Royce Focus Trust (NASDAQ: FUND) as of July 31, 2013

• Invests in a limited number of companies using a value approach
• Average weekly trading volume of approximately 194,000 shares
• Fund’s adviser has more than 35 years of investment experience

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

Closing Prices – July 31, 2013
NAV	$8.13
MKT	$7.21

Total Return Performance
Periods ended July 31, 2013	NAV		MKT
1 Month*	6.27	%	3.30	%
Year to Date*	9.04		12.23
One-Year	20.74		21.24
Three-Year Average Annual	11.33		12.22
Five-Year Average Annual	3.23		0.66
Ten-Year Average Annual	10.59		10.45
*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Market Cap	$	6197 million
Wtd. Average P/E Ratio:		15.5x*
Wtd. Average P/B Ratio:		1.9x*
Net Assets:	$	177 million
*The Funds’ P/E ratio calculations exclude companies with zero or negative earnings.

Portfolio Composition
Top 10 Positions		% of Net Assets
1.	Western Digital Corp.	4.6	%
2.	Berkshire Hathaway Inc. Cl. B	3.9
3.	Microsoft Corp.	3.6
4.	Franklin Resources, Inc.	3.3
5.	The Buckle, Inc.	3.2
6.	Nu Skin Enterprises, Inc.	3.1
7.	Helmerich & Payne, Inc.	3.0
8.	Myriad Genetics	3.0
9.	Exxon Mobile Corp.	2.9
10.	Apple, Inc.	2.6
Top Five Sectors		% of Net Assets
1.	Materials	20	%
2.	Information Technology	18
3.	Financials	18
4.	Energy	13
5.	Consumer Discretionary	12

Recent Developments

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). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 65% 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 [phone] or visit our website at www.roycefunds.com.