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: 3/31/2007

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS                
ROYCE FOCUS TRUST                
MARCH 31, 2007 (UNAUDITED)                
                 

COMMON STOCKS - 79.3%

                
    SHARES       VALUE  

Consumer Products - 5.4%

                

Apparel and Shoes - 1.6%

                

Timberland Company Cl. A a

     100,000     $ 2,603,000  
           
 

Sports and Recreation - 3.8%

                

Thor Industries

     100,000       3,939,000  

Winnebago Industries

     75,000       2,522,250  
           
 
              6,461,250  
           
 

Total

             9,064,250  
           
 

Consumer Services - 4.2%

                

Direct Marketing - 2.0%

                

Nu Skin Enterprises Cl. A

     200,000       3,304,000  
           
 

Other Consumer Services - 2.2%

                

Corinthian Colleges a

     140,000       1,925,000  

Universal Technical Institute a

     80,100       1,848,708  
           
 
              3,773,708  
           
 

Total

             7,077,708  
           
 

Financial Intermediaries - 4.1%

                

Banking - 1.8%

                

Endeavour Mining Capital

     400,000       3,055,868  
           
 

Securities Brokers - 2.3%

                

Knight Capital Group Cl. A a

     250,000       3,960,000  
           
 

Total

             7,015,868  
           
 

Financial Services - 2.2%

                

Information and Processing - 1.9%

                

eFunds Corporation a

     120,000       3,199,200  
           
 

Other Financial Services - 0.3%

                

Deutsche Beteiligungs a

     20,000       606,476  
           
 

Total

             3,805,676  
           
 

Health - 6.5%

                

Drugs and Biotech - 4.9%

                

Alpharma Cl. A

     50,000       1,204,000  

Endo Pharmaceuticals Holdings a

     100,000       2,940,000  

Lexicon Genetics a

     649,400       2,357,322  

ViroPharma a

     130,000       1,865,500  
           
 
              8,366,822  
           
 

Medical Products and Devices - 1.6%

                

Caliper Life Sciences a

     252,300       1,425,495  

Possis Medical a

     100,000       1,301,000  
           
 
              2,726,495  
           
 

Total

             11,093,317  
           
 

Industrial Products - 24.6%

                

Building Systems and Components - 2.2%

                

Simpson Manufacturing

     120,000       3,700,800  
           
 

Construction Materials - 1.6%

                

Florida Rock Industries

     40,000       2,691,600  
           
 

Machinery - 5.5%

                

Kennametal

     40,000       2,704,400  

Lincoln Electric Holdings

     60,000       3,573,600  

Woodward Governor

     75,000       3,087,750  
           
 
              9,365,750  
           
 

Metal Fabrication and Distribution - 15.3%

                

Chaparral Steel

     60,100       3,496,017  

IPSCO

     60,000       7,884,000  

Metal Management

     100,000       4,620,000  

Reliance Steel & Aluminum

     100,000       4,840,000  

Schnitzer Steel Industries Cl. A

     125,000       5,021,250  
           
 
              25,861,267  
           
 

Total

             41,619,417  
           
 

Industrial Services - 5.1%

                

Commercial Services - 2.6%

                

BB Holdings a

     400,000       1,712,029  

LECG Corporation a

     180,000       2,606,400  
           
 
              4,318,429  
           
 

Transportation and Logistics - 2.5%

                

Arkansas Best

     120,000       4,266,000  
           
 

Total

             8,584,429  
           
 

Natural Resources - 22.6%

                

Energy Services - 8.6%

                

Ensign Energy Services

     240,000       4,022,521  

Pason Systems

     200,000       2,480,728  

Tesco Corporation a

     120,000       3,186,000  

Trican Well Service

     250,000       4,948,029  
           
 
              14,637,278  
           
 

Oil and Gas - 2.4%

                

Unit Corporation a

     80,000       4,047,200  
           
 
                 

Precious Metals and Mining - 11.6%

                

Gammon Lake Resources a

     200,000       3,534,000  

Ivanhoe Mines a

     450,000       5,166,000  

Meridian Gold a

     100,000       2,553,000  

Pan American Silver a

     140,000       4,142,600  

Silver Standard Resources a,b

     120,000       4,183,200  
           
 
              19,578,800  
           
 

Total

             38,263,278  
           
 
                 

Technology - 4.6%

                

Semiconductors and Equipment - 0.1%

                

Cirrus Logic a

     34,700       265,802  
           
 
                 

Software - 1.4%

                

ManTech International Cl. A a

     50,000       1,670,500  

PLATO Learning a

     160,000       672,000  
           
 
              2,342,500  
           
 

Telecommunications - 3.1%

                

ADTRAN

     75,000       1,826,250  

Foundry Networks a

     250,100       3,393,857  
           
 
              5,220,107  
           
 

Total

             7,828,409  
           
 
                 

TOTAL COMMON STOCKS

                

(Cost $85,815,945)

             134,352,352  
           
 
                 
                 

GOVERNMENT BONDS - 7.3%

   PRINCIPAL          

 

   AMOUNT          

(Principal Amount shown in local currency)

                

Canadian Government Bond

                

3.00% due 6/1/07

   $ 6,150,000       5,316,700  

New Zealand Government Bond

                

6.00% due 7/15/08

     10,000,000       7,045,220  
           
 
                 

TOTAL GOVERNMENT BONDS

                

(Cost $11,362,570)

             12,361,920  
           
 

REPURCHASE AGREEMENTS - 28.1%

                

State Street Bank & Trust Company, 5.10% dated 3/30/07, due 4/2/07, maturity value $17,655,500 (collateralized by obligations of various U.S. Government Agencies, valued at $18,092,925)
(Cost $17,648,000)

             17,648,000  
           
 

Lehman Brothers (Tri-Party), 5.20% dated 3/30/07, due 4/2/07, maturity value $30,013,000 (collateralized by obligations of various U.S. Government Agencies, valued at $30,613,327)
(Cost $30,000,000)

             30,000,000  
           
 

TOTAL REPURCHASE AGREEMENTS

                

(Cost $47,648,000)

             47,648,000  
           
 

COLLATERAL RECEIVED FOR SECURITIES LOANED - 0.2%

                

Money Market Funds

                

State Street Navigator Securities Lending Prime Portfolio (7 day yield-5.25%)
(Cost $260,357)

             260,357  
           
 

TOTAL INVESTMENTS - 114.9%

                

(Cost $145,086,872)

             194,622,629  

LIABILITIES LESS CASH AND OTHER ASSETS - (0.1)%

             (220,189 )
                 

PREFERRED STOCK - (14.8)%

             (25,000,000 )
           
 
                 

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%

           $ 169,402,440  
           
 


a   Non-income producing.
     
b   All or a portion of these securities were on loan at March 31, 2007. Total market value of loaned securities at March 31, 2007 was $255,663.
     
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $145,376,929. At March 31, 2007, net unrealized appreciation for all securities was $49,245,700, consisting of aggregate gross unrealized appreciation of $51,454,143 and aggregate gross unrealized depreciation of $2,208,443. 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 (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. 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 Funds use an independent pricing service to provide fair value estimates for relevent 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 deveolped between the movement of prices of non-U.S. equity securities and indicies of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. The Funds will value their non-U.S. securities in U.S. dollars on the basis of foreign currency exchange rates provided to the Funds by their custodian, State Street Bank and Trust Company. 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 its 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: May 29, 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: May 29, 2007

By:

/s/ John D. Diederich

John D. Diederich
Treasurer, Royce Focus Trust, Inc.
Date: May 29, 2007