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: 12/31/2005

Date of reporting period: 3/31/2005

Item 1 - Schedule of Investments

ROYCE FOCUS TRUST        
MARCH 31, 2005 (UNAUDITED)        
         
COMMON STOCKS - 92.3%        
    SHARES   VALUE
         
Consumer Products - 2.1%        
Sports and Recreation - 2.1%        

Winnebago Industries

   65,000   $2,054,000
       
Total       2,054,000
       
Consumer Services - 4.4%        
Direct Marketing - 2.8%        

Nu Skin Enterprises Cl. A

   125,000   2,813,750
       
Retail Stores - 1.6%        

Big Lots a

   60,000   721,200

Pier 1 Imports

   50,000   911,500
       
        1,632,700
       
Total       4,446,450
       
Financial Intermediaries - 6.7%        
Insurance - 4.7%        

Alleghany Corporation a

   10,200   2,825,400

ProAssurance Corporation a

   47,155   1,862,622
       
        4,688,022
       
Other Financial Intermediaries - 2.0%        

TSX Group

   40,000   2,071,503
       
Total       6,759,525
       
Financial Services - 7.0%        
Information and Processing - 3.4%        

eFunds Corporation a

   150,000   3,348,000
       
Investment Management - 3.6%        

Gabelli Asset Management Cl. A

   41,500   1,852,975

U.S. Global Investors Cl. A a,c

   295,605   1,770,674
       
        3,623,649
       
Total       6,971,649
       
Health - 10.5%        
Drugs and Biotech - 7.7%        

Elan Corporation ADR a,b,c

   274,900   890,676

Endo Pharmaceuticals Holdings a

   114,900   2,590,995

Lexicon Genetics a

   300,000   1,533,000

Myriad Genetics a,c

   50,000   919,500

Orchid BioSciences a

   150,000   1,764,000
       
        7,698,171
       
Medical Products and Devices - 2.8%        

Arrow International

   60,000   2,061,000

Caliper Life Sciences a,c

   120,000   774,000
       
        2,835,000
       
Total       10,533,171
       
Industrial Products - 23.2%        
Building Systems and Components - 3.7%        

Simpson Manufacturing

   120,000   3,708,000
       
Construction Materials - 2.6%        

Florida Rock Industries

   45,000   2,646,900
       
Machinery - 7.1%        

Lincoln Electric Holdings

   75,000   2,256,000

Pason Systems

   100,000   3,128,745

Woodward Governor Company

   24,400   1,749,480
       
        7,134,225
       
Metal Fabrication and Distribution - 9.8%        

IPSCO

   75,000   3,825,000

Metal Management

   100,000   2,568,000

Schnitzer Steel Industries Cl. A

   100,000   3,373,000
       
        9,766,000
       
Total       23,255,125
       
Industrial Services - 6.7%        
Commercial Services - 3.3%        

Carlisle Holdings a,c

   250,000   1,657,600

West Corporation a,c

   50,000   1,600,000
       
        3,257,600
       
Engineering and Construction - 2.3%        

Dycom Industries a

   100,000   2,299,000
       
Industrial Distribution - 1.1%        

Ritchie Bros. Auctioneers

   35,000   1,106,000
       
Total       6,662,600
       
Natural Resources - 21.2%        
Energy Services - 11.3%        

Ensign Resource Service Group

   150,000   3,341,599

Input/Output a,c

   325,000   2,096,250

Tesco Corporation a

   150,000   1,731,000

Trican Well Service a

   65,000   4,190,949
       
        11,359,798
       
Precious Metals and Mining - 9.9%        

Glamis Gold a

   200,000   3,122,000

Hecla Mining Company a,c

   500,000   2,740,000

Meridian Gold a

   170,000   2,862,800

Silver Standard Resources a,c

   100,000   1,158,000
       
        9,882,800
       
Total       21,242,598
       
Technology - 10.5%        
Components and Systems - 2.4%        

Lowrance Electronics

   56,100   1,363,791

Richardson Electronics

   100,000   1,027,000
       
        2,390,791
       
IT Services - 1.4%        

Syntel

   80,000   1,416,000
       
Semiconductors and Equipment - 1.4%        

CEVA a,c

   50,800   375,920

Exar Corporation a,c

   75,000   1,005,000
       
        1,380,920
       
Software - 4.3%        

ManTech International Cl. A a

   75,000   1,730,250

PLATO Learning a,c

   35,000   273,000

Transaction Systems Architects Cl. A a

   100,100   2,317,315
       
        4,320,565
       
Telecommunications - 1.0%        

Foundry Networks a,c

   100,000   990,000
       
Total       10,498,276
       
TOTAL COMMON STOCKS        

(Cost $59,229,913)

       92,423,394
       
         
    PRINCIPAL    
    AMOUNT    
         
CORPORATE BONDS - 6.5%        

Athena Neurosciences Finance 7.25% Senior Note due 2/21/08 c

   $6,000,000   5,025,000

E*TRADE Financial 6.00% Conv. Sub. Note due 2/1/07

   1,500,000   1,526,250
       
TOTAL CORPORATE BONDS        

(Cost $6,667,236)

       6,551,250
       
GOVERNMENT BONDS - 12.2%        
(Principal Amount shown in local currency.)        

Canadian Government Bond 3.00% due 6/1/07

   6,150,000   5,054,210

New Zealand Government Bond 6.50% due 2/15/06

   10,000,000   7,134,222
       
TOTAL GOVERNMENT BONDS        

(Cost $10,848,613)

       12,188,432
       
U.S. TREASURY OBLIGATIONS - 10.2%        

Treasury Inflation Index Protection Security 2.00% due 7/15/14

   10,000,000   10,214,250
       
TOTAL U.S TREASURY OBLIGATIONS        

(Cost $10,448,112)

       10,214,250
       
REPURCHASE AGREEMENT - 4.3%      
State Street Bank & Trust Company,      

2.30% dated 3/31/05, due 4/1/05, maturity value $4,334,277

      

(collateralized by Federal Farm Credit Bank,

      

2.50% due 3/15/06, valued at $4,444,476)

      

(Cost $4,334,000)

   4,334,000  
   
 
       
COLLATERAL RECEIVED FOR SECURITIES LOANED - 12.0%      
Money Market Funds      

State Street Navigator Securities Lending Prime Portfolio

      

(Cost $12,021,081)

   12,021,081  
   
 
       
       
TOTAL INVESTMENTS - 137.5%      

(Cost $103,548,955)

   137,732,407  
       
LIABILITIES LESS CASH      

AND OTHER ASSETS - (12.6)%

   (12,599,157 )
       
PREFERRED STOCK - (24.9)%   (25,000,000 )
   
 
       
NET ASSETS APPLICABLE TO      

COMMON STOCKHOLDERS - 100.0%

   $100,133,250  
   
 
a

Non-income producing.
   
b

American Depository Receipt.
   
c

A portion of these securities were on loan at March 31, 2005. Total market value of loaned securities at March 31, 2005 was $10,994,868.
   
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $103,839,012. At March 31, 2005, net unrealized appreciation for all securities was $33,893,395, consisting of aggregate gross unrealized appreciation of $35,613,317 and aggregate gross unrealized depreciation of $1,719,922. 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 Fund's Board of Directors. 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: May 23, 2005
 
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 23, 2005
 
By: /s/ John D. Diederich
 
John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: May 23, 2005