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: 12/31/2010

Date of reporting period: 3/31/2010


Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE FOCUS TRUST
MARCH 31, 2010 (UNAUDITED)

    SHARES   VALUE  

COMMON STOCKS – 102.4%

            
             

Consumer Products – 9.3%

            

Apparel, Shoes and Accessories - 2.8%

            

Coach

   50,000   $ 1,976,000  

Timberland Company (The) Cl. A a

   100,000     2,134,000  
       
 
          4,110,000  
       
 

Food/Beverage/Tobacco - 3.4%

            

Cal-Maine Foods

   80,000     2,711,200  

Industrias Bachoco ADR

   105,000     2,318,400  
       
 
          5,029,600  
       
 

Health, Beauty and Nutrition - 1.2%

            

Nu Skin Enterprises Cl. A

   60,000     1,746,000  
       
 

Sports and Recreation - 1.9%

            

Thor Industries

   90,000     2,718,900  
       
 

Total

         13,604,500  
       
 

Consumer Services – 4.2%

            

Retail Stores - 4.2%

            

Buckle (The)

   120,000     4,411,200  

Men’s Wearhouse (The)

   75,000     1,795,500  
       
 

Total

         6,206,700  
       
 

Diversified Investment Companies – 2.0%

            

Exchange Traded Funds - 2.0%

            

UltraShort 20+ Year Treasury ProShares a,b

   60,000     2,921,400  
       
 

Total

         2,921,400  
       
 

Financial Intermediaries – 7.1%

            

Insurance - 4.2%

            

Berkshire Hathaway Cl. B a

   75,000     6,095,250  
       
 

Securities Brokers - 2.1%

            

Knight Capital Group Cl. A a

   200,000     3,050,000  
       
 

Other Financial Intermediaries - 0.8%

            

KKR Financial Holdings

   150,000     1,231,500  
       
 

Total

         10,376,750  
       
 

Financial Services – 11.9%

            

Investment Management - 8.8%

            

Artio Global Investors Cl. A

   80,300     1,986,622  

Endeavour Financial a

   1,163,000     2,782,543  

Franklin Resources

   25,000     2,772,500  

Partners Group Holding

   15,000     2,123,957  

Sprott

   450,000     1,705,804  

U.S. Global Investors Cl. A

   147,849     1,462,227  
       
 
          12,833,653  
       
 

Other Financial Services - 3.1%

            

Kennedy-Wilson Holdings a

   450,771     4,575,325  
       
 

Total

         17,408,978  
       
 

Health – 1.6%

            

Drugs and Biotech - 1.6%

            

Endo Pharmaceuticals Holdings a

   80,000     1,895,200  

Lexicon Pharmaceuticals a

   300,000     444,000  
       
 

Total

         2,339,200  
       
 

Industrial Products – 23.0%

            

Building Systems and Components - 2.9%

            

Simpson Manufacturing

   80,000     2,220,800  

WaterFurnace Renewable Energy

   70,000     1,970,462  
       
 
          4,191,262  
       
 

Industrial Components - 2.1%

            

GrafTech International a

   230,000     3,144,100  
       
 

Machinery - 1.9%

            

Lincoln Electric Holdings

   50,000     2,716,500  
       
 

Metal Fabrication and Distribution - 9.5%

            

Kennametal

   30,000     843,600  

Nucor Corporation

   80,000     3,630,400  

Reliance Steel & Aluminum

   90,000     4,430,700  

Schnitzer Steel Industries Cl. A

   65,000     3,414,450  

Sims Metal Management ADR

   80,000     1,571,200  
       
 
          13,890,350  
       
 

Miscellaneous Manufacturing - 1.2%

            

Rational

   10,000     1,753,145  
       
 

Pumps, Valves and Bearings - 2.5%

            

Gardner Denver

   50,000     2,202,000  

Pfeiffer Vacuum Technology

   20,000     1,526,235  
       
 
          3,728,235  
       
 

Specialty Chemicals and Materials - 2.9%

            

Mosaic Company (The)

   70,000     4,253,900  
       
 

Total

         33,677,492  
       
 

Industrial Services – 10.0%

            

Commercial Services - 1.2%

            

Korn/Ferry International a

   100,000     1,765,000  
       
 

Engineering and Construction - 1.5%

            

Jacobs Engineering Group a

   50,000     2,259,500  
       
 

Food, Tobacco and Agriculture - 5.6%

            

Alliance Grain Traders

   65,000     2,085,069  

Intrepid Potash a

   50,000     1,516,500  

Sanderson Farms

   85,000     4,556,850  
       
 
          8,158,419  
       
 

Transportation and Logistics - 1.7%

            

Patriot Transportation Holding a

   30,000     2,534,400  
       
 

Total

         14,717,319  
       
 

Natural Resources – 26.0%

            

Energy Services - 10.3%

            

Ensign Energy Services

   130,000     1,881,554  

Major Drilling Group International

   120,000     3,024,664  

Pason Systems

   180,000     2,025,698  

Tesco Corporation a

   210,000     2,450,700  

Trican Well Service

   200,000     2,587,505  

Unit Corporation a

   75,000     3,171,000  
       
 
          15,141,121  
       
 

Oil and Gas - 1.4%

            

Exxon Mobil

   30,000     2,009,400  
       
 

Precious Metals and Mining - 12.6%

            

Alamos Gold a

   150,000     2,004,135  

Allied Nevada Gold a

   150,000     2,485,500  

Fresnillo

   120,000     1,544,207  

Gammon Gold a

   210,000     1,509,900  

Ivanhoe Mines a

   120,000     2,089,200  

Pan American Silver

   100,000     2,315,000  

Seabridge Gold a

   150,000     3,654,000  

Silver Standard Resources a

   165,000     2,935,350  
       
 
          18,537,292  
       
 

Real Estate - 0.8%

            

PICO Holdings a

   30,000     1,115,700  
       
 

Other Natural Resources - 0.9%

            

Magma Energy a

   1,000,000     1,398,120  
       
 

Total

         38,201,633  
       
 

Technology – 7.3%

            

Aerospace and Defense - 1.1%

            

Ceradyne a

   70,000     1,588,300  
       
 

Semiconductors and Equipment - 2.4%

            

MKS Instruments a

   120,000     2,350,800  

Sigma Designs a

   100,325     1,176,812  
       
 
          3,527,612  
       
 

Software - 2.0%

            

Microsoft Corporation

   100,000     2,927,000  
       
 

Telecommunications - 1.8%

            

ADTRAN

   100,000     2,635,000  
       
 

Total

         10,677,912  
       
 

TOTAL COMMON STOCKS

            

(Cost $120,985,327)

         150,131,884  
       
 

REPURCHASE AGREEMENT – 14.7%

            

State Street Bank & Trust Company,
0.005% dated 3/31/10, due 4/1/10,
maturity value $21,500,003 (collateralized
by obligations of various U.S. Government
Agencies, due 6/16/10, valued at $22,040,000)

            

(Cost $21,500,000)

         21,500,000  
       
 

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.9%

            
Money Market Funds            

Federated Government Obligations Fund

            

(7 day yield-0.0150%)

            

(Cost $1,396,679)

         1,396,679  
       
 

TOTAL INVESTMENTS – 118.0%

            

(Cost $143,882,006)

         173,028,563  
             

LIABILITIES LESS CASH AND OTHER ASSETS – (0.9)%

         (1,440,804 )
             

PREFERRED STOCK – (17.1)%

         (25,000,000 )
       
 

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS – 100.0%

       $ 146,587,759  
       
 
     
a  
Non-income producing.
b  
All or a portion of these securities were on loan at March 31, 2010. Total market value of loaned securities at March 31, 2010 was $1,346,619.
     
   
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $143,882,006. At March 31, 2010, net unrealized appreciation for all securities was $29,146,557, consisting of aggregate gross unrealized appreciation of $36,960,270 and aggregate gross unrealized depreciation of $7,813,713. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
     
   
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 March 31, 2010:
        Level 1   Level 2   Level 3   Total
   
          

Common stocks

     $ 121,718,787       $ 28,413,097       $ –       $ 150,131,884  
   

Cash equivalents

       1,396,679         21,500,000         –         22,896,679  
   
                                             
   
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: May 26, 2010

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: May 26, 2010

By:

/s/John D. Diederich
John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: May 26, 2010