Royce Focus Trust (NASDAQ: FUND) as of June 30, 2008

2008-07-22 23:51:06 -

- John D. Diederich 212-355-7311 Royce Focus Trust (NASDAQ: FUND) as of June 30, 2008: -0- Closing Prices - June 30, 2008 NAV $8.86 MKT $8.83 Total Return Performance Periods ended June 30, 2008 NAV MKT 1 Month* -5.00% -8.05% Year to Date* 2.28 1.37 One-Year -1.01 -3.87 Three-Year Average Annual 17.18 18.75 Five-Year Average Annual 20.52 22.73 Ten-Year Average

Annual 12.83 14.57 *Not Annualized Portfolio Diagnostics Wtd. Average Market Cap $1,386 million Wtd. Average P/E Ratio: 13.0x* Wtd. Average P/B Ratio: 2.2x Wtd. Average Portfolio Yield: 1.4% Net Assets Attributable to Common Stock: $193 million Net Leverage: 0% * The Funds' P/E ratio calculations exclude companies with zero or negative earnings.

Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock. -0- Portfolio Composition Top 10 Positions % of Net Assets 1. Australia 7.50%, due 9/15/09 5.8% 2. Kennedy-Wilson Conv. 5.5 3. Reliance Steel & Aluminum 4.6 4. Unit Corp. 4.5 5. Sims Group ADR 3.6 6. Ensign Energy Services 3.2 7. Knight Capital Group Cl. A 3.2 8. Trican Well Service 3.0 9. Gammon Gold 2.9 10. Lincoln Electric Holdings 2.8 Top Five Industries % of Net Assets 1. Natural Resources 29% 2. Industrial Products 24 3. Technology 12 4. Consumer Products 10 5. Industrial Services 9

Recent Developments

Royce Focus Trust, Inc. (Nasdaq - FUND) paid a quarterly distribution of $0.12 per share on its Common Stock, on June 23, 2008 to stockholders of record at the close of business on June 6, 2008 (ex-dividend on June 4, 2008). The price of shares issued for reinvestment was $9.04.

Royce Focus Trust, Inc. paid a 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, on June 23, 2008 to stockholders of record at the close of business on June 6, 2008 (ex-dividend June 4, 2008).

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

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


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

¶ -- Average weekly trading volume of approximately 194,000 shares

¶ -- Fund's adviser has more than 30 years of small- and micro-cap
investment experience