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: 12/31/2005

Date of reporting period: 9/30/2005

Item 1 - Schedule of Investments
Portfolio of Investments

ROYCE FOCUS TRUST                
SCHEDULE OF INVESTMENTS                
SEPTEMBER 30, 2005 (UNAUDITED)                
                 

COMMON STOCKS - 82.9%

                
      SHARES       VALUE  

Consumer Products - 5.9%

                

Apparel and Shoes - 1.3%

                

Columbia Sportswear Company a,c

     40,000     $ 1,856,000  
           
 

Sports and Recreation - 4.6%

                

Thor Industries

     100,000       3,400,000  

Winnebago Industries

     100,000       2,897,000  
           
 
              6,297,000  
           
 

Total

             8,153,000  
           
 

Consumer Services - 4.6%

                

Direct Marketing - 2.1%

                

Nu Skin Enterprises Cl. A

     150,000       2,857,500  
           
 

Retail Stores - 1.6%

                

Pier 1 Imports

     200,000       2,254,000  
           
 

Other Consumer Services - 0.9%

                

Corinthian Colleges a

     100,000       1,327,000  
           
 

Total

             6,438,500  
           
 

Financial Intermediaries - 3.5%

                

Insurance - 2.5%

                

Alleghany Corporation a

     7,500       2,295,000  

ProAssurance Corporation a,c

     25,000       1,166,750  
           
 
              3,461,750  
           
 

Other Financial Intermediaries - 1.0%

                

TSX Group

     40,000       1,387,011  
           
 

Total

             4,848,761  
           
 

Financial Services - 4.8%

                

Information and Processing - 2.0%

                

eFunds Corporation a

     150,000       2,824,500  
           
 

Investment Management - 2.8%

                

GAMCO Investors Cl. A

     41,500       1,902,775  

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

     295,605       1,936,213  
           
 
              3,838,988  
           
 

Total

             6,663,488  
           
 

Health - 7.8%

                

Drugs and Biotech - 6.3%

                

Elan Corporation ADR a,b,c

     249,900       2,214,114  

Endo Pharmaceuticals Holdings a,c

     100,000       2,667,000  

Lexicon Genetics a,c

     350,000       1,393,000  

Myriad Genetics a

     50,000       1,093,000  

Orchid Cellmark a,c

     150,000       1,275,000  
           
 
              8,642,114  
           
 

Medical Products and Devices - 1.5%

                

Caliper Life Sciences a

     200,000       1,406,000  

Possis Medical a,c

     63,600       697,056  
           
 
              2,103,056  
           
 

Total

             10,745,170  
           
 

Industrial Products - 23.5%

                

Building Systems and Components - 3.4%

                

Simpson Manufacturing

     120,000       4,696,800  
           
 

Construction Materials - 1.8%

                

Florida Rock Industries

     40,000       2,563,600  
           
 

Machinery - 5.1%

                

Lincoln Electric Holdings

     75,000       2,955,000  

Pason Systems

     120,000       2,805,677  

Woodward Governor Company

     15,000       1,275,750  
           
 
              7,036,427  
           
 

Metal Fabrication and Distribution - 13.2%

                

Harris Steel Group

     150,000       3,161,290  

IPSCO

     75,000       5,361,750  

Metal Management

     150,000       3,802,500  

Reliance Steel & Aluminum

     50,000       2,646,500  

Schnitzer Steel Industries Cl. A

     100,000       3,257,000  
           
 
              18,229,040  
           
 

Total

             32,525,867  
           
 

Industrial Services - 3.0%

                

Commercial Services - 1.2%

                

BB Holdings

     250,000       1,677,750  
           
 

Engineering and Construction - 1.8%

                

Dycom Industries a,c

     120,000       2,426,400  
           
 

Total

             4,104,150  
           
 

Natural Resources - 19.8%

                

Energy Services - 9.4%

                

Ensign Energy Services

     120,000       4,089,806  

Input/Output a,c

     300,000       2,394,000  

Tesco Corporation a

     160,000       2,516,800  

Trican Well Service a

     110,000       4,003,527  
           
 
              13,004,133  
           
 

Precious Metals and Mining - 10.4%

                

Glamis Gold a,c

     180,000       3,978,000  

Hecla Mining Company a

     600,000       2,628,000  

Meridian Gold a

     150,000       3,286,500  

Pan American Silver a

     120,000       2,119,200  

Silver Standard Resources a,c

     180,000       2,466,000  
           
 
              14,477,700  
           
 

Total

             27,481,833  
           
 

Technology - 9.8%

                

Components and Systems - 1.8%

                

Lowrance Electronics

     100,000       2,539,000  
           
 

Internet Software and Services - 1.4%

                

RealNetworks a

     350,000       1,998,500  
           
 

IT Services - 0.9%

                

Syntel

     60,000       1,169,400  
           
 

Software - 3.9%

                

ManTech International Cl. A a,c

     50,000       1,320,500  

PLATO Learning a

     160,000       1,217,600  

Transaction Systems Architects Cl. A a

     100,100       2,787,785  
           
 
              5,325,885  
           
 

Telecommunications - 1.8%

                

Foundry Networks a

     200,000       2,540,000  
           
 

Total

             13,572,785  
           
 

Miscellaneous - 0.2%

                

Total

             274,024  
           
 

TOTAL COMMON STOCKS

                

(Cost $73,494,117)

             114,807,578  
           
 
                 
    PRINCIPAL          
    AMOUNT          

CORPORATE BONDS - 5.3%

                

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

   $ 6,000,000       5,760,000  

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

     1,500,000       1,515,000  
           
 

TOTAL CORPORATE BONDS

                

(Cost $6,814,358)

             7,275,000  
           
 

GOVERNMENT BONDS - 8.8%

                

(Principal Amount shown in local currency.)

                

Canadian Government Bond 3.00% due 6/1/07

     6,150,000       5,264,453  

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

     10,000,000       6,914,927  
           
 

TOTAL GOVERNMENT BONDS

                

(Cost $10,806,571)

             12,179,380  
           
 

U.S. TREASURY OBLIGATIONS - 7.4%

                

U.S. Treasury Notes

                

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

     10,000,000       10,215,230  
           
 

TOTAL U.S TREASURY OBLIGATIONS

                

(Cost $10,425,435)

             10,215,230  
           
 

REPURCHASE AGREEMENT - 13.6%

                

State Street Bank & Trust Company, 3.30% dated 9/30/05, due 10/3/05, maturity value $18,888,193 (collateralized by obligations of various U.S. Government Agencies, valued at $19,358,081)

                

(Cost $18,883,000)

             18,883,000  
           
 

COLLATERAL RECEIVED FOR SECURITIES LOANED - 5.3%

                

Money Market Funds

                

State Street Navigator Securities Lending Prime Portfolio

             7,274,369  
           
 

(Cost $7,274,369)

             7,274,369  
           
 

TOTAL INVESTMENTS - 123.3%

                

(Cost $127,697,850)

             170,634,557  
                 

LIABILITIES LESS CASH AND OTHER ASSETS - (5.2)%

             (7,218,515 )
                 

PREFERRED STOCK - (18.1)%

             (25,000,000 )
           
 

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%

           $ 138,416,042  
           
 

a   Non-income producing.
     
b   American Depository Receipt.
     
c   A portion of these securities were on loan at September 30, 2005. Total market value of loaned securities at September 30, 2005 was $7,061,219.

INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $128,011,549. At September 30, 2005, net unrealized appreciation for all securities was $42,623,008, consisting of aggregate gross unrealized appreciation of $44,905,151 and aggregate gross unrealized depreciation of $2,282,143. 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:
  Investment transactions are accounted for on the trade date. 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.

  Repurchase Agreements:
  The Fund entered into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust Company (“SSB&T”), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held by SSB&T 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 SSB&T, 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 is invested temporarily by the custodian. The collateral is equal to at least 100% of the current market value of the loaned securities.

  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 control over financial reporting 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 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.

The Royce Fund
By: /s/ Charles M. Royce

Charles M. Royce
President, Royce Focus Trust, Inc.
Date: November 28, 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: November 28, 2005

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: November 28, 2005