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: 1414 Avenue of the Americas
New York, NY 10019

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
1414 Avenue of the Americas
New York, NY 10019

Registrant’s telephone number, including area code: (212) 486-1445

Date of fiscal year end: 12/31/2007

Date of reporting period: 9/30/2007

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS                
ROYCE FOCUS TRUST                
SEPTEMBER 30, 2007 (UNAUDITED)                
                 

COMMON STOCKS - 81.7%

                
      SHARES       VALUE  

Consumer Products - 8.8%

                
Apparel and Shoes - 0.8%                

Timberland Company Cl. A a

     75,000     $ 1,422,000  
           
 
Home Furnishing and Appliances - 1.6%                

Rational

     15,000       2,885,837  
           
 
Sports and Recreation - 4.6%                

Thor Industries

     120,000       5,398,800  

Winnebago Industries

     125,000       2,985,000  
           
 
              8,383,800  
           
 
Other Consumer Products - 1.8%                

Fossil a

     90,000       3,362,400  
           
 
Total             16,054,037  
           
 
Consumer Services - 3.8%                
Direct Marketing - 1.8%                

Nu Skin Enterprises Cl. A

     200,000       3,232,000  
           
 
Other Consumer Services - 2.0%                

Corinthian Colleges a

     120,000       1,909,200  

Universal Technical Institute a

     100,100       1,801,800  
           
 
              3,711,000  
           
 
Total             6,943,000  
           
 
Financial Intermediaries - 5.3%                
Securities Brokers - 2.6%                

Knight Capital Group Cl. A a

     400,000       4,784,000  
           
 
Other Financial Intermediaries - 2.7%                

KKR Financial

     286,632       4,829,749  
           
 
Total             9,613,749  
           
 
Health - 4.7%                
Drugs and Biotech - 3.0%                

Alpharma Cl. A a

     50,000       1,068,000  

Endo Pharmaceuticals Holdings a

     90,000       2,790,900  

Lexicon Pharmaceuticals a

     499,400       1,727,924  
           
 
              5,586,824  
           
 
Medical Products and Devices - 1.7%                

Caliper Life Sciences a

     302,300       1,735,202  

Possis Medical a

     100,000       1,355,000  
           
 
              3,090,202  
           
 
Total             8,677,026  
           
 
Industrial Products - 21.6%                
Building Systems and Components - 2.1%                

Simpson Manufacturing

     120,000       3,822,000  
           
 
Machinery - 7.1%                

Kennametal

     30,000       2,519,400  

Lincoln Electric Holdings

     70,000       5,432,700  

Pfeiffer Vacuum Technology

     13,879       1,265,329  

Woodward Governor

     59,898       3,737,635  
           
 
              12,955,064  
           
 
Metal Fabrication and Distribution - 12.4%                

Dynamic Materials

     75,000       3,591,750  

Metal Management

     100,000       5,420,000  

Reliance Steel & Aluminum

     100,000       5,654,000  

Schnitzer Steel Industries Cl. A

     110,000       8,061,900  
           
 
              22,727,650  
           
 
Total             39,504,714  
           
 
Industrial Services - 6.5%                
Commercial Services - 3.5%                

BB Holdings a

     400,000       1,698,178  

CRA International a

     40,000       1,927,600  

LECG Corporation a

     180,000       2,682,000  
           
 
              6,307,778  
           
 
Food and Tobacco Processors - 1.6%                

Sanderson Farms

     70,100       2,921,067  
           
 
Transportation and Logistics - 1.4%                

Arkansas Best

     80,000       2,612,800  
           
 
Total             11,841,646  
           
 
Natural Resources - 24.2%                
Energy Services - 8.1%                

Ensign Energy Services

     240,000       4,531,443  

Pason Systems

     180,000       2,692,807  

Tesco Corporation a

     100,000       2,715,000  

Trican Well Service

     240,000       4,886,141  
           
 
              14,825,391  
           
 
Oil and Gas - 2.1%                

Unit Corporation a

     80,000       3,872,000  
           
 
Precious Metals and Mining - 14.0%                

Endeavour Mining Capital

     400,000       3,868,698  

Fronteer Development Group a

     320,000       3,353,600  

Gammon Gold a

     300,000       3,552,000  

Ivanhoe Mines a

     350,000       4,567,500  

Meridian Gold a

     50,000       1,655,000  

Pan American Silver a

     140,000       4,046,000  

Silver Standard Resources a

     120,000       4,474,800  
           
 
              25,517,598  
           
 
Total             44,214,989  
           
 
Technology - 6.8%                
Semiconductors and Equipment - 2.1%                

MKS Instruments a

     200,000       3,804,000  
           
 
Software - 2.0%                

DivX a,b

     150,000       2,230,500  

ManTech International Cl. A a

     39,953       1,437,509  
           
 
              3,668,009  
           
 
Telecommunications - 2.7%                

ADTRAN

     75,000       1,727,250  

Foundry Networks a

     180,100       3,200,377  
           
 
              4,927,627  
           
 
Total             12,399,636  
           
 
TOTAL COMMON STOCKS                

(Cost $106,873,391)

             149,248,796  
           
 

GOVERNMENT BONDS - 12.3%

   PRINCIPAL          

 

   AMOUNT          

(Principal Amount shown in local currency)

                

Australia Government Bond 7.50% due 9/15/09

     10,000,000       9,044,945  

New Zealand Government Bond 6.00% due 7/15/08

     10,000,000       7,514,756  

Republic of South Africa Government Bond 10.00% due 2/28/09

     40,000,000       5,862,094  
           
 
TOTAL GOVERNMENT BONDS                

(Cost $20,561,821)

             22,421,795  
           
 
REPURCHASE AGREEMENTS - 19.6%                

State Street Bank & Trust Company,
4.75% dated 9/28/07, due 10/1/07,
maturity value $10,754,255 (collateralized
by obligations of various U.S. Government
Agencies, valued at $11,022,244)
(Cost $10,750,000)

             10,750,000  
           
 

Lehman Brothers (Tri-Party),
4.55% dated 9/28/07, due 10/1/07,
maturity value $25,009,479 (collateralized
by obligations of various U.S. Government
Agencies, valued at $25,511,180)
(Cost $25,000,000)

             25,000,000  
           
 
TOTAL REPURCHASE AGREEMENTS                

(Cost $35,750,000)

             35,750,000  
           
 
COLLATERAL RECEIVED FOR SECURITIES LOANED - 0.6%                
Money Market Funds                

State Street Navigator Securities Lending

                

Prime Portfolio (7 day yield-5.23%)

             1,162,500  
           
 

(Cost $1,162,500)

             1,162,500  
           
 
TOTAL INVESTMENTS - 114.2%                

(Cost $164,347,712)

             208,583,091  
                 
LIABILITIES LESS CASH AND OTHER ASSETS - (0.5)%             (884,240 )
                 
PREFERRED STOCK - (13.7)%             (25,000,000 )
           
 
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%           $ 182,698,851  
           
 


a   Non-income producing.
         
b   All or a portion of these securities were on loan at September 30, 2007. Total market value of loaned securities at September 30, 2007 was $1,115,250.
         
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $164,637,769. At September 30, 2007, net unrealized appreciation for all securities was $43,945,322, consisting of aggregate gross unrealized appreciation of $51,035,894 and aggregate gross unrealized depreciation of $7,090,572. The primary difference in 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. 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. The Fund values its non-U.S. securities in U.S. dollars on the basis of foreign currency exchange rates provided to the Fund by its custodian, State Street Bank and Trust Company. 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. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. Investments in money market funds are valued at net asset value per share.
         
    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 the 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 is equal to 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.
         
    Other information regarding the Fund is available in the Fund’s most recent Prospectus and 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, 2007

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, 2007

By:

/s/ John D. Diederich

John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: November 15, 2007