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: 12/31/2011

Date of reporting period: 9/30/2011


Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE FOCUS TRUST
SEPTEMBER 30, 2011 (UNAUDITED)

      SHARES     VALUE  

COMMON STOCKS – 101.8%

                
                 

Consumer Discretionary – 8.1%

                

Automobiles - 1.6%

                

Thor Industries

     100,000     $ 2,215,000  
           
 

Specialty Retail - 6.5%

                

Buckle (The)

     120,000       4,615,200  

GameStop Corporation Cl. A 1,2

     195,000       4,504,500  
           
 
              9,119,700  
           
 

Total

             11,334,700  
           
 

Consumer Staples – 7.1%

                

Food Products - 5.4%

                

Cal-Maine Foods

     75,000       2,357,250  

Industrias Bachoco ADR

     90,000       2,022,300  

Sanderson Farms

     65,000       3,087,500  
           
 
              7,467,050  
           
 

Personal Products - 1.7%

                

Nu Skin Enterprises Cl. A

     60,000       2,431,200  
           
 

Total

             9,898,250  
           
 

Energy – 12.0%

                

Energy Equipment & Services - 9.4%

                

Ensco ADR

     75,000       3,032,250  

Helmerich & Payne

     50,000       2,030,000  

Pason Systems

     150,000       1,906,671  

Tesco Corporation 2

     100,000       1,160,000  

Trican Well Service

     220,000       3,119,763  

Unit Corporation 2

     50,000       1,846,000  
           
 
              13,094,684  
           
 

Oil, Gas & Consumable Fuels - 2.6%

                

Exxon Mobil

     50,000       3,631,500  
           
 

Total

             16,726,184  
           
 

Financials – 20.8%

                

Capital Markets - 14.7%

                

Affiliated Managers Group 2

     33,600       2,622,480  

Ashmore Group

     600,000       3,008,570  

Franklin Resources

     50,000       4,782,000  

INTL FCStone 2

     65,000       1,349,400  

Knight Capital Group Cl. A 2

     150,000       1,824,000  

Partners Group Holding

     10,000       1,645,323  

Sprott

     350,000       2,171,009  

U.S. Global Investors Cl. A

     147,849       1,002,416  

Value Partners Group

     5,600,000       2,102,203  
           
 
              20,507,401  
           
 

Insurance - 3.8%

                

Berkshire Hathaway Cl. B 2

     75,000       5,328,000  
           
 

Real Estate Management & Development - 2.3%

                

Kennedy-Wilson Holdings

     312,196       3,309,278  
           
 

Total

             29,144,679  
           
 

Health Care – 1.3%

                

Biotechnology - 1.3%

                

Myriad Genetics 2

     95,000       1,780,300  
           
 

Total

             1,780,300  
           
 

Industrials – 7.5%

                

Building Products - 0.9%

                

Simpson Manufacturing

     50,000       1,246,500  
           
 

Construction & Engineering - 1.1%

                

Jacobs Engineering Group 2

     50,000       1,614,500  
           
 

Electrical Equipment - 0.9%

                

GrafTech International 2

     100,000       1,270,000  
           
 

Machinery - 3.3%

                

Lincoln Electric Holdings

     60,000       1,740,600  

Pfeiffer Vacuum Technology

     5,000       435,508  

Semperit AG Holding

     60,000       2,384,546  
           
 
              4,560,654  
           
 

Road & Rail - 1.3%

                

Patriot Transportation Holding 2

     90,000       1,818,900  
           
 

Total

             10,510,554  
           
 

Information Technology – 15.2%

                

Computers & Peripherals - 4.7%

                

SanDisk Corporation 2

     60,000       2,421,000  

Western Digital 2

     160,000       4,115,200  
           
 
              6,536,200  
           
 

Semiconductors & Semiconductor Equipment - 7.0%

                

Aixtron ADR

     130,000       1,887,600  

Analog Devices

     142,000       4,437,500  

MKS Instruments

     160,000       3,473,600  
           
 
              9,798,700  
           
 

Software - 3.5%

                

Microsoft Corporation

     200,000       4,978,000  
           
 

Total

             21,312,900  
           
 

Materials – 29.8%

                

Chemicals - 5.6%

                

LSB Industries 2

     70,000       2,006,900  

Mosaic Company (The)

     75,000       3,672,750  

Westlake Chemical

     60,000       2,056,800  
           
 
              7,736,450  
           
 

Metals & Mining - 24.2%

                

Alamos Gold

     120,000       1,803,607  

Allied Nevada Gold 2

     160,000       5,729,600  

Centamin Egypt 2

     1,200,000       1,820,784  

Endeavour Mining 2

     900,000       1,717,721  

Fresnillo

     70,000       1,722,483  

Globe Specialty Metals

     100,000       1,452,000  

Major Drilling Group International

     220,000       2,170,818  

Newmont Mining

     60,000       3,774,000  

Nucor Corporation

     50,000       1,582,000  

Pan American Silver

     118,500       3,172,245  

Reliance Steel & Aluminum

     75,000       2,550,750  

Schnitzer Steel Industries Cl. A

     75,000       2,760,000  

Seabridge Gold 2

     160,000       3,596,800  
           
 
              33,852,808  
           
 

Total

             41,589,258  
           
 

TOTAL COMMON STOCKS

                

(Cost $140,236,712)

             142,296,825  
           
 

REPURCHASE AGREEMENT – 16.5%

                

Fixed Income Clearing Corporation,
0.01% dated 9/30/11, due 10/3/11,
maturity value $23,113,019 (collateralized
by obligations of various U.S. Government
Agencies, 1.75% due 8/22/12, valued at
$23,695,175)
(Cost $23,113,000)

             23,113,000  
           
 

COLLATERAL RECEIVED FOR SECURITIES
LOANED – 2.6%

                

Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0105%)
(Cost $3,596,012)

             3,596,012  
           
 

TOTAL INVESTMENTS – 120.9%

                

(Cost $166,945,724)

             169,005,837  
                 

LIABILITIES LESS CASH
AND OTHER ASSETS – (3.0)%

             (4,198,838 )
                 

PREFERRED STOCK – (17.9)%

             (25,000,000 )
           
 
                 

NET ASSETS APPLICABLE TO COMMON
STOCKHOLDERS – 100.0%

           $ 139,806,999  
           
 

1 All or a portion of this security was on loan at September 30, 2011. Total market value of loaned securities at September 30, 2011, was $3,390,526.
2 Non-income producing.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $166,945,724. At September 30, 2011, net unrealized appreciation for all securities was $2,060,113, consisting of aggregate gross unrealized appreciation of $21,529,942 and aggregate gross unrealized depreciation of $19,469,829.

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 approved 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). The table below includes all Level 2 securities. Any Level 2 securities with values based on quoted prices for similar securities would be noted in the Schedule of Investments.
  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, 2011. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

    Level 1   Level 2   Level 3   Total

Common stocks

   $116,287,819     $26,009,006     $–     $142,296,825  

Cash equivalents

   3,596,012     23,113,000     –     26,709,012  

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 for the Fund on all securities loaned 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.

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 15, 2011

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 15, 2011

By:

/s/John D. Diederich
John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: November 15, 2011