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

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

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: 12/31/2004

Date of reporting period: 9/30/2004

Item 1 - Schedule of Investments
Portfolio of Investments

Royce Focus Trust, Inc.
September 30, 2004


ROYCE FOCUS TRUST                
SCHEDULE OF INVESTMENTS                
SEPTEMBER 30, 2004 (UNAUDITED)                
                 
COMMON STOCKS - 95.2%                
      SHARES       VALUE  
                 
Consumer Products - 6.8%
                
Sports and Recreation - 2.3%
                
Winnebago Industries
     65,000     $ 2,251,600  
           
 
Other Consumer Products - 4.5%
                
Matthews International Cl. A
     42,500       1,439,900  
RC2 Corporation a
     40,000       1,316,000  
Yankee Candle Company a
     60,000       1,737,600  
           
 
              4,493,500  
           
 
Total
             6,745,100  
           
 
Consumer Services - 4.5%
                
Direct Marketing - 2.8%
                
Nu Skin Enterprises Cl. A
     119,900       2,818,849  
           
 
Retail Stores - 1.7%
                
Big Lots a
     60,000       733,800  
Pier 1 Imports
     50,000       904,000  
           
 
              1,637,800  
           
 
Total
             4,456,649  
           
 
Financial Intermediaries - 8.6%
                
Insurance - 6.7%
                
Alleghany Corporation a
     12,546       3,423,804  
ProAssurance Corporation a,b
     47,155       1,651,368  
White Mountains Insurance Group
     3,000       1,578,000  
           
 
              6,653,172  
           
 
Other Financial Intermediaries - 1.9%
                
TSX Group
     50,000       1,821,774  
           
 
Total
             8,474,946  
           
 
Financial Services - 5.8%
                
Information and Processing - 2.8%
                
eFunds Corporation a
     150,000       2,788,500  
           
 
Investment Management - 3.0%
                
Gabelli Asset Management Cl. A
     41,500       1,778,275  
U.S. Global Investors Cl. A a,b
     345,605       1,137,041  
           
 
              2,915,316  
           
 
Total
             5,703,816  
           
 
Health - 11.1%
                
Commercial Services - 2.2%
                
Bruker BioSciences a
     635,000       2,197,100  
           
 
Drugs and Biotech - 7.1%
                
Endo Pharmaceuticals Holdings a
     114,900       2,109,564  
Lexicon Genetics a
     300,000       1,977,000  
Myriad Genetics a,b
     75,000       1,282,500  
Orchid BioSciences a,b
     200,000       1,606,000  
           
 
              6,975,064  
           
 
Medical Products and Devices - 1.8%
                
Arrow International
     60,000       1,794,000  
           
 
Total
             10,966,164  
           
 
Industrial Products - 19.9%
                
Building Systems and Components - 3.9%
                
Simpson Manufacturing
     60,000       3,792,000  
           
 
Construction Materials - 3.4%
                
Florida Rock Industries
     67,500       3,306,825  
           
 
Machinery - 6.5%
                
Lincoln Electric Holdings
     75,000       2,352,000  
Pason Systems
     100,000       2,455,641  
Woodward Governor Company
     24,400       1,646,756  
           
 
              6,454,397  
           
 
Metal Fabrication and Distribution - 6.1%
                
IPSCO
     100,000       2,805,000  
Schnitzer Steel Industries Cl. A
     100,000       3,235,000  
           
 
              6,040,000  
           
 
Total
             19,593,222  
           
 
Industrial Services - 7.0%
                
Commercial Services - 3.4%
                
Carlisle Holdings a,b
     300,000       1,908,000  
West Corporation a,b
     50,000       1,456,500  
           
 
              3,364,500  
           
 
Engineering and Construction - 2.3%
                
Dycom Industries a,b
     80,000       2,271,200  
           
 
Industrial Distribution - 1.3%
                
Ritchie Bros. Auctioneers
     40,000       1,226,000  
           
 
Total
             6,861,700  
           
 
Natural Resources - 22.3%
                
Energy Services - 10.9%
                
Ensign Resource Service Group
     150,000       2,744,517  
Input/Output a,b
     325,000       3,350,750  
Tesco Corporation a
     150,000       1,617,000  
Trican Well Service a
     80,000       3,034,973  
           
 
              10,747,240  
           
 
Precious Metals and Mining - 11.4%
                
Glamis Gold a
     180,000       3,371,400  
Goldcorp
     200,000       2,772,000  
Hecla Mining Company a,b
     400,000       2,976,000  
Meridian Gold a,b
     130,000       2,173,600  
           
 
              11,293,000  
           
 
Total
             22,040,240  
           
 
Technology - 9.2%
                
Components and Systems - 2.6%
                
Lowrance Electronics
     56,100       1,375,572  
Richardson Electronics
     120,000       1,153,200  
           
 
              2,528,772  
           
 
IT Services - 1.3%
                
Syntel
     80,000       1,322,400  
           
 
Semiconductors and Equipment - 2.1%
                
CEVA a,b
     124,200       981,180  
Exar Corporation a,b
     75,000       1,062,000  
           
 
              2,043,180  
           
 
Software - 3.2%
                
ManTech International Cl. A a
     75,000       1,404,000  
PLATO Learning a,b
     100,000       884,000  
Transaction Systems Architects Cl. A a
     50,000       929,250  
           
 
              3,217,250  
           
 
Total
             9,111,602  
           
 
TOTAL COMMON STOCKS
                
(Cost $62,454,118)
             93,953,439  
           
 
                 
      PRINCIPAL          
      AMOUNT          
                 
CORPORATE BONDS - 1.5%
                
E*TRADE Financial 6.00% Conv. Sub Note due 2/1/07
     $ 1,500,000       1,530,000  
           
 
TOTAL CORPORATE BONDS
                
(Cost $1,225,584)
             1,530,000  
           
 
GOVERNMENT BONDS - 6.9%
                
New Zealand 6.50%, due 02/15/06
     10,000,000       6,780,232  
           
 
TOTAL GOVERNMENT BONDS
                
(Cost $5,887,986)
             6,780,232  
           
 
U.S. TREASURY OBLIGATIONS - 10.0%
                
U.S. Treasury Notes 1.50%, due 3/15/06
     10,000,000       9,869,530  
           
 
TOTAL U.S. TREASURY OBLIGATIONS
                
(Cost $9,982,383)
             9,869,530  
           
 
REPURCHASE AGREEMENT - 11.7%
                
State Street Bank & Trust Company 1.30% dated 9/30/04, due 10/1/04, maturity value $11,517,416 (collateralized by Federal National Mortgage Association 1.875% due at 12/15/04, valued at $11,750,823) (Cost $11,517,000)
             11,517,000  
           
 
COLLATERAL RECEIVED FOR SECURITIES LOANED - 7.3%
                
U.S. Treasury Bonds 7.25% - 13.25% due 8/15/13-8/15/19
             498,259  
Money Market Funds State Street Navigator Securities Lending Prime Portfolio
             6,727,267  
           
 
Total (Cost $7,225,526)
             7,225,526  
           
 
TOTAL INVESTMENTS - 132.6%
                
(Cost $98,292,597)
             130,875,727  
                 
LIABILITIES LESS CASH AND OTHER ASSETS - (7.3)%
             (7,192,943 )
                 
PREFERRED STOCK - (25.3)%
             (25,000,000 )
           
 
NET ASSETS APPLICABLE TO
                
COMMON STOCKHOLDERS - 100.0%
           $ 98,682,784  
           
 
a Non-income producing.
   
b A portion of these securities were on loan at September 30, 2004.
Total market value of loaned securities at September 30, 2004 was $7,100,140.
   
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $98,582,654. At September 30, 2004 net unrealized appreciation for all securities was $32,293,073, consisting of aggregate gross unrealized appreciation of $33,180,339 and aggregate gross unrealized depreciation of $887,266. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.
   
  Valuation of investments:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange or Nasdaq are valued at their last reported sales 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 bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Board of Trustees. 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.
   
  Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders.
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, that the Registrant’s disclosure controls and procedures 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 controls over financial reporting during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

Item 3 - Exhibits

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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 29, 2004

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 29, 2004

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: November 29, 2004