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: 12/31/2014

Date of reporting period: 9/30/2014



Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE FOCUS TRUST
SEPTEMBER 30, 2014 (UNAUDITED)

    SHARES   VALUE   COMMON STOCKS 96.6%                           Consumer Discretionary 8.4%             Automobiles - 2.7%            

Thor Industries

  105,000   $ 5,407,500          
  Household Durables - 1.1%            

Garmin

  40,000     2,079,600          
  Specialty Retail - 4.6%            

Buckle (The)

  100,000     4,539,000  

GameStop Corporation Cl. A

  110,000     4,532,000          
            9,071,000          
  Total         16,558,100          
                Consumer Staples 6.6%             Food Products - 4.8%            

Cal-Maine Foods

  30,000     2,679,900  

Industrias Bachoco ADR

  75,000     4,480,500  

Sanderson Farms

  25,000     2,198,750          
            9,359,150          
  Personal Products - 1.8%            

Nu Skin Enterprises Cl. A

  80,000     3,602,400          
  Total         12,961,550          
                Energy 13.0%             Energy Equipment & Services - 10.1%            

Helmerich & Payne

  35,000     3,425,450  

Pason Systems

  150,000     4,193,491  

TGS-NOPEC Geophysical

  220,000     5,598,662  

Trican Well Service

  320,000     3,743,024  

Unit Corporation 1

  50,000     2,932,500          
            19,893,127          
  Oil, Gas & Consumable Fuels - 2.9%            

Exxon Mobil

  60,000     5,643,000          
  Total         25,536,127          
                Financials 16.4%             Capital Markets - 11.3%            

Ashmore Group

  1,000,000     4,993,142  

Federated Investors Cl. B

  95,000     2,789,200  

Franklin Resources

  130,000     7,099,300  

Sprott

  1,750,000     4,437,698  

Value Partners Group

  4,000,000     2,931,158          
            22,250,498          
  Diversified Financial Services - 2.1%            

Berkshire Hathaway Cl. B 1

  30,000     4,144,200          
  Real Estate Management & Development - 3.0%            

Kennedy-Wilson Holdings

  240,000     5,750,400          
  Total         32,145,098          
  Health Care 5.8%             Biotechnology - 4.7%            

Myriad Genetics 1

  240,000     9,256,800          
  Pharmaceuticals - 1.1%            

Medicines Company (The) 1

  100,000     2,232,000          
  Total         11,488,800          
                Industrials 8.6%             Construction & Engineering - 1.2%            

Jacobs Engineering Group 1

  50,000     2,441,000          
  Machinery - 4.6%            

AGCO Corporation

  60,000     2,727,600  

Lincoln Electric Holdings

  25,000     1,728,375  

Semperit AG Holding

  100,000     4,610,134          
            9,066,109          
  Marine - 1.2%            

Clarkson

  60,000     2,285,822          
  Road & Rail - 1.6%            

Patriot Transportation Holding 1

  90,000     3,052,800          
  Total         16,845,731          
                Information Technology 19.1%             Semiconductors & Semiconductor Equipment - 5.0%            

Cirrus Logic 1

  250,000     5,212,500  

MKS Instruments

  140,000     4,673,200          
            9,885,700          
  Software - 2.4%            

Microsoft Corporation

  100,000     4,636,000          
  Technology Hardware, Storage & Peripherals - 11.7%            

Apple

  84,000     8,463,000  

SanDisk Corporation

  60,000     5,877,000  

Western Digital

  90,000     8,758,800          
            23,098,800          
  Total         37,620,500          
                Materials 18.7%             Chemicals - 4.0%            

Mosaic Company (The)

  90,000     3,996,900  

Westlake Chemical

  45,000     3,896,550          
            7,893,450          
  Metals & Mining - 13.7%            

Alamos Gold

  160,000     1,275,771  

Franco-Nevada Corporation

  50,000     2,444,000  

Fresnillo

  180,000     2,217,733  

Globe Specialty Metals

  220,000     4,001,800  

Hochschild Mining 1

  600,000     1,316,050  

Major Drilling Group International

  250,000     1,473,280  

Pan American Silver

  200,000     2,196,000  

Pretium Resources 1

  100,000     522,345  

Randgold Resources ADR

  45,000     3,041,550  

Reliance Steel & Aluminum

  60,000     4,104,000  

Schnitzer Steel Industries Cl. A

  65,000     1,563,250  

Seabridge Gold 1

  350,000     2,814,000          
            26,969,779          
  Paper & Forest Products - 1.0%            

Stella-Jones

  75,000     1,964,820          
  Total         36,828,049          
                TOTAL COMMON STOCKS            

(Cost $151,032,622)

        189,983,955          
                REPURCHASE AGREEMENT 3.5%             Fixed Income Clearing Corporation,            

0.00% dated 9/30/14, due 10/1/14,

           

maturity value $6,831,000 (collateralized

           

by obligations of various U.S. Government

           

Agencies, 1.25% due 11/30/18, valued at $6,970,688)

           

(Cost $6,831,000)

        6,831,000          
                TOTAL INVESTMENTS 100.1%            

(Cost $157,863,622)

        196,814,955                 LIABILITIES LESS CASH            

AND OTHER ASSETS (0.1)%

        (106,006 )        
                NET ASSETS 100.0%       $ 196,708,949          
 

1  Non-income producing.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $157,863,622. At September 30, 2014, net unrealized appreciation for all securities was $38,951,333, consisting of aggregate gross unrealized appreciation of $52,272,467 and aggregate gross unrealized depreciation of $13,321,134.

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 highest 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 in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. 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 last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
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, 2014. 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   $ 189,983,955   $   $   $ 189,983,955   Cash Equivalents         6,831,000         6,831,000  

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.

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 24, 2014      

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 24, 2014  

By:

/s/ John D. Diederich   John D. Diederich   Treasurer, Royce Focus Trust, Inc.   Date: November 24, 2014