align="left"><font face="Arial" size="2">
Average Annual Total Return (%) Through 12/31/14</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="11%" valign="bottom" align="center"><font face="Arial" size="1"><b>JUL-DEC
 2014<sup><a href="#32997pg3_*">*</a></sup></b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Arial" size="1"><b>1-YR</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Arial" size="1"><b>3-YR</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Arial" size="1"><b>5-YR</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="4%" valign="bottom" align="center"><font face="Arial" size="1"><b>10-YR
</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Arial" size="1"><b>15-YR
</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="20%" valign="bottom" align="center"><font face="Arial" size="1"><b>SINCE
 INCEPTION (11/1/96)<a href="#32997pg3_**">**</a></b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="15" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">FUND (NAV)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">-11.02</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">0.32</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">10.20</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">7.84</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">6.63</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">10.41</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">9.99</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="15" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1"><a name="32997pg3_*"></a>*Not Annualized</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="14" align="left"><font face="Arial" size="1"><a name="32997pg3_**"></a>
**Date on which Royce &#038; Associates assumed investment management responsibility
 for the Fund.</font></td>
</tr>
</table>
<p><font face="Arial" size="2"><hr size="2" color="#000000" width="70%" align="left"><b>Relative Returns: Monthly Rolling Average
 Annual Return Periods<br></b>15 Years Through 12/31/14</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">On a monthly rolling basis, the Fund outperformed
 the Russell 2500 in 75% of all 10-year periods; 72% of all 5-year periods; 66% of
 all 3-year periods; and 60% of all 1-year periods.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td NOWRAP valign="bottom" align="left" colspan="4"><font face="Arial" size="1"><b>PERIODS BEATING THE INDEX</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td NOWRAP valign="bottom" align="center"><font face="Arial" size="1"><b>FUND AVG (%)<a href="#32997pg3_1_*">*</a></b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td NOWRAP valign="bottom" align="center"><font face="Arial" size="1"><b>INDEX AVG (%)<a href="#32997pg3_1_*">*</a></b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">10-year</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D2D4" width="20%" valign="bottom" align="left"><font face="Arial" size="2">46/61</font></td>
<td bgcolor="#D1D2D4" width="3%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D2D4" width="3%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D2D4" width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">75%</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Arial" size="2">10.7</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Arial" size="2">8.3</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">5-year</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D2D4" valign="bottom" align="left"><font face="Arial" size="2">87/121</font></td>
<td bgcolor="#D1D2D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D2D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#EBEBEB"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">72%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">11.0</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">8.6</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">3-year</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D2D4" valign="bottom" align="left"><font face="Arial" size="2">96/145</font></td>
<td bgcolor="#D1D2D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#EBEBEB"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#EBEBEB"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">66%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">11.3</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">9.2</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">1-year</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D2D4" valign="bottom" align="left"><font face="Arial" size="2">102/169</font></td>
<td bgcolor="#EBEBEB"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#EBEBEB"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#EBEBEB"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">60%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">13.7</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">10.7</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
</table>
<div><font face="Arial" size="1"><a name="32997pg3_1_*"></a>*Average of monthly rolling average annual total returns over the specified periods.</font></div><br>
<hr size="2" color="#000000" noshade width="70%" align="left">
<div><font face="Arial" size="2"><b>Market Price Performance History Since
 Inception (11/1/96)<a href="#32997pg3_1"><sup>1</sup></a></b><br>Cumulative Performance of Investment<a href="#32997pg3_2"><sup>2</sup></a></font></div>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="1"><b>1-YR</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="1"><b>5-YR</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="1"><b>10-YR
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="1"><b>15-YR
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="1"><b>20-YR
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="1"><b>SINCE
 INCEPTION (11/01/96)</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="17" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">FUND</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Arial" size="2">0.6%</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Arial" size="2">45.2%</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Arial" size="2">56.7%</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Arial" size="2">391.9%</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Arial" size="2">N/A</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="19%" valign="bottom" align="center"><font face="Arial" size="2">501.9%</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="17" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" width="4%"><hr color="#000000" size="1"></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" width="14%" align="left"><font face="Arial" size="1">Adjusted Market Price<a href="#32997pg3_2"><sup>2</sup></a></font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" width="5%" align="center"><font face="Arial" size="1">.....</font></td>
<td valign="bottom" width="14%" align="left"><font face="Arial" size="1">Actual Market
 Price<a href="#32997pg3_3"><sup>3</sup></a></font></td>
</tr></table>
<p><img src="mpp.jpg"></p>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><a name="32997pg3_1"></a><sup>1</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1">Royce &#038;
 Associates assumed investment management responsibility for the Fund on 11/1/96.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><a name="32997pg3_2"></a><sup>2</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1">Reflects the
 cumulative performance experience of a continuous common stockholder who reinvested
 all distributions and fully participated in the primary subscription of the Fund&#146;s 2005 rights offering.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><a name="32997pg3_3"></a><sup>3</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1">Reflects the
 actual month-end market price movement of one share as it has traded on Nasdaq.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
</table>
<div><font face="Arial" size="2"><b>Morningstar Style Map<sup>TM</sup></b> &#160;&#160;&#160;As of 12/31/14</font></div>
<p><font face="Arial" size="2"><img src="msp.jpg"></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td><font face="Arial" size="2">The <b>Morningstar Style Map</b> is the
 <b>Morningstar Style Box<sup>TM</sup></b> with the center 75% of fund holdings plotted as
 the <b>Morningstar Ownership Zone<sup>TM</sup></b>. The Morningstar Style Box is designed
 to reveal a fund&#146;s investment strategy. The Morningstar Ownership Zone provides
 detail about a portfolio&#146;s investment style by showing the range of stock sizes
 and styles. The Ownership Zone is derived by plotting each stock in the portfolio
 within the proprietary Morningstar Style Box. Over time, the shape and location
 of a fund&#146;s ownership zone may vary. See page 19 for additional information.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Portfolio Diagnostics</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Fund Net Assets</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="13%" valign="bottom" align="right"><font face="Arial" size="2">$188 million</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Number of
 Holdings</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Turnover Rate</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">29%</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Net Asset
 Value</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$8.26</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Market Price</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$7.27</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Average Market
 Capitalization<a href="#32997pg3_1_1"><sup>1</sup></a></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="right"><font face="Arial" size="2">$5,796 million</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Weighted Average
 P/E Ratio<a href="#32997pg3_2_2"><sup>2</sup></a>,<a href="#32997pg3_3_3"><sup>3</sup></a></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">16.2x</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Weighted Average
 P/B Ratio<a href="#32997pg3_2_2"><sup>2</sup></a></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2.1x</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Holdings &#8805; 75%
 of Total Investments</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">28</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Active Share
<a href="#32997pg3_4_4"><sup>4</sup></a></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">99%</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">U.S. Investments
 (% of Net Assets)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">71.4%</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Non-U.S. Investments
 (% of Net Assets)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">27.1%</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Calendar
 Year Total Returns (%)</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="RIGHT"><font face="Arial" size="1"><b>FUND</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>YEAR</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="RIGHT"><font face="Arial" size="1"><b>(NAV)
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2014</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">0.3</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2013</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">19.7</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2012</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">11.4</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2011</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">-10.5</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2010</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">21.8</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2009</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">54.0</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2008</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">-42.7</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2007</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12.2</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2006</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15.8</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2005</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">13.7</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2004</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">29.3</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2003</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">54.3</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2002</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">-12.5</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2001</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10.0</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">20.9</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Top 10
 Positions</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">% of Net Assets</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Western Digital</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4.7</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Apple</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4.4</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Myriad Genetics</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4.3</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Cirrus Logic</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4.0</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Franklin Resources</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4.0</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Kennedy-Wilson
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<td><font face="Arial" size="1">&#160;</font></td>
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">SanDisk Corporation</font></td>
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Buckle (The)</font></td>
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">TGS-NOPEC
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<td><font face="Arial" size="1">&#160;</font></td>
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Portfolio
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<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">% of Net Assets</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Information
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">20.3</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Materials</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">17.3</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">16.7</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Energy</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12.6</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9.8</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9.6</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Consumer Staples</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6.5</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Health Care</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5.7</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1.5</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="top" align="right"><font face="Arial" size="1"><a name="32997pg3_1_1"></a><sup>1</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>Geometric
 Average.</b> This weighted calculation uses each portfolio holding&#146;s market
 cap in a way designed to not skew the effect of very large or small holdings; instead,
 it aims to better identify the portfolio&#146;s center, which Royce believes offers
 a more accurate measure of average market cap than a simple mean or median.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="1"><a name="32997pg3_2_2"></a><sup>2</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>Harmonic
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 stock and measures it overall. It compares the total market value of the portfolio
 to the portfolio&#146;s share in the earnings or book value, as the case may be,
 of its underlying stocks.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="1"><a name="32997pg3_3_3"></a><sup>3</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1">The Fund&#146;s
 P/E ratio calculation excludes companies with zero or negative earnings (10% of
 portfolio holdings as of 12/31/14).</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="1"><a name="32997pg3_4_4"></a><sup>4</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>Active
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 holding in the Fund versus each holding in the benchmark, divided by two.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Important
 Performance and Risk Information</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="justify"><font face="Arial" size="2">All performance
 information reflects past performance, is presented on a total return basis, and
 reflects the reinvestment of distributions. Past performance is no guarantee of
 future results. Current performance may be higher or lower than performance quoted.
 Returns as of the most recent month-end may be obtained at www.roycefunds.com. The
 market price of the Fund&#146;s shares will fluctuate, so that shares may be worth
 more or less than their original cost when sold. The Fund normally invests primarily
 in small-cap companies, which may involve considerably more risk than investing
 in a larger-cap companies. The Fund also generally invests a significant portion
 of its assets in a limited number of stocks, which may involve considerably more
 risk than a broadly diversified portfolio because a decline in the value of any
 one of these stocks would cause the Fund&#146;s overall value to decline to a greater
 degree. Regarding the &#147;Top Contributors&#148; and &#147;Top Detractors&#148;
 tables shown on page 2, the sum of all contributors to, and all detractors from,
 performance for all securities in the portfolio would approximate the Fund&#146;s
 performance for 2014.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font face="Arial" size="1">2014 Annual
 Report to Stockholders&#160;|&#160;3</font></td>
</tr>
</table>
<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#000000" width="5%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="5">History Since
 Inception</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">The following
 table details the share accumulations by an initial investor in the Funds who reinvested
 all distributions and participated fully in primary
 subscriptions for each of the rights offerings. Full participation in distribution
 reinvestments and rights offerings can maximize the
 returns available to a long-term investor. This table should be read in conjunction
 with the Performance and Portfolio Reviews of
 the Funds.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>HISTORY
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="3" align="center"><font face="Arial" size="1">
<b>AMOUNT INVESTED</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="3" align="center"><font face="Arial" size="1">
<b>PURCHASE PRICE<a href="#32997pg4_1"><sup>1</sup></a></b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Arial" size="1">
<b>SHARES</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="3" align="center"><font face="Arial" size="1"><b>
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<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="3" align="center"><font face="Arial" size="1">
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
<b>Royce Focus Trust</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">10/31/96</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="24%" valign="bottom" align="left"><font face="Arial" size="2">Initial Purchase</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">4,375</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
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<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">1,000</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
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<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
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<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,520</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,594</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5.250</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">101</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,650</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,574</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">12/31/98</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,199</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,367</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4.750</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">34</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,742</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,356</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">12/6/00</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Distribution $0.34</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5.563</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">69</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,151</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,848</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">12/6/01</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Distribution $0.14</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6.010</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">28</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,969</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,193</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">12/6/02</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Distribution $0.09</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5.640</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">19</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,844</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,956</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">12/8/03</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8.250</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">94</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12,105</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">11,406</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Annual distribution
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9.325</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">259</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,639</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">16,794</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">5/6/05</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,669</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8.340</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">320</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Annual distribution
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9.470</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">249</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">21,208</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">20,709</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Annual distribution
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9.860</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">357</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">24,668</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">27,020</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9.159</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">573</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">27,679</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">27,834</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6.535</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">228</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,856</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,323</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3.830</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">78</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">24,408</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">21,579</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">12/31/10</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">29,726</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25,806</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6.894</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">207</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">26,614</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">22,784</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2012</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Annual distribution
 total $0.46</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6.686</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">255</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">29,652</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25,549</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2013</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Annual distribution
 total $0.40</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7.222</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">219</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">35,501</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">31,166</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #D0D0D0;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2014</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Annual distribution
 total $0.42</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7.890</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">222</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D0D0D0">
<td valign="bottom" align="left"><font face="Arial" size="2">12/31/14</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,044</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,312</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">35,617</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">31,348</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><a name="32997pg4_1"></a><sup>1</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1">The purchase
 price used for annual distribution totals is a weighted average of the distribution
 reinvestment prices for the year.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><a name="32997pg4_2"></a><sup>2</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1">Values are
 stated as of December 31 of the year indicated, after reinvestment of distributions.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><a name="32997pg4_3"></a><sup>3</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="1">Includes a
 return of capital.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">4&#160;|&#160;2014 Annual
 Report to Stockholders</font></td>
</tr>
</table>
<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#000000" width="5%"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#000000" width="6%"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="5">Distribution
 Reinvestment and Cash Purchase Options</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Why should
 I reinvest my distributions?</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">By reinvesting
 distributions, a stockholder can maintain an undiluted investment in the Fund. The
 regular reinvestment of distributions has a significant impact on stockholder returns.
 In contrast, the stockholder who takes distributions in cash is penalized when shares
 are issued below net asset value to other stockholders.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>How does the
 reinvestment of distributions from the Royce closed-end funds work?</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">The Funds
 automatically issue shares in payment of distributions unless you indicate otherwise.
 The shares are generally issued at the lower of the market price or net asset value
 on the valuation date.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>How does
 this apply to registered stockholders?</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">If your shares
 are registered directly with a Fund, your distributions are automatically reinvested
 unless you have otherwise instructed the Funds&#146; transfer agent, Computershare,
 in writing, in which case you will receive your distribution in cash. A registered
 stockholder also may have the option to receive the distribution in the form of
 a stock certificate.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>What if
 my shares are held by a brokerage firm or a bank?</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">If your shares
 are held by a brokerage firm, bank, or other intermediary as the stockholder of
 record, you should contact your brokerage firm or bank to be certain that it is
 automatically reinvesting distributions on your behalf. If they are unable to reinvest
 distributions on behalf, you should have your shares registered in your name in
 order to participate.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>What other
 features are available for registered stockholders?</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">The Distribution
 Reinvestment and Cash Purchase Plans also allow registered stockholders to make
 optional cash purchases of shares of a Fund&#146;s common stock directly through
 Computershare on a monthly basis, and to deposit certificates representing your
 FUND shares with Computershare for safekeeping. Plan participants are subject to
 a $0.75 service fee for each voluntary cash purchase under the Plans. The Funds&#146; investment adviser absorbed all commissions on optional cash purchases under
 the Plans through December 31, 2014.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>How do
 the Plans work for registered stockholders?</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Computershare
 maintains the accounts for registered stockholders in the Plans and sends written
 confirmation of all transactions in the account. Shares in the account of each participant
 will be held by Computershare in non-certificated form in the name of the participant,
 and each participant will be able to vote those shares at a stockholder meeting
 or by proxy. A participant may also send stock certificates for FUND held by them
 to Computershare to be held in non-certificated form. There is no service fee charged
 to participants for reinvesting distributions. If a participant elects to sell shares
 from a Plan account, Computershare will deduct a&#160;$2.50 service fee from the sale
 transaction. The Fund&#146;s investment adviser absorbed all commissions on optional
 sales under the Plans through December 31, 2014. If a nominee is the registered
 owner of your shares, the nominee will maintain the accounts on your behalf.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>How can
 I get more information on the Plans?</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">You can call
 an Investor Services Representative at (800) 221-4268 or you can request a copy
 of the Plan for your Fund from Computershare. All correspondence (including notifications)
 should be directed to: [Name of Fund] Distribution Reinvestment and Cash Purchase
 Plan, c/o Computershare, PO Box 43078, Providence, RI 02940-3078, telephone (800)
 426-5523 (from 9:00 A.M. to 5:00 P.M.).</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font face="Arial" size="1">2014 Annual
 Report to Stockholders&#160;|&#160;5</font></td>
</tr>
</table>
<!--page-->

<br clear="all" style="page-break-before:always;">
<p><font face="Arial" size="5">Royce Focus Trust</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Schedule
 of Investments</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Common Stocks
 &#150; 98.5%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>SHARES
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>VALUE
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>CONSUMER
 DISCRETIONARY</b> &#150;<b> 9.6%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">AUTOMOBILES
 - 2.7%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Thor
 Industries</b></font></p></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Arial" size="2">90,000</font></td>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td width="6%" valign="bottom" align="right"><font face="Arial" size="2"><b>5,028,300
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">HOUSEHOLD
 DURABLES - 1.1%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Garmin</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">40,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,113,200
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">SPECIALTY
 RETAIL - 5.8%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Buckle
 (The)</b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,252,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><a href="#32997pg7_dagger">&#134;</a></sup>Chico&#146;s FAS</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">120,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,945,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">GameStop
 Corporation Cl. A</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">110,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,718,000</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>10,915,200
</b></font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $12,807,217)
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>18,056,700
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>CONSUMER
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">FOOD PRODUCTS
 - 5.0%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Cal-Maine
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">65,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,536,950</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Industrias
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">70,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,491,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Sanderson
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">40,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,361,000</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>9,389,550
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">PERSONAL PRODUCTS
 - 1.5%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Nu
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">65,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,840,500
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</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $8,254,539)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>12,230,050
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>ENERGY
</b>&#150;<b> 12.6%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">ENERGY EQUIPMENT
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Helmerich
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,056,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Pason
 Systems</b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">200,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,768,291</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>TGS-NOPEC
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">235,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,084,540</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Trican
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">320,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,534,171</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Unit
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,557,500</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td colspan="2" valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>18,001,002
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</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td colspan="2" valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
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<td valign="bottom" align="left"><font face="Arial" size="2">OIL, GAS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Exxon
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">60,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>5,547,000
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</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $24,821,634)
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>23,548,002
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>FINANCIALS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Ashmore
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,000,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,335,489</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Federated
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">80,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,634,400</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">135,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,474,950</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Sprott</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,750,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,675,332</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Value
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,500,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,923,116</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>21,043,287
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</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Berkshire
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<td valign="bottom" align="right"><font face="Arial" size="2">25,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>3,753,750
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</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">260,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>6,578,000
</b></font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $24,258,625)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>31,375,037
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>HEALTH
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">BIOTECHNOLOGY
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Myriad
 Genetics&#160;<sup><a href="#32997pg7_1">1</a></sup></b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">235,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>8,004,100
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">PHARMACEUTICALS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Medicines
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,767,000
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</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $8,814,855)
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>10,771,100
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>INDUSTRIALS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">CONSTRUCTION
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Jacobs
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,234,500
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</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">MACHINERY
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><b>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">85,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,842,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Lincoln Electric
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,727,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Semperit
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">95,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,597,058</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>10,166,308
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Clarkson</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">80,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,361,409
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</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
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<td valign="bottom" align="left"><font face="Arial" size="2">ROAD &#038;
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">FRP
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">90,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>3,528,900
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</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $16,225,710)
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>18,291,117
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">SEMICONDUCTORS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Cirrus
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<td valign="bottom" align="right"><font face="Arial" size="2">320,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,542,400</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">120,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,392,000</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>11,934,400
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</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">80,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>3,716,000
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</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,278,500</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">55,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,388,900</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">80,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,856,000</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>22,523,400
</b></font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $20,958,061)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>38,173,800
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>MATERIALS
</b>&#150;<b> 17.3%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">CHEMICALS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Mosaic
 Company (The)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">65,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,967,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Westlake
 Chemical</b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,581,750</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>7,549,000
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">METALS &#038;
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Alamos
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">200,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,428,817</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><a href="#32997pg7_dagger">&#134;</a></sup>Franco-Nevada Corporation</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">65,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,197,350</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Fresnillo</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">250,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,966,696</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2"><b>Globe
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">220,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,790,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><a href="#32997pg7_dagger">&#134;</a></sup> Hochschild Mining<sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><a href="#32997pg7_1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,000,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,368,324</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Major
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">250,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,228,697</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Pan
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">140,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,288,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Pretium
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">577,552</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Randgold
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">45,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,033,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Reliance
 Steel &#038; Aluminum</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">60,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,676,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Schnitzer
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">20,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">462,480</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:25px; text-indent:-10px;"><font face="Arial" size="2">Seabridge
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">250,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,887,500</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>24,905,666
</b></font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total (Cost $32,971,434)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>32,454,666
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL COMMON
 STOCKS</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>(Cost $149,112,075)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>184,900,472
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="7" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">6 | 2014 Annual
 Report to Stockholders</font></td>
<td valign="bottom" align="right"><font face="Arial" size="1"><b>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</b></font></td>
</tr>
</table>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="right"><font face="Arial" size="2">December
 31, 2014</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="4" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Schedule
 of Investments (continued)</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>VALUE
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="4" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>REPURCHASE
 AGREEMENT</b>&#150;<b> 1.5%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="left"><font face="Arial" size="2">
Fixed Income Clearing Corporation, 0.00% dated 12/31/14, due 1/2/15, maturity value
 $2,829,000 (collateralized by obligations of various U.S. Government Agencies, 2.625%
 due 1/31/18, valued at $2,890,700)</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="4" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>(Cost $2,829,000)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,829,000
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="4" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="4" align="left"><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL INVESTMENTS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="4" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>(Cost $151,941,075)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>187,729,472
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="4" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>CASH AND
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>19,243
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="4" align="left"><font face="Arial">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="4" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>NET ASSETS
</b>&#150;<b> 100.0%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>187,748,715
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="4" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td colspan="4"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td width="1%" valign="top" align="left"><font face="Arial" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><a name="32997pg7_dagger">&#134;</a></sup></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">New additions
 in 2014.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="32997pg7_1">1</a></sup></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Non-income
 producing.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Bold indicates
 the Fund&#146;s 20 largest equity holdings in terms of December 31, 2014, market value.
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><div align="justify"><b>TAX INFORMATION:
</b> The cost of total investments for Federal income tax purposes was $151,957,317.
 At December 31, 2014, net unrealized appreciation for all securities was $35,772,155,
 consisting of aggregate gross unrealized appreciation of $47,869,791 and aggregate
 gross unrealized depreciation of $12,097,636. The primary difference between book
 and tax basis cost is the timing of the recognition of losses on securities sold.</div></font></td>
</tr>
<tr>
<td colspan="4"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="1">2014 Annual
 Report to Stockholders | 7</font></td>
</tr>
</table>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="5">Royce Focus
 Trust</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">December 31,
 2014</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Statement
 of Assets and Liabilities</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">ASSETS:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Total investments
 at value</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">184,900,472</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Repurchase
 agreements (at cost and value)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,829,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Cash and foreign
 currency</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">859</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Receivable
 for dividends and interest</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">251,895</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Prepaid expenses
 and other assets</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,221</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#F2F2F3">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total Assets
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>187,997,447
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">LIABILITIES:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Payable for
 investment advisory fee</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">159,246</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Payable for
 directors&#146; fees</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">14,887</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Accrued expenses</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">74,599</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total Liabilities
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>248,732
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#CDCED0">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#CDCED0">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Net Assets
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>187,748,715
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">ANALYSIS OF
 NET ASSETS:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>

<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Paid-in capital
 - $0.001 par value per share; 22,731,209 shares outstanding (150,000,000 shares authorized)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">147,635,296</font></td>
<td><font face="Arial" size="1">&#160;</font></td>

</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Undistributed
 net investment income (loss)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">263,408</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Accumulated
 net realized gain (loss) on investments and foreign currency</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,066,612</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Net unrealized
 appreciation (depreciation) on investments and foreign currency</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="right"><font face="Arial" size="2">35,783,399</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#CDCED0">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#CDCED0">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Net Assets
 (net asset value per share - $8.26)</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>187,748,715
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Investments
 at identified cost</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">149,112,075</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">8 | 2014 Annual
 Report to Stockholders</font></td>
<td valign="bottom" align="right"><font face="Arial" size="1"><b>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</b></font></td>
</tr>
</table>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="5">Royce Focus
 Trust</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Year Ended
 December 31, 2014</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Statement
 of Operations</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>INVESTMENT
 INCOME:</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">INCOME:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Dividends</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">3,669,436</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Foreign withholding
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(166,233</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Securities
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">337,234</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#F2F2F3">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total income
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>3,840,437
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">EXPENSES:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Investment
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,990,090</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Stockholder
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">80,737</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">60,675</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">53,196</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">39,092</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">22,193</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">35,467</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#F2F2F3">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total expenses
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,281,450
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(8</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#F2F2F3">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Net expenses
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,281,442
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#D1D2D4">
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<td valign="bottom" align="right"><font face="Arial" size="2"><b>1,558,995
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td valign="bottom" align="right"><font face="Arial" size="2">9,774,345</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(13,553</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(10,968,038</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">(6,148</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
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<td valign="bottom" align="right"><font face="Arial" size="2"><b>(1,213,394</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
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<td valign="bottom" align="right"><font face="Arial" size="2"><b>345,601
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" colspan="6" style="border-top: 2pt solid #000000;">&#160;</td>
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</tr>
</table>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<p><font face="Arial" size="5">Royce Focus Trust</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">INVESTMENT
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">1,558,995</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
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<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9,760,792</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,575,534</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Net change
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<td valign="bottom" align="right"><font face="Arial" size="2">(10,974,186</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">21,821,027</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
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<td valign="bottom" align="left"><font face="Arial" size="2"><b>Net increase
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<td valign="bottom" align="right"><font face="Arial" size="2"><b>345,601
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>31,503,404
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Net investment
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(1,675,831</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(993,984</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">(7,690,254</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(7,656,872</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
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<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total distributions
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>(8,650,856</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">CAPITAL STOCK
 TRANSACTIONS:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Reinvestment
 of distributions</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,333,573</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,994,934</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#F2F2F3">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total capital
 stock transactions</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>5,333,573
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>4,994,934
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Net Increase
 (Decrease) In Net Assets</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>(3,686,911</b></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>)</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>27,847,482
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">NET ASSETS:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Beginning
 of year</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>191,435,626
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>163,588,144
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#CDCED0">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#CDCED0">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Arial" size="2"><b>End of
 year (including undistributed net investment income (loss) of $263,408 at 12/31/14
 and $23,390 at 12/31/13)</b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>187,748,715
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>191,435,626
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="10" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">10 | 2014
 Annual Report to Stockholders</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="1"><b>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</b></font></td>
</tr>
</table>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="5">Royce Focus
 Trust</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Financial
 Highlights</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">This table
 is presented to show selected data for a share of Common Stock outstanding throughout
 each period, and to assist stockholders in evaluating the Fund&#146;s performance
 for the periods
 presented.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="20" align="center"><font face="Arial" size="2">
<b>YEARS ENDED</b></font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="20" style="border-top: 1pt solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/14
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/13
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/12
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/11
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/10
</b></font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Net Asset
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<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
<td width="4%" valign="bottom" align="right"><font face="Arial" size="2"><b>8.68</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
<td width="4%" valign="bottom" align="right"><font face="Arial" size="2"><b>7.66</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
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<td width="4%" valign="bottom" align="right"><font face="Arial" size="2"><b>7.36</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td width="4%" valign="bottom" align="right"><font face="Arial" size="2"><b>8.72</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
<td width="4%" valign="bottom" align="right"><font face="Arial" size="2"><b>7.16</b></font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">INVESTMENT
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">0.07</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">0.05</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">0.06</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.01</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">(0.04</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#F2F2F3">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total distributions
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>&#160;&#160;&#160;&#150;</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>&#160;&#160;&#160;&#150;</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#D1D2D4">
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.08</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.05</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.04</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
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<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.35</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.42</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.29</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.12</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#F2F2F3">
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>(0.41</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>&#160;&#160;&#160;&#150;</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.03</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.03</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.04</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(0.04</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#F2F2F3">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#F2F2F3">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total capital
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>(0.03</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>(0.04</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>&#160;&#160;&#160;&#150;</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Net Asset
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<td valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>8.26</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
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</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="21" style="border-top: 1px solid #000000;">&#160;</td>
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<tr bgcolor="#D1D2D4">
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Market
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<tr style="font-size:1px;">
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">PREFERRED
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">175.86</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">197.29</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Liquidation
 preference per share</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25.00</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25.00</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Average month-end
 market value per share</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25.65</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25.38</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Arial" size="2"><a name="32997pg11_1"></a><sup>1</sup></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><div align="justify">The Market
 Value Total Return is calculated assuming a purchase of Common Stock on the opening
 of the first business day and a sale on the closing of the last business day of
 each period. Dividends and distributions are assumed for the purposes of this calculation
 to be reinvested at prices obtained under the Fund&#146;s Distribution Reinvestment
 and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis,
 except that the Fund&#146;s net asset value is used on the purchase and sale dates
 instead of market value.</div></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><a name="32997pg11_2"><sup>2</sup></a></font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><div align="justify">Expense ratios
 based on total average net assets including liquidation value of Preferred Stock
 were 1.17%, 1.16% and 1.17% for the years ended December 31, 2012, 2011 and 2010,
 respectively.</div></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1"><b>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="1">2014 Annual
 Report to Stockholders | 11</font></td>
</tr>
</table>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<p><font face="Arial" size="5">Royce Focus Trust</font></p>
<p><font face="Arial" size="2"><b>Notes to Financial Statements</b></font></p>
<div><font face="Arial" size="2"><b>Summary of Significant Accounting Policies:
</b></font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">Royce Focus Trust, Inc. (the &#147;Fund&#148;), is
 a diversified closed-end investment company incorporated under the laws of the State
 of Maryland. The Fund commenced operations on March 2, 1988, and Royce &#038; Associates,
 LLC (&#147;Royce&#148;) assumed investment management responsibility for the Fund
 on November 1, 1996.</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The preparation of financial statements
 in conformity with accounting principles generally accepted in the United States
 of America requires management to make estimates and assumptions that affect the
 reported amounts of assets and liabilities and the disclosure of contingent assets
 and liabilities at the date of the financial statements and the reported amounts
 of income and expenses during the reporting period. Actual results could differ
 from those estimates.</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Fund is an investment company and accordingly
 follows the investment company accounting and reporting guidance of the Financial
 Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 &#147;Financial
 Services-Investment Companies&#148;.</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">At December 31, 2014, officers, employees
 of Royce, Fund directors, the Royce retirement plans and other affiliates owned
 30% of the Fund.</font></div>
<br>
<div><font face="Arial" size="2">VALUATION OF INVESTMENTS:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">Securities are valued as of the close of
 trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time)
 on the valuation date. Securities that trade on an exchange, and securities traded
 on Nasdaq&#146;s Electronic Bulletin Board, are valued at their last reported sales
 price or Nasdaq official closing price taken from the primary market in which each
 security trades or, if no sale is reported for such day, at their highest bid price.
 Other over-the-counter securities for which market quotations are readily available
 are valued at their highest bid price, except in the case of some bonds and other
 fixed income securities which may be valued by reference to other securities with
 comparable ratings, interest rates and maturities, using established independent
 pricing services. The Fund values its non-U.S. dollar denominated securities in
 U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by
 a major bank. Securities for which market quotations are not readily available are
 valued at their fair value in accordance with the provisions of the 1940 Act, under
 procedures approved by the Fund&#146;s Board of Directors, and are reported as Level
 3 securities. As a general principle, the fair value of a security is the amount
 which the Fund might reasonably expect to receive for the security upon its current
 sale. However, in light of the judgment involved in fair valuations, there can be
 no assurance that a fair value assigned to a particular security will be the amount
 which the Fund might be able to receive upon its current sale. In addition, if,
 between the time trading ends on a particular security and the close of the customary
 trading session on the NYSE, events occur that are significant and may make the
 closing price unreliable, the Fund may fair value the security. The Fund uses an
 independent pricing service to provide fair value estimates for relevant non-U.S.
 equity securities on days when the U.S. market volatility exceeds a certain threshold.
 This pricing service uses proprietary correlations it has developed between the
 movement of prices of non-U.S. equity securities and indices of U.S.-traded securities,
 futures contracts and other indications to estimate the fair value of relevant non-U.S.
 securities. When fair value pricing is employed, the prices of securities used by
 the Fund may differ from quoted or published prices for the same security. Investments
 in money market funds are valued at net asset value per share.</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">Various inputs are used in determining the
 value of the Fund&#146;s investments, as noted above. These inputs are summarized
 in the three broad levels below:</font></div>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="7%" valign="top" align="right"><font face="Arial" size="2"><b>Level 1
</b></font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="top" align="center"><font face="Arial" size="2">&#150;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">quoted prices
 in active markets for identical securities.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="2"><b>Level 2
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">other significant
 observable inputs (including quoted prices for similar securities, foreign securities
 that may be fair valued and repurchase agreements). The table below includes all
 Level 2 securities. Any Level 2 securities with values based on quoted prices for
 similar securities would be noted in the Schedule of Investments.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="2"><b>Level 3
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><div align="justify">significant
 unobservable inputs (including last trade price before trading was suspended, or
 at a discount thereto for lack of marketability or otherwise, market price information
 regarding other securities, information received from the company and/or published
 documents, including SEC filings and financial statements, or other publicly available
 information).</div></font></td>
</tr>
</table>
<div style="text-indent:20px;"><font face="Arial" size="2">The inputs or methodology used for valuing
 securities are not necessarily an indication of the risk associated with investing
 in those securities.</font></div>
<div style="text-indent:20px;"><font face="Arial" size="2">The following is a summary of the inputs
 used to value the Fund&#146;s investments as of December 31, 2014. For a detailed
 breakout of common stocks by sector classification, please refer to the Schedule
 of Investments.</font></div>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>LEVEL
 1</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">&#160;&#160;&#160;&#160;<b>LEVEL
 2</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>LEVEL
 3</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>TOTAL
</b></font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Common Stocks</font></td>
<td width="5%"><font face="Arial" size="1">&#160;</font></td>
<td width="11%" valign="bottom" align="right"><font face="Arial" size="2">$161,263,839</font></td>
<td width="5%"><font face="Arial" size="1">&#160;</font></td>
<td width="11%" valign="bottom" align="right"><font face="Arial" size="2">$23,636,633</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="11%" valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="5%"><font face="Arial" size="1">&#160;</font></td>
<td width="11%" valign="bottom" align="right"><font face="Arial" size="2"><b>$184,900,472
</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Cash Equivalents</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,829,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>2,829,000
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 2px solid #000000;">&#160;</td>
</tr>
</table>
<p style="text-indent:20px;" align="justify"><font face="Arial" size="2">For the year ended December 31, 2014, certain
 securities have transferred in and out of Level 1 and Level 2 measurements. The
 Fund recognizes transfers between levels as of the end of the reporting period.
 At December 31, 2014, securities valued at $17,183,768 were transferred from Level
 1 to Level 2 within the fair value hierarchy.</font></p>
<p><font face="Arial" size="1">12 | 2014 Annual Report to Stockholders</font></p>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<p><font face="Arial" size="5">Royce Focus Trust</font></p>
<p><font face="Arial" size="2"><b>Notes to Financial
 Statements (continued)</b></font></p>
<div><font face="Arial" size="2">REPURCHASE AGREEMENTS:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Fund may enter into repurchase agreements
 with institutions that the Fund&#146;s investment adviser has determined are creditworthy.
 The Fund restricts repurchase agreements to maturities of no more than seven days.
 Securities pledged as collateral for repurchase agreements, which are held until
 maturity of the repurchase agreements, are marked-to-market daily and maintained
 at a value at least equal to the principal amount of the repurchase agreement (including
 accrued interest). Repurchase agreements could involve certain risks in the event
 of default or insolvency of the counter-party, including possible delays or restrictions
 upon the ability of the Fund to dispose of its underlying securities.</font></div>
<br>
<div><font face="Arial" size="2">FOREIGN CURRENCY:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">Net realized foreign exchange gains or losses
 arise from sales and maturities of short-term securities, sales of foreign currencies,
 expiration of currency forward contracts, currency gains or losses realized between
 the trade and settlement dates on securities transactions, and the difference between
 the amounts of dividends, interest, and foreign withholding taxes recorded on the
 Fund&#146;s books and the U.S. dollar equivalent of the amounts actually received
 or paid. Net unrealized foreign exchange gains and losses arise from changes in
 the value of assets and liabilities, including investments in securities at the
 end of the reporting period, as a result of changes in foreign currency exchange
 rates.</font></div>
<br>
<div><font face="Arial" size="2">SECURITIES LENDING:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Fund loans securities through a lending
 agent to qualified institutional investors for the purpose of realizing additional
 income. Collateral for the Fund on all securities loaned is accepted in cash and
 cash equivalents and invested temporarily by the custodian. The collateral maintained
 is at least 100% of the current market value of the loaned securities. The market
 value of the loaned securities is determined at the close of business of the Fund
 and any additional required collateral is delivered to the Fund on the next business
 day. The Fund retains the risk of any loss on the securities on loan as well as
 incurring the potential loss on investments purchased with cash collateral received
 for securities lending. The Fund&#146;s securities lending income consists of the
 income earned on investing cash collateral, plus any premium payments received for
 lending certain securities, less any rebates paid to borrowers and lending agent
 fees associated with the loan. The lending agent is not affiliated with Royce.</font></div>
<br>
<div><font face="Arial" size="2">TAXES:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">As a qualified regulated investment company
 under Subchapter M of the Internal Revenue Code, the Fund is not subject to income
 taxes to the extent that it distributes substantially all of its taxable income
 for its fiscal year. The Schedule of Investments includes information regarding
 income taxes under the caption &#147;Tax Information&#148;.</font></div>
<br>
<div><font face="Arial" size="2">DISTRIBUTIONS:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Fund pays quarterly distributions on
 the Fund&#146;s Common Stock at the annual rate of 5% of the rolling average of
 the prior four calendar quarter-end NAVs of the Fund&#146;s Common Stock, with the
 fourth quarter distribution being the greater of 1.25% of the rolling average or
 the distribution required by IRS regulations. Prior to November 15, 2012, distributions
 to Preferred Stockholders were accrued daily and paid quarterly. Distributions to
 Common Stockholders are recorded on ex-dividend date. Distributable capital gains
 and/or net investment income were first allocated to Preferred Stockholder distributions,
 with any excess allocable to Common Stockholders. If capital gains and/or net investment
 income were allocated to both Preferred and Common Stockholders, the tax character
 of such allocations was proportional. To the extent that distributions are not paid
 from long-term capital gains, net investment income or net short-term capital gains,
 they will represent a return of capital. Distributions are determined in accordance
 with income tax regulations that may differ from accounting principles generally
 accepted in the United States of America. Permanent book and tax differences relating
 to stockholder distributions will result in reclassifications within the capital
 accounts. Undistributed net investment income may include temporary book and tax
 basis differences, which will reverse in a subsequent period. Any taxable income
 or gain remaining undistributed at fiscal year end is distributed in the following
 year.</font></div>
<br>
<div><font face="Arial" size="2">INVESTMENT TRANSACTIONS AND RELATED INVESTMENT
 INCOME:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">Investment transactions are accounted for
 on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash
 dividend income is recorded at the fair market value of the securities received.
 Interest income is recorded on an accrual basis. Premium and discounts on debt securities
 are amortized using the effective yield-to-maturity method. Realized gains and losses
 from investment transactions are determined on the basis of identified cost for
 book and tax purposes.</font></div>
<br>
<div><font face="Arial" size="2">EXPENSES:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Fund incurs direct and indirect expenses.
 Expenses directly attributable to the Fund are charged to the Fund&#146;s operations,
 while expenses applicable to more than one of the Royce Funds are allocated equitably.
 Certain personnel, occupancy costs and other administrative expenses related to
 the Funds are allocated by Royce under an administration agreement and are included
 in</font></div>
<p align="right"><font face="Arial" size="1">2014 Annual Report to Stockholders | 13</font></p>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<p><font face="Arial" size="5">Royce Focus Trust</font></p>
<p><font face="Arial" size="2"><b>Notes to Financial
 Statements (continued)</b></font></p>
<div><font face="Arial" size="2">EXPENSES (continued):</font></div>
<div><font face="Arial" size="2">administrative and office facilities and
 professional fees. The Fund has adopted a deferred fee agreement that allows the
 Directors to defer the receipt of all or a portion of directors&#146; fees otherwise
 payable. The deferred fees are invested in certain Royce Funds until distributed
 in accordance with the agreement.</font></div>
<br>
<div><font face="Arial" size="2">COMPENSATING BALANCE CREDITS:</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Fund has an arrangement with its custodian
 bank, whereby a portion of the custodian&#146;s fee is paid indirectly by credits
 earned on the Fund&#146;s cash on deposit with the bank. This deposit arrangement
 is an alternative to purchasing overnight investments. Conversely, the Fund pays
 interest to the custodian on any cash overdrafts, to the extent they are not offset
 by credits earned on positive cash balances.</font></div><br>
<div><font face="Arial" size="2"><b>Capital Stock:</b></font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Fund issued 675,314 and 691,786 shares
 of Common Stock as reinvestment of distributions for the years ended December 31,
 2014 and December 31, 2013, respectively.</font></div><br>
<div><font face="Arial" size="2"><b>Investment Advisory Agreement:</b></font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The Investment Advisory Agreement between
 Royce and the Fund provides for fees to be paid at an annual rate of 1.0% of the
 Fund&#146;s average daily net assets. For the year ended December 31, 2014, the
 Fund accrued and paid Royce investment advisory fees totaling $1,990,090. On December
 16, 2014, the Fund&#146;s Board of Directors approved, subject to stockholder approval,
 a new investment advisory agreement with Sprott Asset Management, LP and a new sub-investment
 advisory agreement with Sprott Asset Management U.S.A., Inc. A stockholder meeting
 seeking stockholder approval of these agreements is scheduled to take place on February
 26, 2015.</font></div>
<br>
<div><font face="Arial" size="2"><b>Purchases and Sales of Investment Securities:
</b></font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">For the year ended December 31, 2014, the
 costs of purchases and proceeds from sales of investment securities, other than
 short-term securities, amounted to $55,679,944 and $56,846,748, respectively.</font></div><br>
<div><font face="Arial" size="2"><b>Distributions to Stockholders:</b></font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The tax character
 of distributions paid to common stockholders during 2014 and 2013 was as follows:</font></div>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>DISTRIBUTIONS
 PAID FROM:</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>2014</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>2013</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Ordinary income</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">$1,809,538</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">$1,372,026</font></td>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Long-term
 capital gain</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,556,547</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,278,830</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="6" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$9,366,085</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$8,650,856</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="6" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
</table>
<p style="text-indent:20px;" align="justify"><font face="Arial" size="2">As of December 31, 2014, the tax basis components
 of distributable earnings included in stockholders&#146; equity were as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Net unrealized
 appreciation (depreciation)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">35,767,156</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Post October
 loss*</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(2,286</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Undistributed
 ordinary income</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">537,406</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #D1D2D4;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Undistributed
 capital gains</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,811,143</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#D1D2D4">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#D1D2D4">
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">40,113,419</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 2pt solid #000000;">&#160;</td>
</tr>
</table>
<div><font face="Arial" size="1">*Under the current tax law, capital losses
 and foreign currency losses after October 31 may be deferred and treated as occurring
 on the first day of the following fiscal year. As of December 31, 2014, the Fund
 had $2,286 of post October currency losses.</font></div>
<br>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">The difference between book and tax basis
 unrealized appreciation (depreciation) is attributable primarily to partnership
 investments.</font></div>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">For financial reporting purposes, capital accounts and distributions
 to stockholders are adjusted to reflect the tax character of permanent book/tax
 differences. These differences are primarily due to differing treatments of income
 and gains on various investment securities and foreign currency transactions held
 by the Fund, timing differences and different characterization of distributions
 made by the Fund. For the year ended December 31, 2014, the Fund recorded the following
 permanent reclassifications. Results of operations and net assets were not affected
 by these reclassifications.</font></div>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="70%">
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>UNDISTRIBUTED
 NET</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>ACCUMULATED
 NET</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>INVESTMENT
 INCOME</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>REALIZED
 GAIN (LOSS)</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">$356,855</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">$(356,855)</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 2px solid #000000;">&#160;</td>
</tr>
</table>
<div style="text-indent:20px;" align="justify"><font face="Arial" size="2">Management has analyzed the Fund&#146;s
 tax positions taken on federal income tax returns for all open tax years (2011-2014)
 and has concluded that as of December 31, 2014, no provision for income tax is required
 in the Fund&#146;s financial statements.</font></div>
<p align="left"><font face="Arial" size="1">14	| 2014 Annual Report to
 Stockholders</font></p>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<p><font face="Arial" size="5">Royce Focus Trust</font></p>
<p align="left"><font face="Arial" size="2"><b>Report of Independent
 Registered Public Accounting Firm</b></font></p>
<p align="left"><font face="Arial" size="2">To the Board of Directors and Stockholders
 of<br>Royce Focus Trust, Inc.<br>New York, New York</font></p>
<p align="justify"><font face="Arial" size="2">We have audited the accompanying statement
 of assets and liabilities of Royce Focus Trust, Inc., (&#147;Fund&#148;) including
 the schedule of investments, as of December 31, 2014, and the related statement
 of operations for the year then ended, the statements of changes in net assets for
 each of the two years in the period then ended and the financial highlights for
 each of the five years in the period then ended. These financial statements and
 financial highlights are the responsibility of the Fund&#146;s management. Our responsibility
 is to express an opinion on these financial statements and financial highlights
 based on our audits.</font></p>
<p align="justify"><font face="Arial" size="2">We conducted our audits in accordance with
 the standards of the Public Company Accounting Oversight Board (United States).
 Those standards require that we plan and perform the audit to obtain reasonable
 assurance about whether the financial statements and financial highlights are free
 of material misstatement. The Fund is not required to have, nor were we engaged
 to perform, an audit of its internal control over financial reporting. Our audits
 included consideration of internal control over financial reporting as a basis for
 designing audit procedures that are appropriate in the circumstances, but not for
 the purpose of expressing an opinion on the effectiveness of the Fund&#146;s internal
 control over financial reporting. Accordingly, we express no such opinion. An audit
 includes examining, on a test basis, evidence supporting the amounts and disclosures
 in the financial statements. Our procedures included confirmation of securities
 owned as of December 31, 2014, by correspondence with the custodian. An audit also
 includes assessing the accounting principles used and significant estimates made
 by management, as well as evaluating the overall financial statement presentation.
 We believe that our audits provide a reasonable basis for our opinion.</font></p>
<p align="justify"><font face="Arial" size="2">In our opinion, the financial statements
 and financial highlights referred to above present fairly, in all material respects,
 the financial position of Royce Focus Trust, Inc. at December 31, 2014, the results
 of its operations for the year then ended, the changes in its net assets for each
 of the two years in the period then ended and the financial highlights for each
 of the five years in the period then ended, in conformity with accounting principles
 generally accepted in the United States of America.</font></p>
<p><font face="Arial" size="2">TAIT, WELLER, &#038; BAKER LLP</font></p>
<p><font face="Arial" size="2">Philadelphia, Pennsylvania<br>February 23,
 2015</font></p>
<p align="right"><font face="Arial" size="1">2014 Annual Report to Stockholders | 15</font></p>
<br>
<div align="left">&#160;</div>
<!--page-->
<br clear="all" style="page-break-before:always;">
<!--page-->
<br clear="all" style="page-break-before:always;">
<p><font face="Arial" size="5">Directors and Officers</font></p>
<p><font face="Arial" size="3"><b>All Directors and Officers may be reached
 c/o The Royce Funds, 745 Fifth Avenue, New York, NY 10151</b></font></p>
<p><font face="Arial" size="2"><b>Charles
 M. Royce, Director<a href="#32997pg16_1"><sup>1</sup></a>, President</b><br>Age: 75 | Number of Funds Overseen: 33 | Tenure:
 Since 1982<br> <b>Non-Royce Directorships</b>: Director of TICC Capital Corp. <br>Principal
 Occupation(s) During Past Five Years: Chief Executive Officer and Chairman of Board
 of Managers of Royce &#038; Associates, LLC (&#147;Royce&#148;), the Trust&#146;s
 investment adviser.</font>
<br><br><font face="Arial" size="2"><b>W. Whitney
 George, Director<a href="#32997pg16_1"><sup>1</sup></a>, Vice President<br></b>Age: 56 | Number of Funds Overseen: 1 |
 Tenure: Since 2013<br> <b>Non-Royce Directorships</b>: None<br> <b>Principal Occupation(s)
 During Past Five Years</b>: Managing Director and Vice President of Royce, having
 been employed by Royce since October 1991.</font>
<p><hr size="1" color="#000000" noshade align="left"></p>
<font face="Arial" size="2"><b>Patricia W.
 Chadwick, Director</b><br>
Age: 66 | Number of Funds Overseen: 33 | Tenure: Since 2009<br> <b>Non-Royce
 Directorships</b>: Trustee of ING Mutual Funds and Director of Wisconsin Energy Corp.<br> <b>Principal
 Occupation(s) During Past 5 Years</b>: Consultant and President of Ravengate Partners
 LLC (since 2000).</font>
<br><br><font face="Arial" size="2"><b>Richard M.
 Galkin, Director</b><br>Age: 76 | Number of Funds Overseen: 33 | Tenure: Since 1982<br> <b>Non-Royce
 Directorships</b>: None<br> <b>Principal Occupation(s) During Past Five Years</b>: Private investor.
 Mr. Galkin&#146;s prior business experience includes having served as President of
 Richard M. Galkin Associates, Inc., telecommunications consultants, President of
 Manhattan Cable Television (a subsidiary of Time, Inc.), President of Haverhills
 Inc. (another Time, Inc. subsidiary), President of Rhode Island Cable Television,
 and Senior Vice President of Satellite Television Corp. (a subsidiary of Comsat).</font>
<br><br><font face="Arial" size="2"><b>Stephen L.
 Isaacs, Director</b><br>Age: 75 | Number of Funds Overseen: 33 | Tenure: Since 1989<br> <b>Non-Royce
 Directorships</b>: None<br> <b>Principal Occupation(s) During Past Five Years</b>: Attorney and
 President of Health Policy Associates, Inc., consultants. Mr. Isaacs&#146;s prior
 business experience includes having served as President of the Center for Health and
 Social Policy (from 1996 to 2012); Director of Columbia University Development Law
 and Policy Program and Professor at Columbia University (until August 1996).</font>
<br><br><font face="Arial" size="2"><b>Arthur S.
 Mehlman, Director</b><br>Age: 72 | Number of Funds Overseen: 51 | Tenure: Since 2004<br> <b>Non-Royce
 Directorships</b>: Director/Trustee of registered investment companies constituting the
 18 Legg Mason Funds.<br> <b>Principal Occupation(s) During Past Five Years</b>: Director of
 The League for People with Disabilities, Inc.; Director of University of Maryland Foundation
 (non-profits). Formerly: Director of Municipal Mortgage &#038; Equity, LLC (from
 October 2004 to April 1, 2011); Director of University of Maryland College Park Foundation
 (non-profit) (from 1998 to 2005); Partner, KPMG LLP (international accounting firm)
 (from 1972 to 2002); Director of Maryland Business Roundtable for Education (from
 July 1984 to June 2002).</font>
<br><br><font face="Arial" size="2"><b>David L. Meister,
 Director</b><br>Age: 75 | Number of Funds Overseen: 33 | Tenure: Since 1982<br> <b>Non-Royce Directorships</b>:
 None<br> <b>Principal Occupation(s) During Past Five Years</b>: Consultant. Chairman and Chief
 Executive Officer of The Tennis Channel (from June 2000 to March 2005). Mr. Meister&#146;s prior business experience includes having served as Chief Executive Officer
 of Seniorlife.com, a consultant to the communications
 industry, President of Financial News Network, Senior Vice President of HBO, President
 of Time-Life Films, and Head of Broadcasting for Major League Baseball.</font><br><br>
<font face="Arial" size="2"><b>G. Peter O&#146;Brien, Director</b><br>Age: 69 | Number of Funds Overseen: 51 | Tenure: Since 2001<br> <b>Non-Royce
 Directorships</b>: Director/Trustee of registered investment companies constituting the
 18 Legg Mason Funds; Director of TICC Capital Corp.<br> <b>Principal Occupation(s) During
 Past Five Years</b>: Trustee Emeritus of Colgate University (since 2005); Board Member
 of Hill House, Inc. (since 1999); Formerly: Trustee of Colgate University (from 1996
 to 2005), President of Hill House, Inc. (from 2001 to 2005) and Managing Director/Equity
 Capital Markets Group of Merrill Lynch &#038; Co. (from 1971 to 1999).</font><br><br>
<p><hr size="1" color="#000000" noshade align="left"></p>
<font face="Arial" size="2"><b>John D. Diederich,
 Vice President and Treasurer</b><br>Age: 63 | Tenure: Since 2001<br> <b>Principal Occupation(s)
 During Past Five Years</b>: Chief Operating Officer, Managing Director and member of
 the Board of Managers of Royce; Chief Financial Officer of Royce; Director of Administration
 of the Trust; and President of RFS, having been employed by Royce since April 1993.</font><br><br>
<font face="Arial" size="2"><b>Jack E. Fockler,
 Jr., Vice President</b><br>Age: 56 | Tenure: Since 1995<br> <b>Principal Occupation(s) During Past
 Five Years</b>: Managing Director and Vice President of Royce, and Vice President of
 RFS, having been employed by Royce since October 1989.</font><br><br>
<font face="Arial" size="2"><b>Daniel A.
 O&#146;Byrne, Vice President and Assistant Secretary</b><br>Age: 52 | Tenure: Since 1994<br> <b>Principal
 Occupation(s) During Past Five Years</b>: Principal and Vice President of Royce, having
 been employed by Royce since October 1986.</font><br><br>
<font face="Arial" size="2"><b>Christopher
 D. Clark, Vice President</b><br>Age: 49 | Tenure: Since 2014<br> <b>Principal Occupation(s) During
 Past Five Years</b>: President (since July 2014), Co-Chief Investment Officer (Since
 January 2014) and Managing Director of Royce, having been employed by Royce since
 May 2007.</font><br><br>
<font face="Arial" size="2"><b>Francis D.
 Gannon, Vice President</b><br>Age: 47 | Tenure: Since 2014<br> <b>Principal Occupation(s) During
 Past Five Years</b>: Co-Chief Investment Officer (Since January 2014) and Managing Director
 of Royce, having been employed by Royce since September 2006.</font><br><br>
<font face="Arial" size="2"><b>John E. Denneen,
 Secretary and Chief Legal Officer</b><br>Age: 47 | Tenure: 1996-2001 and Since April 2002<br> <b>Principal
 Occupation(s) During Past Five Years</b>: General Counsel, Chief Legal and Compliance
 Officer, and Secretary of Royce; Secretary and Chief Legal Officer of The Royce Funds.</font><br><br>
<font face="Arial" size="2"><b>Lisa Curcio,
 Chief Compliance Officer</b><br>Age: 55 | Tenure: Since 2004<br> <b>Principal Occupation(s) During
 Past Five Years</b>: Chief Compliance Officer of The Royce Funds (since October 2004)
 and Compliance Officer of Royce (since June 2004).</font></p>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1"><a name="32997pg16_1"></a><sup>1</sup>&#160;&#160;Interested
 Director.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">&#160;&#160;&#160;&#160;Director will
 hold office until their successors have been duly elected and qualified or until
 their earlier resignation or removal.</font></td>
</tr>
</table>
<br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">16 | 2014
 Annual Report to Stockholders</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Arial" size="5">Board Approval
 of Investment Advisory Agreements</font></p>
<p><font face="Arial" size="3"><b>Board Approval
 of New Investment Advisory and Subadvisory Agreements for Royce Focus Trust, Inc.</b></font><br>
<font face="Arial" size="2">The Board
 of Directors of Royce Focus Trust, Inc. (the &#147;Board&#148;) met in person at
 a regularly scheduled meeting on December 15-16, 2014, for purposes of, among other
 things, considering whether it would be in the best interests of Royce Focus Trust,
 Inc. (the &#147;Fund&#148;) and its stockholders to approve a new investment advisory
 agreement by and between the Fund and Sprott Asset Management L.P. (the &#147;New Investment
 Advisory Agreement&#148;) and a new investment subadvisory agreement by and among
 the Fund, Sprott Asset Management L.P., and Sprott Asset Management USA Inc. (the
 &#147;New Investment Subadvisory Agreement&#148; and, together with the New Investment Advisory
 Agreement, the &#147;New Agreements&#148;).</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;<b>The implementation
 of the New Agreements is contingent on separate stockholder approval of each New
 Agreement and the election of a new slate of Directors to the Board as set forth
 in more detail in the Fund&#146;s Proxy Statement dated January 6, 2015 (the &#147;Proxy
 Statement&#148;). In the event all of the proposals described in the Proxy Statement
 do not receive the required stockholder approvals, the New Agreements will not be
 implemented and Royce &#038; Associates, LLC (&#147;R&#038;A&#148;) will remain the
 investment adviser to the Fund.</b></font><br></p>
<p><font face="Arial" size="2">In connection
 with the Board&#146;s review of the New Agreements, the current directors who are
 not &#147;interested persons&#148; of the Fund within the meaning of the Investment
 Company Act of 1940 (collectively, the &#147;Current Independent Directors&#148;)
 requested, and Sprott provided the Board with, information about a variety of matters,
 including, without limitation, the following information:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"></td>
<td width="1%" valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td width="1%"></td>
<td valign="top" align="left"><font face="Arial" size="2">Information
 regarding the financial condition of Sprott Asset Management L.P. (&#147;Sprott Asset&#148;) and Sprott Asset Management USA Inc. (&#147;Sprott USA&#148; and, together
 with Sprott Asset, &#147;Sprott&#148;) and any related future business initiatives;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">The expected
 investment advisory compensation to be payable by the Fund to Sprott Asset under
 the New Investment Advisory Agreement;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">The expected
 investment Subadvisory compensation, if any, to be payable by Sprott Asset to Sprott
 USA under the New Investment Subadvisory Agreement;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Comparative
 fee and expense information for registered investment companies similar to the Fund
 as identified by Morningstar Associates, LLC (&#147;Morningstar&#148;);</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Background
 information on the qualifications and experience of Sprott senior management and
 the key professional personnel that are expected to provide services to the Fund;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">A description
 of the nature, extent, and quality of services Sprott expects to provide to the Fund
 and how such services may differ from those provided to the Fund by R&#038;A;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Information
 on compliance matters, including background information on the qualifications and
 experience of the expected Chief Compliance Officer for the Fund and a summary of
 Sprott compliance programs that will be applicable to the Fund;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Comparative
 investment performance information for registered investment companies similar to
 the Fund as identified by Morningstar;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Information
 regarding broker selection, trade allocation, brokerage &#147;recapture,&#148; and
 &#147;soft dollars;&#148; and</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Information
 on current legal matters.</font></td>
</tr>
<tr>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
</tr>
<tr>
<td valign="top" colspan="4" align="left"><font face="Arial" size="2">
In connection with the Board&#146;s review of the New Agreements, the Current Independent
 Directors considered the matters set forth above along with the following information:</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">W. Whitney
 George, the Fund&#146;s portfolio manager since 2002, is leaving R&#038;A and has
 entered into a one-year employment agreement with Sprott Asset, to go into effect
 upon the effective date of the New Agreements;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Mr. George&#146;s long portfolio management tenure with the Fund and its historical investment
 performance, which included past periods of significantly
 outperforming its then-current benchmark index and Morningstar peer group;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Sprott&#146;s
 assurance that there will not be any diminution in the nature, quality, and extent
 of services provided to the Fund following implementation of the New Agreements;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Sprott&#146;s
 expectation that the Fund will be managed in substantially the same manner after implementation of the New Agreements as it has been under the Current Investment
 Advisory Agreement;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Sprott&#146;s
 indication that it has no present intention to increase the investment advisory fee
 rate set forth in the current investment advisory agreement by and between the Fund
 and R&#038;A (the &#147;Current Investment Advisory Agreement&#148;);</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">That the Fund&#146;s portfolio is unlike that of any other Royce Fund;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Mr. George&#146;s significant ownership stake in the Fund;</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Sprott&#146;s
 experience in managing pooled investment vehicles and accounts; and</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#149;</font></td>
<td></td>
<td valign="top" align="left"><font face="Arial" size="2">Sprott and
 R&#038;A have agreed to pay all: (i) fees and expenses of the Fund in connection
 with the Board&#146;s consideration of the New Agreements and (ii) costs of seeking
 stockholder approval of the New Agreements and the new slate of Directors.</font></td>
</tr>
</table>
<br>
<p><font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;At the December
 15-16, 2014 meeting, the Board and the Current Independent Directors, voting separately,
 determined that the New Agreements are in the best interests of the Fund in light
 of the services, personnel, expenses and such other matters as the Board considered
 to be relevant in the exercise of its reasonable business judgment and approved them
 for their initial terms.</font><br><br><font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;To reach this
 determination, the Board considered its duties under the Investment Company Act of
 1940 (the &#147;1940 Act&#148;) as well as under the general principles of state
 law in reviewing and approving advisory contracts; the requirements of the 1940 Act
 in such matters; the fiduciary duty of investment advisers with respect to advisory agreements
 and the receipt of investment advisory compensation; the standards used by courts
 in determining whether investment company boards have fulfilled their duties; and
 the factors to be considered by the Board in voting on such agreements. To assist the
 Board in its evaluation of each of the New Agreements, the Current Independent Directors
 received materials in advance of the Board meeting from Sprott and R&#038;A. The
 Directors also met with a senior executive of Sprott and Mr. George. The Current
 Independent Directors also met separately with their independent legal counsel to
 discuss the information provided by Sprott and R&#038;A. The Board applied its business
 judgment to determine whether the arrangements by and among the Fund, Sprott Asset,
 and Sprott USA are reasonable business arrangements from the Fund&#146;s perspective
 as well as from the perspective of its stockholders.</font><br><br><font face="Arial" size="3"><b>The nature,
 extent, and, quality of services to be provided by Sprott Asset and Sprott USA.</b></font><br><font face="Arial" size="2">The Board
 considered the following factors to be of fundamental importance to its consideration
 of whether to approve the New Agreements: (i) Mr. George&#146;s long tenure as the
 portfolio manager of the Fund; (ii) Mr. George&#146;s 33 years of value investing
 experience and related track record; (iii) Mr. George&#146;s focus on mid-cap, small-cap, and
 micro-cap value investing; (iv) background information on the qualifications and
 experience of Sprott senior management and the key professional personnel that are
 expected to provide services to the Fund; and (v) Sprott&#146;s experience in managing
 pooled investment vehicles and accounts and its related organizational capabilities.</font><br><br><font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;The Board
 found that the investment advisory services provided by R&#038;A to the Fund under
 the Current Investment Advisory Agreement are substantially identical to the investment
 advisory services to be provided by Sprott to the Fund under the New Agreements.
 The Board also considered the fact that R&#038;A provided, and Sprott is expected
 to provide, certain administrative services to the Fund at cost pursuant to the relevant
 administration agreement. The Board determined that the overall services to be provided
 to the Fund by Sprott would</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font face="Arial" size="1">2014
 Annual Report to Stockholders | 17</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Arial" size="5">Board Approval
 of Investment Advisory Agreements (continued)</font></p>
<p><font face="Arial" size="2">be substantially
 identical to those previously provided to the Fund by R&#038;A. As it had in its
 previous considerations of the renewal of the Current Investment Advisory Agreement
 in respect of R&#038;A&#146;s management of the Fund, the Board concluded that the
 nature and quality of the services to be provided by Sprott to the Fund would be suitable
 for the Fund.</font><br><br>
<font face="Arial" size="3"><b>Investment
 performance.</b></font><br>
<font face="Arial" size="2">The Fund,
 like other R&#038;A managed funds, uses a risk-averse, value approach to investing.
 In light of that approach, the Board believes that risk-adjusted performance continues
 to be the most appropriate measure of the Fund&#146;s investment performance. One
 measure of risk-adjusted performance the Board has historically used in its review of
 the Fund&#146;s performance is the Sharpe Ratio. The Sharpe Ratio is a risk-adjusted
 measure of performance developed by Nobel Laureate William Sharpe. It is calculated
 by dividing a fund&#146;s annualized excess returns by its annualized standard deviation
 to determine reward per unit of risk. The higher the Sharpe Ratio, the better a fund&#146;s historical risk-adjusted performance. The Board attaches primary importance
 to risk-adjusted performance over relatively long periods of time, typically 3 to
 10 years.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;The Fund&#146;s
 use of preferred stock leverage from November 1997 to mid-November 2012, however,
 served to offset R&#038;A&#146;s risk-averse, value approach by increasing return
 volatility (i.e., standard deviation). The Fund&#146;s recent over-weighting of metals
 and mining stocks, its focus on more cyclical &#147;quality&#148; stocks, and the
 greater proportion of yield-oriented securities (e.g., master limited partnerships,
 real estate investment trusts, and utilities) in the Russell 2500 Index, the Fund&#146;s current benchmark index, also adversely affected the Fund&#146;s absolute and
 relative investment performance. Using Morningstar data, the Board noted that the
 Fund&#146;s Sharpe Ratio placed in the fourth quartile in the Mid Cap Growth category
 assigned by Morningstar for the 3-year, 5-year, and 10-year periods ended December
 31, 2013.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;The Board
 also noted that the Fund&#146;s relative performance has improved significantly since
 short-term interest rates hit their lows on May 2, 2013. The Board further noted
 the Fund&#146;s annualized total returns for the 3-year, 5-year, and 10-year periods
 ended October 31, 2014 were 9.16%, 11.32%, and 8.34%, respectively while those of
 the Russell 2500 Index for those same periods were 19.03%, 18.40%, and 9.18%, respectively.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;The Board
 noted that Mr. George has served as the Fund&#146;s portfolio manager since 2002
 and that the Fund had enjoyed periods of significant investment outperformance relative
 to its then-current benchmark index and Morningstar peer group during his tenure. The
 Board further noted that the portfolio management strategy and methods used in managing
 the Fund are not expected to change as a result of implementation of the New Agreements.
 Finally, the Board noted that Mr. George had also served as a portfolio manager or assistant
 portfolio manager on a number of R&#038;A managed funds that invest in micro-cap,
 small-cap, and mid-cap issuers.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;Although the
 Board recognized that past performance is not necessarily an indicator of future
 results, it found that Mr. George, Sprott Asset, and Sprott USA had the necessary
 qualifications, experience and track record in managing micro-cap, small-cap, and mid-cap
 securities to manage the Fund. In light of the foregoing, the Directors determined
 that Sprott Asset was an appropriate investment adviser for the Fund and that Sprott
 USA was an appropriate investment subadviser for the Fund.</font><br><br>
<font face="Arial" size="3"><b>Cost of the
 services provided and profits realized by Sprott from its relationships with the
 Fund.</b></font><br>
<font face="Arial" size="2">Because the
 engagement of Sprott Asset and Sprott USA for the provision of investment management
 services to the Fund is new, there was no related historical cost or profitability
 information for the Board to review in connection with its consideration of each
 of the New Agreements. As a result, this factor was generally not considered by the
 Board.</font><br><br><font face="Arial" size="3"><b>The extent
 to which economies of scale would be realized as the Fund grows and whether fee levels
 would reflect such economies of scale.</b></font><br>
<font face="Arial" size="2">The Board
 noted that the investment advisory fee rate payable by the Fund would not change
 in connection with the transition of investment management services from R&#038;A
 to Sprott. As it had in its previous considerations of the renewal of the Current
 Investment Advisory Agreement, the Board considered whether there have been economies
 of scale in respect of the management of the Fund, whether the Fund has appropriately
 benefited from any economies of scale and whether there is potential for realization
 of any further economies of scale. The Board again noted the time and effort involved
 in managing portfolios of micro-, small-, and mid-cap stocks and that they did not
 involve the same efficiencies as do portfolios of large-cap stocks. As it had in
 its previous approvals of the renewal of the Current Investment Advisory Agreement,
 the Board concluded that the current fee structure for the Fund was reasonable, that stockholders
 sufficiently participated in economies of scale, and that no changes were currently
 necessary.</font><br><br>
<font face="Arial" size="3"><b>Comparison
 of services to be rendered and fees to be paid to those under other investment advisory
 contracts, such as contracts of the same and other investment advisers or other clients.</b></font><br>
<font face="Arial" size="2">The Board
 noted that: (i) the rate of investment advisory compensation payable by the Fund
 to R&#038;A under the Current Investment Advisory Agreement is the same as the rate
 of investment advisory compensation to be payable by the Fund to Sprott Asset under
 the New Investment Advisory Agreement; (ii) neither the Fund nor Sprott Asset will
 compensate Sprott USA for the services provided by Sprott USA under the New Investment
 Subadvisory Agreement; (iii) Sprott did not manage any pooled investment vehicles
 or accounts with an investment objective or investment strategy similar to those
 used to manage the Fund; and (iv) Sprott did not manage any investment companies registered
 under the 1940 Act.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;As it had
 in its previous considerations of the renewal of the Current Investment Advisory
 Agreement, the Board compared the investment advisory fee payable by the Fund under
 the New Investment Advisory Agreement to contracts of other investment advisers to registered
 investment companies investing in micro-, small-, and mid-cap stocks, as provided
 by Morningstar. The Board noted that the Fund&#146;s investment advisory fee based
 on its average net asset level for the year ended December 31, 2013 fell within the
 4th quartile (88th percentile) of its Morningstar-assigned open-end peer group. The
 Board also noted that the Fund&#146;s net expense ratio based on average net assets
 for the year ended December 31, 2013 fell within the 3rd quartile (69th percentile)
 of its Morningstar-assigned open-end peer group, 8 basis points above the Morningstar
 peer group median (1.09%). Finally, the Board noted that the Fund&#146;s net expense
 ratio based on average net assets for the 10-month period ended October 31, 2014
 was 1.14%.</font><br><br>
<font face="Arial" size="3"><b>Conclusion</b></font><br>
<font face="Arial" size="2">It was noted
 that no single factor was cited as determinative to the decision of the Directors.
 Rather, after weighing all of the considerations and conclusions discussed above,
 the entire Board, including all of the Current Independent Directors, approved the
 New Investment Advisory Agreement and the New Investment Subadvisory Agreement, concluding
 that having the Fund enter into the New Agreements was in the best interest of the
 stockholders of the Fund and that the investment advisory fee rate was reasonable
 in relation to the services provided.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="1">18 | 2014
 Annual Report to Stockholders</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Arial" size="5">Notes to Performance
 and Other Important Information</font></p>
<p><font face="Arial" size="2">The thoughts
 expressed in this <i>Review and Report</i> concerning recent market movements and future
 prospects for small company stocks are solely the opinion of Royce at December 31,
 2014, and, of course, historical market trends are not necessarily indicative of
 future market movements. Statements regarding the future prospects for particular securities
 held in the Fund&#146;s portfolio and Royce&#146;s investment intentions with respect
 to those securities reflect Royce&#146;s opinions as of December 31, 2014 and are
 subject to change at any time without notice. There can be no assurance that securities
 mentioned in this <i>Review and Report</i> will be included in any Royce-managed portfolio
 in the future. Investments in securities of micro-cap, small-cap and/or mid-cap companies
 may involve considerably more risk than investments in securities of larger-cap companies.
 All publicly released material information is disclosed by the Funds on the website
 at www.roycefunds.com.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;Sector weightings
 are determined using the Global Industry Classification Standard (&#147;GICS&#148;).
 GICS was developed by, and is the exclusive property of, Standard &#038; Poor&#146;s
 Financial Services LLC (&#147;S&#038;P&#148;) and MSCI Inc. (&#147;MSCI&#148;). GICS
 is the trademark of S&#038;P and MSCI. &#147;Global Industry Classification Standard
 (GICS)&#148; and &#147;GICS Direct&#148; are service marks of S&#038;P and MSCI.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;All indexes
 referred to are unmanaged and capitalization weighted. Each index&#146;s returns
 include net reinvested dividends and/or interest income. Russell Investment Group
 is the source and owner of the trademarks, service marks, and copyrights related
 to the Russell Indexes. Russell<sup>&#174;</sup> is a trademark of Russell Investment Group. The
 Russell 2500 is an index of 2,500 smallest publicly traded U.S. companies in the
 Russell 3000 Index. The performance of an index does not represent exactly any particular investment,
 as you cannot invest directly in an index. Returns for the market indexes used in
 this report were based on information supplied to Royce by Russell Investments.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;The Price-Earnings,
 or P/E, Ratio is calculated by dividing a company&#146;s share price by its trailing
 12-month earnings-per share (EPS). The Price-to-Book, or P/B, Ratio is calculated
 by dividing a company&#146;s share price by its book value per share. The Morningstar
 Style Map uses proprietary scores of a stock&#146;s value and growth characteristics
 to determine its placement in one of the five categories listed on the horizontal
 axis. These characteristics are then compared to those of other stocks within the
 same market capitalization band. Each is scored from zero to 100 for both value and
 growth attributes. The value score is subtracted from the growth score to determine
 the overall style score. For the vertical, market cap axis, Morningstar subdivides
 into size groups. Giant-cap stocks are defined as those that account for the top
 40% of the capitalization of each style zone; large-cap stocks represent the next
 30%; mid-cap stocks the next 20%; small-cap stocks the next 7%; micro-cap stocks
 the smallest 3%. The Royce Funds is a service mark of The Royce Funds. Distributor: Royce
 Fund Services, Inc.</font><br></p>
<div><font face="Arial" size="3"><b>Forward-Looking Statements</b></font></div>
<div><font face="Arial" size="2">This material
 contains forward-looking statements within the meaning of the Securities Exchange
 Act of 1934, as amended (the &#147;Exchange Act&#148;), that involve risks and uncertainties,
 including, among others, statements as to:</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Arial" size="2">&#149;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">the Fund&#146;s
 future operating results</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#149;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">the prospects
 of the Fund&#146;s portfolio companies</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#149;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">the impact
 of investments that the Fund has made or may make</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#149;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">the dependence
 of the Fund&#146;s future success on the general economy and its impact on the companies
 and industries in which the Fund invests, and</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#149;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">the ability
 of the Fund&#146;s portfolio companies to achieve their objectives.</font></td>
</tr>
</table>
<p><font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;This <i>Review
 and Report</i> uses words such as &#147;anticipates,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;future,&#148; &#147;intends,&#148; and similar expressions to identify
 forward-looking statements. Actual results may differ materially from those projected
 in the forward-looking statements for any reason.</font><br><br>
<font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;The Fund has
 based the forward-looking statements included in this <i>Review and Report</i> on information
 available to us on the date of the report, and we assume no obligation to update
 any such forward-looking statements. Although the Fund undertakes no obligation to
 revise or update any forward-looking statements, whether as a result of new information,
 future events or otherwise, you are advised to consult any additional disclosures
 that we may make through future stockholder communications or reports.</font><br><br>
<font face="Arial" size="3"><b>Authorized
 Share Transactions</b></font><br>
<font face="Arial" size="2">Royce Focus
 Trust is authorized to offer its common stockholders an opportunity to subscribe
 for additional shares of its common stock through rights offerings at a price per
 share that may be less than the share&#146;s then current net asset value. The timing
 and terms of any such offerings are within the Board&#146;s discretion.</font><br><br>
<font face="Arial" size="3"><b>Annual Certifications</b></font><br>
<font face="Arial" size="2">As required,
 the Fund has submitted to the Nasdaq for Royce Focus Trust, the annual certification
 of the Fund&#146;s Chief Executive Officer that he is not aware of any violation
 of the Nasdaq&#146;s Corporate Governance listing standards. The Fund also has included
 the certification of the Fund&#146;s Chief Executive Officer and Chief Financial
 Officer required by section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to
 the Fund form N-CSR for the period ended December 31, 2014, filed with the Securities
 and Exchange Commission.</font><br><br>
<font face="Arial" size="3"><b>Proxy Voting</b></font><br>
<font face="Arial" size="2">A copy of
 the policies and procedures that The Royce Funds use to determine how to vote proxies relating to portfolio securities and information regarding how each of The Royce
 Funds voted proxies relating to portfolio securities during the most recent 12-month
 period ended June 30 is available, without charge, on The Royce Funds&#146; website
 at www.roycefunds.com, by calling (800) 221-4268 (toll-free) and on the website of
 the Securities and Exchange Commission (&#147;SEC&#148;), at www.sec.gov.</font><br><br>
<font face="Arial" size="3"><b>Form N-Q Filing</b></font><br>
<font face="Arial" size="2">The Fund files
 its complete schedule of investments with the SEC for the first and third quarters
 of each fiscal year on Form N-Q. The Fund&#146;s Form N-Q is available on the SEC&#146;s website at www.sec.gov. The Fund&#146;s holdings are also on the Fund&#146;s
 website approximately 15 to 20 days after each calendar quarter end and remain available
 until the next quarter&#146;s holdings are posted. The Fund&#146;s Form N-Q may also
 be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C.
 To find out more about this public service, call the SEC at (800) 732-0330. The Fund&#146;s complete schedule of investments is updated quarterly, and is available at
 www.roycefunds.com.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font face="Arial" size="1">2014 Annual
 Report to Stockholders | 19</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="5">Results of
 Stockholders Meeting</font></td>
</tr>
</table>
<br>
<div><font face="Arial" size="3"><b>Royce Focus Trust, Inc.</b></font></div>
<div><font face="Arial" size="2">At the 2014 Annual Meeting of Stockholders
 held on September 24, 2014, the Fund&#146;s stockholders elected two Directors, consisting of:</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="1"><b>VOTES
 FOR</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="1"><b>VOTES
 WITHHELD</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Patricia W.
 Chadwick</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Arial" size="2">17,401,762</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Arial" size="2">195,798</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="5" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Richard M.
 Galkin</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">17,394,783</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="5">About The
 Royce Funds</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="3"><b>Contact Us</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Arial" size="2"><div align="justify"><b>Wealth
 of Experience<br></b>With approximately $32 billion in total assets under management, Royce & Associates is
committed to the same investment principles that have served us well for more than 40
years. Chuck Royce, our Chief Executive Officer, enjoys one of the longest tenures of any
active mutual fund manager. Royce&#146;s investment staff also includes 24 portfolio managers
and analysts and nine traders.</div></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="top" align="left"><font face="Arial" size="2"><b>GENERAL INFORMATION</b><br>General Royce Funds information including<br> an overview of our firm and Funds<br><b>(800) 221-4268</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Arial" size="2"><div align="justify"><b>Multiple
 Funds, Common Focus<br></b>Our goal is to offer both individual and institutional investors the best available micro-cap,
small-cap, and/or mid-cap portfolios. We have chosen to concentrate on smaller-company
investing by providing investors with a range of funds that take full advantage of this large
and diverse sector.</div></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><b>COMPUTERSHARE</b><br><b>Transfer Agent and Registrar</b><br>Speak with a representative about:<br>&#149; Your account, transactions, and forms<br><b>(800) 426-5523</b></font></td>
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<td valign="top" align="left"><font face="Arial" size="2"><div align="justify"><b>Consistent
 Discipline<br></b>Our approach emphasizes paying close attention to risk and maintaining the same
discipline, regardless of market movements and trends. The price we pay for a security
must be below our appraisal of its current worth. This requires a thorough analysis of
the financial and business dynamics of an enterprise, as though we were purchasing the
entire company.</div></font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2"><b>FINANCIAL ADVISORS AND BROKER-DEALERS</b><br>Speak with your regional Royce contact regarding:<br>&#149; Information about our firm, strategies, and Funds<br>&#149; Fund Materials<br><b>(800) 337-6923</b></font></td>
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<td valign="top" align="left"><font face="Arial" size="2"><div align="justify"><b>Co-Ownership
 of Funds<br></b>It is important that our employees and shareholders share a common financial goal. Our
officers, employees, and their families currently have more than $185 million invested in
The Royce Funds and are often among the largest individual shareholders.</div></font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2"><b>roycefunds.com</b></font></td>
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<p><font face="Times New Roman" size="2"><b>Item 2. &#160;&#160;&#160;Code(s) of Ethics.</b>&#160;&#160; As of
 the end of the period covered by this report, the Registrant had adopted a code
 of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive
 officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions. A copy of this code of ethics is filed
 as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers
 were granted to this code of ethics during the period covered by this report.</font></p>
<p><font face="Times New Roman" size="2"><b>Item 3. &#160;&#160;&#160;Audit Committee Financial Expert.
</b></font></p>
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<td nowrap width="4%" valign="top" align="left"><font face="Times New Roman" size="2">(a)(1)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The Board
 of Directors of the Registrant has determined that it has an audit committee financial
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td nowrap valign="top" align="left"><font face="Times New Roman" size="2">(a)(2)</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman and Patricia W. Chadwick were designated by the Board of Directors as the
 Registrant&#146;s Audit Committee Financial Experts, effective April 15, 2004 and
 April 8, 2010, respectively. Mr. Mehlman and Ms. Chadwick are &#147;independent&#148; as defined under Item 3 of Form N-CSR.</font></td>
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<p><font face="Times New Roman" size="2"><b>Item 4. &#160;&#160;&#160;Principal Accountant Fees and
 Services.</b></font></p>
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<td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">(a)</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(b)</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Year ended
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Year ended
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(c)</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Year ended
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(d)</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Year ended
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</tr>
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<p align="justify"><font face="Times New Roman" size="2">(e)(1) &#160;&#160;&#160;&#160;&#160;&#160;Annual Pre-Approval: On an annual
 basis, the Registrant&#146;s independent auditor submits to the Audit Committee
 a schedule of proposed audit, audit-related, tax and other non-audit services to
 be rendered to the Registrant and/or investment adviser(s) for the following year
 that require pre-approval by the Audit Committee. This schedule provides a description
 of each type of service that is expected to require pre-approval and the maximum
 fees that can be paid for each such service without further Audit Committee approval.
 The Audit Committee then reviews and determines whether to approve the types of
 scheduled services and the projected fees for them. Any subsequent revision to already
 pre-approved services or fees (including fee increases) are presented for consideration
 at the next regularly scheduled Audit Committee meeting, as needed.</font></p>
<p style="text-indent:50px;" align="justify"><font face="Times New Roman" size="2">If subsequent
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 or one of its affiliates determines that it would like to engage the Registrant&#146;s independent auditor to perform a service not already pre-approved, the request
 is to be submitted to the Registrant&#146;s Chief Financial Officer, and if he or
 she determines that the service fits within the independence guidelines (e.g., it
 is not a prohibited service), he or she will then arrange for a discussion of the
 proposed service and fee to be included on the agenda for the next regularly scheduled
 Audit Committee meeting so that pre-approval can be considered.</font></p>
<p style="text-indent:50px;" align="justify"><font face="Times New Roman" size="2">Interim Pre-Approval:
 If, in the judgment of the Registrant&#146;s Chief Financial Officer, a proposed
 engagement needs to commence before the next regularly scheduled Audit Committee
 meeting, he or she shall submit a written summary of the proposed engagement to
 all members of the Audit Committee, outlining the services, the estimated maximum
 cost, the category of the services (e.g., audit, audit-related, tax or other) and
 the rationale for engaging the Registrant&#146;s independent auditor to perform
 the services. To the extent the proposed engagement involves audit, audit-related
 or tax services, any individual member of the Audit Committee who is an independent
 Board member is authorized to pre-approve the engagement. To the extent the proposed
 engagement involves non-audit services other than audit-related or tax, the Chairman
 of the Audit Committee is authorized to</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">pre-approve
 the engagement. The Registrant&#146;s Chief Financial Officer will arrange for this
 interim review and coordinate with the appropriate member(s) of the Committee. The
 independent auditor may not commence the engagement under consideration until the
 Registrant&#146;s Chief Financial Officer has informed the auditor in writing that
 pre-approval has been obtained from the Audit Committee or an individual member
 who is an independent Board member. The member of the Audit Committee who pre-approves
 any engagements in between regularly scheduled Audit Committee meetings is to report,
 for informational purposes only, any pre-approval decisions to the Audit Committee
 at its next regularly scheduled meeting.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font face="Times New Roman" size="2">(e)(2)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Not Applicable</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(f)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Not Applicable</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(g)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Year ended
 December 31, 2014 - $7,200</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Year ended
 December 31, 2013 - $7,100</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(h)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">No such services
 were rendered during 2014 or 2013.</font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2"><b>Item 5. &#160;&#160;&#160;&#160;Audit Committee of Listed
 Registrants.</b>The Registrant has a separately designated standing audit committee
 established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act
 of 1934. Patricia W. Chadwick, Richard M. Galkin, Stephen L. Isaacs, Arthur S. Mehlman,
 David L. Meister, and G. Peter O&#146;Brien are members of the Registrant&#146;s
 audit committee.</font></p>
<div><font face="Times New Roman" size="2"><b>Item 6. &#160;&#160;&#160;&#160;Investments.</b></font></div>
<div><font face="Times New Roman" size="2">(a) See Item 1.</font></div>
<p><font face="Times New Roman" size="2">(b) Not applicable.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><b>Item 7. &#160;&#160;&#160;&#160;Disclosure of Proxy Voting
 Policies and Procedures for Closed-End Management Investment Companies.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">June 5, 2003,
 as amended</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">through October
 22, 2009</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>Royce &#038; Associates
 Proxy Voting Guidelines and Procedures</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">These procedures apply to Royce &#038; Associates,
 LLC (&#147;Royce&#148;) and all funds and other client accounts for which it is
 responsible for voting proxies, including all open and closed-end registered investment
 companies (&#147;The Royce Funds&#148;), limited partnerships, limited liability
 companies, separate accounts, other accounts for which it acts as investment adviser
 and any accounts for which it acts as sub-adviser that have delegated proxy voting
 authority to Royce. Such authority is determined at the inception of each client
 account and generally: (i) is specifically authorized in the applicable investment
 management agreement or other written instrument or (ii) where not specifically
 authorized, is granted to Royce where general investment discretion is given to
 it in the applicable investment management agreement. The Boards of Trustees/Directors
 of The Royce Funds (the &#147;Boards&#148;) have delegated all proxy voting decisions
 to Royce subject to these policies and procedures. Notwithstanding the above, from
 time to time the Boards may reserve voting authority for specific securities.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u>Receipt of Proxy Material</u>. Under
 the continuous oversight of the Head of Administration, an Administrative Assistant
 designated by him is responsible for monitoring receipt of all proxies and ensuring
 that proxies are received for all securities for which Royce has proxy voting responsibility.
 All proxy materials are logged in upon receipt by Royce&#146;s Librarian.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u>Voting of Proxies.</u> Once proxy material
 has been logged in by Royce&#146;s Librarian, it is then promptly reviewed by the
 designated Administrative Assistant to evaluate the issues presented. Regularly
 recurring matters are usually voted as recommended by the issuer&#146;s board of
 directors or &#147;management.&#148; The Head of Administration or his designee,
 in consultation with the Chief Investment Officer, develops and updates a list of
 matters Royce treats as &#147;regularly recurring&#148; and is responsible for ensuring
 that the designated Administrative Assistant has an up-to-date</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">list of these matters at all times, including
 instructions from Royce&#146;s Chief Investment Officer on how to vote on those
 matters on behalf of Royce clients. Examples of &#147;regularly recurring&#148;
 matters include non-contested elections of directors and non-contested approval
 of independent auditors. Non-&#147;regularly recurring&#148; matters are brought
 to the attention of the portfolio manager(s) for the account(s) involved by the
 designated Administrative Assistant, and, after giving some consideration to advisories
 from Glass Lewis &#038; Co., an independent third party research firm, the portfolio
 manager directs that such matters be voted in a way that he or she believes should
 better protect or enhance the value of the investment. If the portfolio manager
 determines that information concerning any proxy requires analysis, is missing or
 incomplete, he or she then gives the proxy to an analyst or another portfolio manager
 for review and analysis.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">a.</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Times New Roman" size="2">From time
 to time, it is possible that one Royce portfolio manager will decide (i) to vote
 shares held in client accounts he or she manages differently from the vote of another
 Royce portfolio manager whose client accounts hold the same security or (ii) to
 abstain from voting on behalf of client accounts he or she manages when another
 Royce portfolio manager is casting votes on behalf of other Royce client accounts.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Times New Roman" size="2">The designated
 Administrative Assistant reviews all proxy votes collected from Royce&#146;s portfolio
 managers prior to such votes being cast. If any difference exists among the voting
 instructions given by Royce&#146;s portfolio managers, as described above, the designated
 Administrative Assistant then presents these proposed votes to the Head of Administration,
 or his designee, and the Chief Investment Officer. The Chief Investment Officer,
 after consulting with the relevant portfolio managers, either reconciles the votes
 or authorizes the casting of differing votes by different portfolio managers. The
 Head of Administration, or his designee, maintains a log of all votes for which
 different portfolio managers have cast differing votes, that describes the rationale
 for allowing such differing votes and contains the initials of both the Chief Investment
 Officer and Head of Administration, or his designee, allowing such differing votes.
 The Head of Administration, or his designee, performs a weekly review of all votes
 cast by Royce to confirm that any conflicting votes were properly handled in accordance
 with the above-described procedures.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">b.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Times New Roman" size="2">There are
 many circumstances that might cause Royce to vote against an issuer&#146;s board
 of directors or &#147;management&#148; proposal. These would include, among others,
 excessive compensation, unusual management stock options, preferential voting and
 poison pills. The portfolio managers decide these issues on a case-by-case basis
 as described above.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">c.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Times New Roman" size="2">A portfolio
 manager may, on occasion, determine to abstain from voting a proxy or a specific
 proxy item when he or she concludes that the potential benefit of voting is outweighed
 by the cost, when it is not in the client account&#146;s best interest to vote.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">d.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Times New Roman" size="2">When a
 client has authorized Royce to vote proxies on its behalf, Royce will generally
 not accept instructions from the clients regarding how to vote proxies.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">e.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Times New Roman" size="2">If a security
 is on loan under The Royce Funds&#146; Securities Lending Program with State Street
 Bank and Trust Company (&#147;Loaned Securities&#148;), the Head of Administration,
 or his designee, will recall the Loaned Securities and request that they be delivered
 within the customary settlement period after the notice, to permit the exercise
 of their voting rights if the number of shares of the security on loan would have
 a material effect on The Royce Funds&#146; voting power at the up-coming stockholder
 meeting. A material effect is defined as any case where the Loaned Securities are
 1% or more of a class of a company&#146;s outstanding equity securities. Monthly,
 the Head of Administration or his designee will review the summary of this activity
 by State Street. A quarterly report detailing any exceptions that occur in recalling
 Loaned Securities will be given to the Boards.</font></div></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">Custodian banks are authorized to release
 all proxy ballots held for Royce client account portfolios to Glass Lewis &#038;
 Co. for voting, utilizing the Viewpoint proxy voting platform. Substantially all
 portfolio companies utilize Broadridge to collect their proxy votes.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">Under the continuous oversight of the Head
 of Administration, or his designee, the designated Administrative Assistant is responsible
 for voting all proxies in a timely manner. Votes are returned to Broadridge using
 Viewpoint as ballots are received, generally two weeks before the scheduled meeting
 date. The issuer can thus see that the shares were voted, but the actual vote cast
 is not released to the company until 4:00 pm on the day before the meeting. If proxies
 must be mailed, they go out at least ten business days before the meeting date.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u>Conflicts of Interest</u>. The designated
 Administrative Assistant reviews reports generated by Royce&#146;s portfolio management
 system (&#147;Quest PMS&#148;) that set forth by record date, any security held
 in a Royce client account which is issued by a (i) public company that is, or a
 known affiliate of which is, a separate account client of Royce (including sub-advisory
 relationships), (ii) public company, or a known affiliate of a public company, that
 has invested in a privately-offered pooled vehicle managed by Royce or (iii) public
 company, or a known affiliate of a public company, by which the spouse of a Royce
 employee or an immediate family member of a Royce employee living in the household
 of such employee is employed, for the purpose of identifying any potential proxy
 votes that could present a conflict of interest for Royce. The Head of Administration,
 or his designee, develops and updates the list of such public companies or their
 known affiliates which is used by Quest PMS to generate these daily reports. This
 list also contains information regarding the source of any potential conflict relating
 to such companies. Potential conflicts identified on the &#147;conflicts reports&#148; are brought to the attention of the Head of Administration or his designee
 by the designated Administrative Assistant. An R&#038;A Compliance Officer then
 reviews them to determine if business or personal relationships exist between Royce,
 its officers, managers or employees and the company that could present a material
 conflict of interest. Any such identified material conflicts are voted by Royce
 in accordance with the recommendation given by an independent third party research
 firm (Glass Lewis &#038; Co.). The Head of Administration or his designee maintains
 a log of all such conflicts identified, the analysis of the conflict and the vote
 ultimately cast. Each entry in this log is signed by the Chief Investment Officer
 before the relevant votes are cast.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u>Recordkeeping</u>. A record of the issues
 and how they are voted is stored in the Viewpoint system. Copies of all physically
 executed proxy cards, all proxy statements (with it being permissible to rely on
 proxy statements filed and available on Edgar) and any other documents created or
 reviewed that are material to making a decision on how to vote proxies are retained
 in the Company File maintained by Royce&#146;s Librarian in an easily accessible
 place for a period of not less than six years from the end of the fiscal year during
 which the last entry was made on such record, the first two years at Royce&#146;s
 office. In addition, copies of each written client request for information on how
 Royce voted proxies on behalf of that client, and a copy of any written response
 by Royce to any (written or oral) client request for information on how Royce voted
 proxies on behalf of that client will be maintained by Royce&#146;s Head of Administration
 and/or Royce&#146;s Director of Alternative Investments, or their designee (depending
 on who received such request) for a period of not less than six years from the end
 of the fiscal year during which the last entry was made on such record, the first
 two years at Royce&#146;s office. Royce&#146;s Compliance Department shall maintain
 a copy of any proxy voting policies and procedures in effect at any time within
 the last five years.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><u>Disclosure</u>. Royce&#146;s proxy voting
 procedures will be disclosed to clients upon commencement of a client account. Thereafter,
 proxy voting records and procedures are generally disclosed to those clients for
 which Royce has authority to vote proxies as set forth below:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">-</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">The Royce
 Funds &#150; proxy voting records are disclosed annually on Form N-PX (with such
 voting records also available at <u>www.roycefunds.com</u>). Proxy voting procedures are
 available in the Statement of Additional Information for the open-end funds, in
 the annual report on Form N-CSR for the closed-end funds and at <u>www.roycefunds.com</u>.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">-</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">Limited
 Liability Company and Limited Partnership Accounts &#150; proxy voting records are
 disclosed to members/partners upon request and proxy voting procedures (along with
 a summary thereof) are provided to members/partners annually (and are available
 at <u>www.roycefunds.com</u>).</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">-</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">Separate
 Accounts &#150; proxy voting records and procedures are disclosed to separate account
 clients annually.</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Item 8. &#160;&#160;Portfolio Managers of Closed-End
 Management Investment Companies.</b></font></div>
<div><font face="Times New Roman" size="2">(a)(1) &#160;&#160;&#160;Portfolio Managers of Closed-End
 Management Investment Companies (information as of December 31, 2014)</font></div>
<table border="1" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Name
</b></u></font></td>

<td width="12%" valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Title
</b></u></font></td>

<td width="18%" valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Length
 of Service</b></u></font></td>

<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Principal
 Occupation(s) During Past 5 Years</b></u></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><p style="text-indent:10px;">W. Whitney
 George</font></p></td>

<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President
 and member of the Board of Directors of the Registrant</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Since July
 2002</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><p style="margin-left:20px; text-indent:-10px;">Managing Director
 and Vice President of Royce &#038; Associates, LLC (&#147;Royce&#148;), investment
 adviser to the Registrant.</font></p></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">(a)(2) Other Accounts Managed by Portfolio
 Manager and Potential Conflicts of Interest (information as of December 31, 2014)</font></p>
<div><font face="Times New Roman" size="2"><u><b>Other Accounts</b></u></font></div>
<table border="1" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><p style="margin-left:20px; text-indent:-10px;"><u><b>Type
 of Account</b></u></font></p></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of<br><u>Accounts Managed</u></b></font></td>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total
<br><u>Assets Managed</u></b></font></td>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of Accounts<br>Managed for which<br>Advisory Fee is<br><u>Performance-Based</u>
</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Value
 of Managed<br>Accounts for which<br>Advisory Fee is<br><u>Performance Based</u>
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><p style="margin-left:20px; text-indent:-10px;">Registered
 investment companies</font></p></td>
<td width="15%" valign="bottom" align="center"><font face="Times New Roman" size="2">1</font></td>
<td width="15%" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;$187,748,715</font></td>
<td width="18%" valign="bottom" align="center"><font face="Times New Roman" size="2">0</font></td>
<td width="18%" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;$0</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><p style="margin-left:20px; text-indent:-10px;">Private pooled investment vehicles</font></p></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$73,635,929</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$73,635,929</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="text-indent:10px;"><font face="Times New Roman" size="2">Other accounts*</font></div></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$49,877,527</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">-</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">-</font></td>
</tr>
</table>
<div><font face="Times New Roman" size="1">*Other accounts include all other accounts
 managed by the Portfolio Manager in either a professional or personal capacity except
 for personal accounts subject to pre-approval and reporting requirements under the
 Registrant&#146;s Rule 17j-1 Code of Ethics.</font></div>
<br>
<div><font face="Times New Roman" size="2"><u><b>Conflicts of Interest</b></u></font></div>
<div style="text-indent:30px;"><font face="Times New Roman" size="2">The fact that
 the Portfolio Manager has day-to-day management responsibility for more than one
 client account may create actual, potential or only apparent conflicts of interest.
 For example, the Portfolio Manager may have an opportunity to purchase securities
 of limited availability. In this circumstance, the Portfolio Manager is expected
 to review each account&#146;s investment guidelines, restrictions, tax considerations,
 cash balances, liquidity needs and other factors to determine the suitability of
 the investment for each account and to ensure that his managed accounts are treated
 equitably. The Portfolio Manager may also decide to purchase or sell the same security
 for multiple managed accounts at approximately the same time. To address any conflicts
 that this situation may create, the Portfolio Manager will generally combine managed
 account orders (i.e., enter a &#147;bunched&#148; order) in an effort to obtain
 best execution or a more favorable commission rate. In addition, if orders to buy
 or sell a security for multiple accounts managed by common Portfolio Managers on
 the same day are executed at different prices or commission rates, the transactions
 will generally be allocated by Royce &#038; Associates, LLC (&#147;Royce&#148;)
 to each of such managed accounts at the weighted average execution price and commission.
 In circumstances where a pre-allocated bunched order is not completely filled, each
 account will normally receive a pro-rated portion of the securities based upon the
 account&#146;s level of participation in the order. Royce may under certain circumstances
 allocate securities in a manner other than pro-rata if it determines that the allocation
 is fair and equitable under the circumstances and does not discriminate against
 any account.</font></div>
<p style="text-indent:30px;" align="justify"><font face="Times New Roman" size="2">As described
 below, there is a revenue-based component of the Portfolio Manager&#146;s Performance-Related
 Variable Compensation and the Portfolio Manager also receives Firm-Related Variable
 Compensation based on revenues (adjusted for certain imputed expenses) generated
 by Royce. In addition, the Portfolio Manager receives variable compensation based
 on Royce&#146;s retained pre-tax profits from operations. As a result, the Portfolio
 Manager may receive a greater relative benefit from activities that increase the
 value to Royce of The Royce Funds and/or other Royce client accounts, including,
 but not limited to, increases in sales of the Registrant&#146;s shares and assets
 under management.</font></p>
<p style="text-indent:30px;" align="justify"><font face="Times New Roman" size="2">Also, as described
 above, the Portfolio Manager manages more than one client account, including, among
 others, registered investment company accounts, separate accounts and private pooled
 accounts managed on behalf of institutions (e.g., pension funds, endowments and
 foundations) and for high-net-worth individuals. The appearance of a conflict of
 interest may arise where Royce has an incentive, such as a performance-based management
 fee (or any other variation in the level of fees payable by The Royce Funds or other
 Royce client</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">accounts to
 Royce), which relates to the management of one or more of The Royce Funds or accounts
 with respect to which the Portfolio Manager has day-to-day management responsibilities.
 None of the registered investment company accounts for which the Portfolio Manager
 serves as a portfolio manager pay a performance-based fee to Royce.</font></p>
<p style="text-indent:30px;" align="justify"><font face="Times New Roman" size="2">Finally, conflicts
 of interest may arise when the Portfolio Manager personally buys, holds or sells
 securities held or to be purchased or sold for the Registrant or other Royce client
 account or personally buys, holds or sells the shares of one or more of The Royce
 Funds. To address this, Royce has adopted a written Code of Ethics designed to prevent
 and detect personal trading activities that may interfere or conflict with client
 interests (including Registrant&#146;s stockholders&#146; interests). Royce generally
 does not permit its Portfolio Managers to purchase small- or micro-cap securities
 in their personal investment portfolios.</font></p>
<p style="text-indent:30px;" align="justify"><font face="Times New Roman" size="2">Royce and
 The Royce Funds have adopted certain compliance procedures which are designed to
 address the above-described types of conflicts. However, there is no guarantee that
 such procedures will detect each and every situation in which a conflict arises.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(a)(3) Description of Portfolio Manager
 Compensation Structure (information as of December 31, 2014)</font></p>
<p style="text-indent:30px;" align="justify"><font face="Times New Roman" size="2">Royce seeks
 to maintain a compensation program that is competitively positioned to attract and
 retain high-caliber investment professionals. The Portfolio Manager receives from
 Royce a base salary, Performance-Related Variable Compensation, Firm-Related Variable
 Compensation based primarily on registered investment company and other client account
 revenues generated by Royce and a benefits package. Portfolio Manager compensation
 is reviewed and may be modified from time to time as appropriate to reflect changes
 in the market, as well as to adjust the factors used to determine variable compensation.
 Except as described below, the Portfolio Manager&#146;s compensation consists of
 the following elements:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">-</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">BASE SALARY.
 The Portfolio Manager is paid a base salary. In setting the base salary, Royce seeks
 to be competitive in light of the Portfolio Manager&#146;s experience and responsibilities.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">-</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">PERFORMANCE-RELATED
 VARIABLE COMPENSATION. The Portfolio Manager receives quarterly Performance-Related
 Variable Compensation that is either asset-based, or revenue-based and therefore
 in part based on the value of the net assets of the account for which he is being
 compensated, determined with reference to each of the registered investment company
 and other client accounts he is managing. The Performance-Related Variable Compensation
 applicable to the registered investment company accounts managed by the Portfolio
 Manager is subject to downward adjustment or elimination based on a combination
 of 3-year, 5-year and 10-year risk-adjusted pre-tax returns of such accounts relative
 to all small-cap objective funds with three years of history tracked by Morningstar
 (as of December 31, 2014 there were 395 such Funds tracked by Morningstar),
 the 5-year absolute returns of such accounts relative to 5-year U.S. Treasury Notes
 and absolute returns over the prior full market cycle and current cycle to date
 vs. the accounts&#146; benchmark. The Performance-Related Variable Compensation
 applicable to non-registered investment company accounts managed by the Portfolio
 Manager is not subject to performance-related adjustment.</font></td>
</tr>
</table>
<p style="text-indent:30px;" align="justify"><font face="Times New Roman" size="2">Payment of
 the Performance-Related Variable Compensation may be deferred, and any amounts deferred
 are forfeitable, if the Portfolio Manager is terminated by Royce with or without
 cause or resigns. The amount of the deferred Performance-Related Variable Compensation
 will appreciate or depreciate during the deferral period, based on the total return
 performance of one or more Royce-managed registered investment company accounts
 selected by the Portfolio Manager at the beginning of the deferral period. The amount
 deferred will depend on the Portfolio Manager&#146;s total direct, indirect beneficial
 and deferred unvested investments in the Royce registered investment company account
 for which he or she is receiving portfolio management compensation.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="justify"><font face="Times New Roman" size="2">-</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">FIRM-RELATED
 VARIABLE COMPENSATION. The Portfolio Manager receives quarterly variable compensation
 based on Royce&#146;s net revenues.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="justify"><font face="Times New Roman" size="2">-</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">BENEFIT
 PACKAGE. The Portfolio Manager also receives benefits standard for all Royce employees,
 including health care and other insurance benefits, and participation in Royce&#146;s
 401(k) Plan and Money</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="justify"><font face="Times New Roman" size="2">Purchase
 Pension Plan. From time to time, on a purely discretionary basis, the Portfolio
 Manager may also receive options to acquire stock in Royce&#146;s parent company,
 Legg Mason, Inc. Those options typically represent a relatively small portion of
 the Portfolio Manager&#146;s overall compensation.</font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">The Portfolio Manager, in addition to the
 above-described compensation, also receives variable compensation based on Royce&#146;s retained pre-tax operating profit. This variable compensation, along with
 the Performance-Related Variable Compensation and Firm-Related Variable Compensation,
 generally represents the most significant element of the Portfolio Manager&#146;s
 compensation.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(a)(4) Dollar Range of Equity Securities
 in Registrant Beneficially Owned by Portfolio Manager (information as of December
 31, 2014)</font></p>
<p style="text-indent:40px;"><font face="Times New Roman" size="2">The following
 table shows the dollar range of the Registrant&#146;s shares owned beneficially
 and of record by the Portfolio Manager, including investments by his immediately
 family members sharing the same household and amounts invested through retirement
 and deferred compensation plans.</font></p>
<p align="center"><font face="Times New Roman" size="2"><u><b>Dollar Range of Registrant&#146;s Shares Beneficially Owned</b></u><br>Over $1,000,000</font></p>
<p align="justify"><font face="Times New Roman" size="2">(b) Not Applicable.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><b>Item 9. &#160;&#160;Purchases of Equity Securities
 by Closed-End Management Investment Company and Affiliated Purchasers.</b> Not Applicable.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><b>Item 10. &#160;Submission of Matters to a
 Vote of Security Holders.</b>Not Applicable.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><b>Item 11. &#160;Controls and Procedures.</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">(a) Disclosure Controls and Procedures.
 The Principal Executive and Financial Officers concluded that the Registrant&#146;s
 Disclosure Controls and Procedures are effective based on their evaluation of the
 Disclosure Controls and Procedures as of a date within 90 days of the filing date
 of this report.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(b) Internal Control over Financial Reporting.
 There were no significant changes in Registrant&#146;s internal control over financial
 reporting or in other factors that could significantly affect this control subsequent
 to the date of the evaluation, including any corrective actions with regard to significant
 deficiencies and material weaknesses during the second fiscal quarter of the period
 covered by this report.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><b>Item 12. Exhibits.</b> &#160;&#160;Attached hereto.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(a)(1) The
 Registrant&#146;s code of ethics pursuant to Item 2 of Form N-CSR.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(a)(2) Separate certifications by the Registrant&#146;s Principal Executive Officer and Principal Financial Officer as required by
 Rule 30a-2(a) under the Investment Company Act of 1940.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(a)(3) Not Applicable</font></p>
<p align="justify"><font face="Times New Roman" size="2">(b) &#160;Separate certifications by the Registrant&#146;s Principal Executive Officer
 and Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act
 of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
 duly caused this report to be signed on its behalf by the undersigned, thereunto
 duly authorized.</font></p>
<p align="justify"><font face="Times New Roman" size="2"><b>ROYCE FOCUS TRUST, INC.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">BY:</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Charles
 M. Royce</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles
 M. Royce</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President
</b></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">Date: March 4, 2015</font></p>
<p align="justify"><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, this report has been
 signed below by the following persons on behalf of the registrant and in the capacities
 and on the dates indicated.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td nowrap valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<b>ROYCE FOCUS TRUST, INC.</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<b>ROYCE FOCUS TRUST, INC.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
BY: <u>/s/ Charles M. Royce</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
BY: <u>/s/ John D. Diederich</u></font></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="20%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles
 M. Royce</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="15%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>John D.
 Diederich</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Chief Financial
 Officer</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: March
 4, 2015</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: March
 4, 2015</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12_1
<SEQUENCE>2
<FILENAME>e32997_ex12a1.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="2"><b>EXHIBITS</b></font></p>
<p><font face="Times New Roman" size="2"><b>Item 12(a)(1):</b></font></p>
<p align="right"><font face="Times New Roman" size="2"><b>September
 2003, as revised<br>through February 16, 2011</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>CODE OF ETHICS</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>FOR COVERED OFFICERS OF
 THE ROYCE FUNDS</b></font></p>
<p><font face="Times New Roman" size="2">The Boards of Directors/Trustees of The
 Royce Fund, Royce Capital Fund, Royce Value Trust, Inc., Royce Micro-Cap Trust,
 Inc., Royce Focus Trust, Inc. and Royce Global Value Trust, Inc. (each, a &#147;Fund&#148; and collectively, &#147;The Royce Funds&#148;) have adopted the following
 Code of Ethics (the &#147;Code&#148;) applicable to its President, Chief Financial
 Officer and Manager of Fund Accounting (&#147;Covered Officers&#148;) of The Royce
 Funds to ensure the continuing integrity of financial reporting and transactions.
 The names of the Covered Officers covered by the Code are listed on Schedule A hereto.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>I.</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Separate
 Code</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">This Code is the sole code of ethics adopted by the Funds for purposes of Section
 406 of the Sarbanes-Oxley Act of 2002. The Funds&#146; and Royce &#038; Associates,
 LLC&#146;s (&#147;R&#038;A&#148;), the investment adviser to The Royce Funds, code
 of ethics under Rule 17j-1 under the Investment Company Act of 1940 (the &#147;Investment
 Company Act&#148;) are separate requirements applying to the Covered Officers and
 others, and are not part of this Code. In addition to this Code, the Investment
 Company Act, and the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;)
 and rules promulgated thereunder contain numerous specific provisions designed to
 protect the Funds from conflicts of interest and overreaching. Any conduct by Covered
 Officers required by specific Investment Company Act or Advisers Act provisions
 or the rules thereunder is presumed to be in compliance with this Code. Each Covered
 Officer is accountable for his or her adherence to this Code. Any violation of this
 Code by a Covered Officer may result in disciplinary action, including immediate
 dismissal.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>II.</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Requirements</b></u>
</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">All Covered Officers must:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Engage in
 and promote honest and ethical conduct, including the ethical handling of actual
 or apparent conflicts of interest between personal and professional relationships;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Act responsibly
 in producing and produce, full, fair, accurate, timely and understandable disclosure
 in reports and documents that the Funds file with, or submit to, the Securities
 and Exchange Commission (the &#147;SEC&#148;) and in other public communications
 made by each of the Funds;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Comply with
 applicable governmental laws, rules and regulations;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Promptly report
 suspected material violations of this Code, including violations of securities laws
 or other laws, rules and regulations applicable to a Fund, to R&#038;A&#146;s General
 Counsel and the Fund&#146;s Audit Committee.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Each Covered Officer must act with integrity,
 including being honest and candid while still maintaining the confidentiality of
 information where required by law, and place the interests of The Royce Funds before
 the Covered Officer&#146;s own personal interests.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2">Each Covered Officer is required to familiarize himself or herself with the disclosure
 requirements applicable to each of the Funds and must not knowingly misrepresent
 or fail to disclose, or cause others to misrepresent or fail to disclose, material
 facts about a Fund to others, including but not limited to officers of and counsel
 to The Royce Funds, and their respective independent directors, independent auditors
 and governmental regulators.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>III.</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Avoidance
 of Conflicts</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">The overarching principle of this Code is
 that the personal interests of a Covered Officer should not be placed&#160;improperly
 before the interests of The Royce Funds. As a result, each Covered Officer must:
 (i) handle any actual or apparent conflict of interest in an ethical manner, (ii)
 not use his or her personal influence or personal relationships to influence investment
 decisions or financial reporting by a Fund whereby the Covered Officer would benefit
 personally (directly or indirectly) to the detriment of the Fund; (iii) not cause
 a Fund to take action, or fail to take action, for the personal benefit of the Covered
 Officer rather than the benefit of such Fund; and (iv) not use for his or her personal
 benefit (directly or indirectly) any material non-public knowledge pertaining to
 a Fund.</font></p>
<p><font face="Times New Roman" size="2">Although typically not presenting an opportunity
 for improper personal benefit, conflicts arise from, or as a result of, the contractual
 relationship between The Royce Funds and R&#038;A, of which the Covered Officers
 are also officers and/or employees. As a result, this Code recognizes that the Covered
 Officers will, in the normal course of their duties (whether formally for a Fund
 or for R&#038;A, or for both), be involved in establishing policies and implementing
 decisions that will have different effects on R&#038;A and the Fund. The participation
 of the Covered Officers in such activities is inherent in the contractual relationship
 between each of The Royce Funds and R&#038;A and is consistent with the performance
 by the Covered Officers of their duties as officers and/or employees of The Royce
 Funds. Thus, if performed in conformity with the provisions of the Investment Company
 Act and the Advisers Act, such activities will be deemed to have been handled ethically.</font></p>
<p><font face="Times New Roman" size="2">The following conflict of interest situations
 must be disclosed by a Covered Officer to, and pre-approved in writing by, the General
 Counsel if material. Examples of these include:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">service as
 a director on the board of any public company;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">any ownership
 interest in, or any consulting or employment relationship with, any of The Royce
 Funds&#146; service providers, other than its investment adviser, principal underwriter,
 administrator or any affiliated person thereof; or</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">a direct or
 indirect financial interest in commissions, transaction charges or spreads paid
 by any Fund for effecting portfolio transactions.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>IV.</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Materiality
</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">In the event a Covered Officer has any doubt as to (i) whether a suspected violation
 of this Code would be considered material, (ii) whether information relating to
 a Fund is of a material nature and therefore subject to public disclosure, (iii)
 whether non-public knowledge pertaining to a Fund is material in nature, or (iv)
 whether a particular conflict of interest is material, he or she should seek the
 advice of R&#038;A&#146;s General Counsel.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>V.</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Compliance
 and Annual Acknowledgment</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Each Covered Officer is required: (i) upon
 receipt of the Code, to sign and submit to R&#038;A&#146;s General Counsel an acknowledgment
 stating that he or she has received, read and understands the Code; (ii) annually
 thereafter to submit a statement to R&#038;A&#146;s General Counsel confirming that
 he or she has received, read and understands the Code and has complied with the
 requirements of the Code; (iii) not to retaliate against any employee subordinate
 to the Covered Officer for reports of potential violations that are made in good
 faith; and (iv) to notify R&#038;A&#146;s General Counsel, as appropriate, if the
 Covered Officer observes any irregularities or violations of this Code.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>VI.</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Enforcement
 of the Code</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">The Royce Funds will adhere to the following procedures when investigating and enforcing
 this Code: (i) R&#038;A&#146;s General Counsel will take all appropriate action
 to investigate any potential violations reported to him or her; (ii) if R&#038;A&#146;s General Counsel determines that a violation has occurred, he or she will
 take all appropriate disciplinary or preventive action and inform the Fund&#146;s
 Board of Directors/Trustees of his or her decision; (iii) all changes to or waivers
 of this Code will, to the extent required, be disclosed on Form N-CSR or otherwise
 as required by SEC rules; and (iv) any waiver sought by the President of The Royce
 Funds will be considered by The Royce Funds&#146; Audit Committees prior to approval
 of the waiver.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>VII.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Amendments
</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Except with respect to Schedule A hereto, which may be updated at any time, this
 Code may be amended only by the Board of Directors/Trustees of each Fund at a meeting
 of such Board duly called for that purpose.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>VIII.</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Confidentiality
</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">All reports and records prepared or maintained pursuant to this Code will be considered
 confidential and will be maintained and protected accordingly. Except as otherwise
 required by law or this Code, such matters shall not be disclosed to anyone other
 than the appropriate Board and its counsel and R&#038;A and its affiliated persons.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><b>IX.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Internal
 Use</b></u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">The Code is intended solely for internal
 use by The Royce Funds and does not constitute the admission, by or on behalf of
 any Fund, as to any fact, circumstances or legal conclusion.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Date: September 17, 2003, as revised through</font></td>
</tr>
<tr>
<td width="5%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">February 16,
 2011</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b><u>SCHEDULE A</u></b></font></p>
<br>
<p align="center"><font face="Times New Roman" size="2">Charles M. Royce</font></p>
<p align="center"><font face="Times New Roman" size="2">John D. Diederich</font></p>
<p align="center"><font face="Times New Roman" size="2">Mary Macchia</font></p>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12_2
<SEQUENCE>3
<FILENAME>e32997_ex12a2.htm
<TEXT>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 12(a)(2):</b></font></td>
</tr>
<tr style="font-size:4px;">
<td valign="bottom" style="border-top: 3px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b><u>CERTIFICATIONS</u></b></font></p>
<p align="left"><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">I have reviewed
 this report on Form N-CSR of Royce Focus Trust, Inc.;</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present
 in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented
 in this report;</font></p>
<p><font face="Times New Roman" size="2">4. The registrant&#146;s other certifying
 officer and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p><font face="Times New Roman" size="2">a) designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">b) designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed
 under our supervision, to provide reasonable assurance regarding the reliability
 of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;</font></p>
<p><font face="Times New Roman" size="2">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">d) disclosed in this report any change in
 the registrant&#146;s internal control over financial reporting that occurred during
 the second fiscal quarter of the period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the registrant&#146;s internal
 control over financial reporting; and</font></p>
<p><font face="Times New Roman" size="2">5. The registrant&#146;s other certifying
 officer and I have disclosed to the registrant&#146;s auditors and the audit committee
 of the registrant&#146;s board of directors (or persons performing the equivalent
 functions):</font></p>
<p><font face="Times New Roman" size="2">a) all significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting
 which are reasonably likely to adversely affect the registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">b) any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p>
<p><font face="Times New Roman" size="2">Date: March 4, 2015</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Charles
 M. Royce</u><br>Charles M. Royce<br>President</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 12(a)(2):</b></font></td>
</tr>
<tr style="font-size:4px;">
<td valign="bottom" style="border-top: 3px solid #D1D2D4;">&#160;</td>
</tr>
</table>

<p align="center"><font face="Times New Roman" size="2"><b><u>CERTIFICATIONS</u></b></font></p>
<p align="left"><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">I have reviewed
 this report on Form N-CSR of Royce Focus Trust, Inc.;</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present
 in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented
 in this report;</font></p>
<p><font face="Times New Roman" size="2">4. The registrant&#146;s other certifying
 officer and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p><font face="Times New Roman" size="2">a) designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">b) designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed
 under our supervision, to provide reasonable assurance regarding the reliability
 of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;</font></p>
<p><font face="Times New Roman" size="2">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">d) disclosed in this report any change in
 the registrant&#146;s internal control over financial reporting that occurred during
 the second fiscal quarter of the period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the registrant&#146;s internal
 control over financial reporting; and</font></p>
<p><font face="Times New Roman" size="2">5. The registrant&#146;s other certifying
 officer and I have disclosed to the registrant&#146;s auditors and the audit committee
 of the registrant&#146;s board of directors (or persons performing the equivalent
 functions):</font></p>
<p><font face="Times New Roman" size="2">a) all significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting
 which are reasonably likely to adversely affect the registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">b) any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p>
<p><font face="Times New Roman" size="2">Date: March 4, 2015</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ John
 D. Diederich</u><br>John D. Diederich<br>Chief Financial Officer</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12_B
<SEQUENCE>4
<FILENAME>e32997_ex12b.htm
<TEXT>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 12(b):</b></font></td>
</tr>
<tr style="font-size:4px;">
<td valign="bottom" style="border-top: 3px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATION PURSUANT
 TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY
 ACT OF 2002</b></font></p>
<p><font face="Times New Roman" size="2">Name of Issuer: ROYCE FOCUS TRUST, INC.</font></p>
<p><font face="Times New Roman" size="2">In connection with the Report on Form N-CSR
 of the above-named issuer that is accompanied by this certification, the undersigned
 hereby certifies, to his knowledge, that:</font></p>
<p><font face="Times New Roman" size="2">1. The Report fully complies with the requirements
 of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and</font></p>
<p><font face="Times New Roman" size="2">2. The information contained in the Report
 fairly presents, in all materials respects, the financial condition and results
 of operations of the issuer.</font></p>
<p><font face="Times New Roman" size="2">Date: March 4, 2015</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="30%" valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Charles
 M. Royce</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> President</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 12(b):</b></font></td>
</tr>
<tr style="font-size:4px;">
<td valign="bottom" style="border-top: 3px solid #D1D2D4;">&#160;</td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATION PURSUANT
 TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY
 ACT OF 2002</b></font></p>
<p><font face="Times New Roman" size="2">Name of Issuer: ROYCE FOCUS TRUST, INC.</font></p>
<p><font face="Times New Roman" size="2">In connection with the Report on Form N-CSR
 of the above-named issuer that is accompanied by this certification, the undersigned
 hereby certifies, to his knowledge, that:</font></p>
<p><font face="Times New Roman" size="2">1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of
 the Securities Exchange Act of 1934; and </font></p>

<p><font face="Times New Roman" size="2">2. The information
 contained in the Report fairly presents, in all materials respects, the financial
 condition and results of operations of the issuer.</font></p>

<p><font face="Times New Roman" size="2">Date: March 4, 2015</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ John
 D. Diederich</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John D. Diederich</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="30%" valign="bottom" align="left"><font face="Times New Roman" size="2"> Chief Financial
 Officer</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
