UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05379

Name of Fund:   Royce Focus Trust, Inc.
Fund Address:   745 Fifth Avenue
    New York, NY 10151

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500

Date of fiscal year end: 12/31/2009

Date of reporting period: 9/30/2009


Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE FOCUS TRUST
SEPTEMBER 30, 2009 (UNAUDITED)

    SHARES   VALUE  
COMMON STOCKS – 94.6%            
             
Consumer Products – 9.6%            
Apparel, Shoes and Accessories - 2.3%            

Coach

   50,000   $ 1,646,000  

Timberland Company (The) Cl. A a

   100,000     1,392,000  
       
          3,038,000  
       
Food/Beverage/Tobacco - 3.9%            

Industrias Bachoco ADR

   100,000     2,100,000  

Sanderson Farms

   80,000     3,011,200  
       
          5,111,200  
       
Health, Beauty and Nutrition - 1.7%            

Nu Skin Enterprises Cl. A

   120,000     2,223,600  
       
Sports and Recreation - 1.7%            

Thor Industries

   75,000     2,321,250  
       
Total         12,694,050  
       
             
Consumer Services – 4.5%            
Retail Stores - 4.5%            

Buckle (The)  b

   120,000     4,096,800  

Men’s Wearhouse (The)

   75,000     1,852,500  
       
Total         5,949,300  
       
             
Diversified Investment Companies – 1.3%            
Exchange Traded Funds - 1.3%            

UltraShort 20+ Year Treasury ProShares a

   40,000     1,760,400  
       
Total         1,760,400  
       
             
Financial Intermediaries – 3.7%            
Securities Brokers - 3.0%            

Knight Capital Group Cl. A a

   180,000     3,915,000  
       
Other Financial Intermediaries - 0.7%            

KKR Financial Holdings a

   200,000     924,000  
       
Total         4,839,000  
       
             
Financial Services – 7.3%            
Investment Management - 7.3%            

Endeavour Financial

   600,000     935,880  

Franklin Resources

   30,000     3,018,000  

Partners Group Holding

   15,000     1,829,586  

Sprott

   550,000     2,049,690  

U.S. Global Investors Cl. A

   147,849     1,822,978  
       
Total         9,656,134  
       
             
Health – 2.9%            
Drugs and Biotech - 2.2%            

Endo Pharmaceuticals Holdings a

   80,000     1,810,400  

Lexicon Pharmaceuticals a

   500,000     1,065,000  
       
          2,875,400  
       
Medical Products and Devices - 0.7%            

Caliper Life Sciences a

   352,300     993,486  
       
Total         3,868,886  
       
             
Industrial Products – 24.1%            
Building Systems and Components - 2.7%            

Simpson Manufacturing

   70,000     1,768,200  

WaterFurnace Renewable Energy

   70,000     1,766,591  
       
          3,534,791  
       
Industrial Components - 2.2%            

GrafTech International a

   200,000     2,940,000  
       
Machinery - 2.9%            

Lincoln Electric Holdings

   50,000     2,372,500  

Woodward Governor

   60,000     1,455,600  
       
          3,828,100  
       
Metal Fabrication and Distribution - 9.6%            

Kennametal

   80,000     1,968,800  

Nucor Corporation

   60,000     2,820,600  

Reliance Steel & Aluminum

   90,000     3,830,400  

Schnitzer Steel Industries Cl. A

   40,000     2,130,000  

Sims Metal Management ADR

   100,000     1,993,000  
       
          12,742,800  
       
Miscellaneous Manufacturing - 1.3%            

Rational

   12,000     1,680,334  
       
Pumps, Valves and Bearings - 3.2%            

Gardner Denver a

   50,000     1,744,000  

Pfeiffer Vacuum Technology

   30,000     2,462,816  
       
          4,206,816  
       
Specialty Chemicals and Materials - 2.2%            

Mosaic Company (The)

   60,000     2,884,200  
       
Total         31,817,041  
       
             
Industrial Services – 4.9%            
Commercial Services - 1.4%            

Korn/Ferry International a

   120,000     1,750,800  
       
Food, Tobacco and Agriculture - 3.5%            

CF Industries Holdings

   20,000     1,724,600  

Intrepid Potash a

   50,000     1,179,500  

Terra Industries

   50,000     1,733,500  
       
          4,637,600  
       
Total         6,388,400  
       
             
Natural Resources – 27.9%            
Energy Services - 10.9%            

Ensign Energy Services

   150,000     2,275,254  

Major Drilling Group International

   70,000     1,422,033  

Pason Systems

   180,000     2,093,121  

Tesco Corporation a

   160,000     1,276,800  

Trican Well Service

   280,000     3,635,175  

Unit Corporation a

   90,300     3,724,875  
       
          14,427,258  
       
Oil and Gas - 1.6%            

Exxon Mobil

   30,000     2,058,300  
       
Precious Metals and Mining - 13.3%            

Alamos Gold a

   150,000     1,319,759  

Allied Nevada Gold a,b

   250,000     2,447,500  

Fresnillo

   150,000     1,850,659  

Gammon Gold a

   184,500     1,570,095  

Ivanhoe Mines a

   250,000     3,197,500  

Pan American Silver a

   80,000     1,824,000  

Seabridge Gold a

   75,000     2,145,000  

Silver Standard Resources a

   150,000     3,204,000  
       
          17,558,513  
       
Real Estate - 0.8%            

PICO Holdings a

   30,000     1,000,500  
       
Other Natural Resources - 1.3%            

Magma Energy a

   1,000,000     1,783,963  
       
Total         36,828,534  
       
             
Technology – 7.7%            
Aerospace and Defense - 1.0%            

Ceradyne  a

   70,000     1,283,100  
       
Semiconductors and Equipment - 2.8%            

MKS Instruments a

   120,000     2,314,800  

Sigma Designs a

   100,325     1,457,722  
       
          3,772,522  
       
Software - 2.0%            

Microsoft Corporation

   100,000     2,589,000  
       
Telecommunications - 1.9%            

ADTRAN

   100,000     2,455,000  
       
Total         10,099,622  
       
             
Miscellaneous c – 0.7%            
Total         930,276  
       
             
TOTAL COMMON STOCKS            

(Cost $107,404,518)

         124,831,643  
       
             
PREFERRED STOCK – 6.0%            

Kennedy-Wilson Conv. d,e

            

(Cost $9,000,000)

   9,000     7,949,997  
       
             
REPURCHASE AGREEMENT – 17.2%            

State Street Bank & Trust Company,
0.01% dated 9/30/09, due 10/1/09,
maturity value $22,677,006 (collateralized
by obligations of various U.S. Government
Agencies, 3.625% due 10/18/13, valued at $23,245,313)
(Cost $22,677,000)

         22,677,000  
       
             
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%            

Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.1287%)
(Cost $759,739)

         759,739  
       
             
TOTAL INVESTMENTS – 118.4%            

(Cost $139,841,257)

         156,218,379  
             
CASH AND OTHER ASSETS LESS LIABILITIES – 0.5%         745,043  
             
PREFERRED STOCK – (18.9)%         (25,000,000 )
       
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS – 100.0%       $ 131,963,422  
       

a   Non-income producing.
b  
All or a portion of these securities were on loan at September 30, 2009. Total market value of loaned securities at September 30, 2009 was $745,382.
c  
Includes securities first acquired in 2009 and less than 1% of net assets applicable to Common Stockholders.
d  
A security for which market quotations are not readily available represents 6.0% of net assets. This security has been valued at its fair value under procedures established by the Fund’s Board of Directors.
e  
This security, and the common stock into which the security is convertible, are not and will not be registered under the Securities Act of 1933 and related rules (“restricted security”). Accordingly, such securities may not be offered, sold, transferred or delivered, directly or indirectly, unless (i) such shares are registered under the Securities Act and any other applicable state securities laws, or (ii) an exemption from registration under the Securities Act and any other applicable state securities laws is available.

TAX INFORMATION:  The cost of total investments for Federal income tax purposes was $139,841,257. At September 30, 2009, net unrealized appreciation for all securities was $16,377,122, consisting of aggregate gross unrealized appreciation of $30,108,075 and aggregate gross unrealized depreciation of $13,730,953.

Valuation of Investments:
Investment transactions are accounted for on the trade date. 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’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 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 under procedures established by the Fund’s Board of Directors. 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.

Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
 

Level 1 – quoted prices in active markets for identical securities
 

Level 2 – other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements)
 

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2009:
    Level 1   Level 2   Level 3   Total  

Equities

   $98,796,507   $26,035,136   $7,949,997   $132,781,640  

Cash Equivalents

       23,436,739       23,436,739  
 
Level 3 Reconciliation:
 
        Change in unrealized appreciation      
    Balance as of 12/31/08   (depreciation)   Balance as of 9/30/09  

Equities

   $7,285,707   $664,290   $7,949,997  

Repurchase Agreements:
The Fund may enter into repurchase agreements with institutions that the Fund’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.

Securities Lending:
The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund 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.

Restricted Securities:
Certain of the Fund’s investments are restricted as to resale and are valued at their fair value under procedures established by the Fund’s Board of Directors. The Fund does not consider a security to be “restricted” if it may be sold by the Fund without restriction in the market in which it is primarily traded.

        Acquisition       Fair Value at   Percent of Net     Distributions  
Security   Number of Shares   Date   Cost   9/30/09   Assets     Received  
Kennedy-Wilson Conv.   9,000   5/08   $9,000,000   $7,949,997   6.0%     $472,500  

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).


Item 2 - Controls and Procedures

(a)     The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)     There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 - Exhibits

        Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.


SIGNATURES

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.

Royce Focus Trust, Inc.
By:

/s/ Charles M. Royce
Charles M. Royce
President, Royce Focus Trust, Inc.
Date: November 17, 2009

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.

By:

/s/ Charles M. Royce
Charles M. Royce
President, Royce Focus Trust, Inc.
Date: November 17, 2009

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: November 17, 2009