Royce Focus Trust as of July 31, 2006
Royce Funds


New York, August 29, 2006 --

- Invests in a limited number of small-cap companies using a value approach
- Average weekly trading volume of approximately 157,000 shares
- Fund's adviser has more than 30 years of small- and micro-cap investment
experience

Closing Prices - July 31, 2006     NAV  $9.87     MKT  $10.21     Total Return Performance     Periods ended July 31, 2006               NAV             MKT     1 Month*                                  -0.78%          -4.17%     Year to Date*                              3.60            9.76     One-Year                                  16.62           24.55     Three-Year Average Annual                 22.99           28.89     Five-Year Average Annual                  16.11           19.98     From Inception (11/1/96**)      Average Annual                           13.65           16.27     *Not Annualized     **Royce and Associates, LLC assumed investment management responsibilities for the Fund on 11/1/96.     Portfolio Diagnostics     Wtd. Average Market Cap                           $1,762 million     Wtd. Average P/E Ratio:                            12.0x*     Wtd. Average P/B Ratio:                            1.9x     Wtd. Average Yield:                                1.5%     Net Assets Attributable to Common Stock:          $156 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. Portfolio Composition Top 10 Positions % of Net Assets New Zealand Government Bond 6.0% 4.1% Athena Neurosciences Finance 4.0 IPSCO 3.8 Canadian Government Bond 3.0% 3.6 Endo Pharmaceuticals Holdings 2.9 Knight Capital Group Cl. A 2.8 Tesco Corporation 2.8 Lincoln Electric Holdings 2.7 Harris Steel Group 2.7 Thor Industries 2.6 Top Five Industries % of Net Assets 1. Natural Resources 24% 2. Industrial Products 23 3. Technology 9 4. Consumer Products 6 5. Health 6

Recent Developments

Royce Focus Trust, Inc. (FUND) has declared a quarterly distribution of $0.13 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on September 25, 2006 to stockholders of record at the close of business on September 6, 2006 (ex- dividend on September 1, 2006). The price of shares issued for reinvestment will be determined on September 13, 2006.

Royce Focus Trust, Inc. has declared a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on September 25, 2006 to stockholders of record at the close of business on September 6, 2006 (ex-dividend September 1, 2006).

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.

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