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Royce Focus Trust (NASDAQ: FUND) as of August 31, 2010


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NEW YORK--([ BUSINESS WIRE ])--Royce Focus Trust (NASDAQ: FUND):

Closing Prices a" August 31, 2010

NAV $6.61
MKT $5.72

Total Return Performance

Periods ended August 31, 2010

NAV

MKT

1 Month* -3.78% -3.87%
Year to Date* -7.68 -9.64
One-Year 8.18 5.73
Three-Year Average Annual -5.83 -10.26
Five-Year Average Annual 3.25 0.85
Ten-Year Average Annual 9.47 9.78
*Not Annualized

Portfolio Diagnostics

Wtd. Average Geometric Market Cap $2687 million
Wtd. Average P/E Ratio: 10.2x*
Wtd. Average P/B Ratio: 1.6x
Net Assets Applicable to Common Stock: $156 million
Net Leverage: 0 %

*The Fundsa™ P/E ratio calculations exclude companies with zero or negative earnings.

Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock.

Portfolio Composition

Top 10 Positions

% of Net Assets

1. Berkshire-Hathaway, Inc. 4.8%
2. Mosaic Company (The) 3.6
3. Seabridge Gold 3.4
4. Kennedy-Wilson Holdings 3.0
5. ENSCO ADR 2.8
6. Sanderson Farms 2.8
7. Graftech International 2.7
8. Reliance Steel & Aluminum 2.6
9. Schnitzer Steel Industries Cl. A 2.5
10. Trican Well Service 2.4

Top Five Industries

% of Net Assets

1. Natural Resources 29%
2. Industrial Products 22
3. Consumer Products 11
4. Financial Services 11
5. Technology 10

Recent Developments

Royce Micro-Cap Trust, Inc. has declared a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on September 23, 2010 to stockholders of record at the close of business on September 7, 2010 (ex-dividend on September 2, 2010).

Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq National Market (Nasdaq - FUND) and whose shares of 6.00% Cumulative Preferred Stock are listed and traded on the NYSE (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 75% of its assets in equity securities.

Daily net asset values (NAVs) for Royce Focus Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XFUNX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at [ www.roycefunds.com ].


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