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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001117768-04-000001.txt : 20040106
<SEC-HEADER>0001117768-04-000001.hdr.sgml : 20040106
<ACCEPTANCE-DATETIME>20040106132826
ACCESSION NUMBER:		0001117768-04-000001
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040106
GROUP MEMBERS:		RICHARD J. SHAKER

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHAKER RICHARD J
		CENTRAL INDEX KEY:			0001241300

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	MAIL ADDRESS:	
		STREET 1:		1094 MAGOTHY CIRCLE
		CITY:			ANNAPOLIS
		STATE:			MD
		ZIP:			21401

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE FOCUS TRUST INC
		CENTRAL INDEX KEY:			0000825202
		IRS NUMBER:				592876580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45788
		FILM NUMBER:		04509128

	BUSINESS ADDRESS:	
		STREET 1:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2125084578

	MAIL ADDRESS:	
		STREET 1:		C/O QUEST ADVISORY CORP
		STREET 2:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE GLOBAL TRUST INC
		DATE OF NAME CHANGE:	19961203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALL SEASONS GLOBAL FUND INC
		DATE OF NAME CHANGE:	19950803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAS ALL SEASON FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>royceschedule13g.htm
<DESCRIPTION>SCHEDULE 13G/A
<TEXT>
<html>
<head>
<title>Shaker Financial Schedule 13G/A</title>
</head>
<body>
<div>
<p align="right">OMB APPROVAL<br />
OMB Number: 3235-0145<br />
Expires: December 31, 2005<br />
estimated average burden<br />
hours per response. . . . .11<br />
</p>

<p><b></b></p>

<p align="center"><b>UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C. 20549</b></p>

<p align="center"><b>SCHEDULE 13G/A</b></p>

<p align="center"><b>Under the Securities Exchange Act of 1934</b></p>

<p align="center"><b>(Amendment No. 2)*</b></p>

<p align="center"><b>ROYCE FOCUS TRUST INC.</b></p>

<p align="center">Common Shares</p>

<p align="center">78080N 10 8<br>
CUSIP Number </p>

<p align="center">Richard J. Shaker<br />
D.B.A. Shaker Financial Services<br />
1094 Magothy Circle<br />
Annapolis, Maryland&nbsp; 21401</p>

<p align="center"></p>

<p align="center">December 31, 2003<br />
(Date of Event Which Requires Filing of this Statement)</p>

<p align="center"></p>

<p>Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</p>

<p>{&nbsp;x&nbsp;}&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rule 13d-1(b)<br>
{&nbsp;&nbsp;&nbsp;}&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rule 13d-1(c)<br>
{&nbsp;&nbsp;&nbsp;}&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rule 13d-1(d)</p>

<p></p>

<P align=center><FONT face="Times New Roman" size=2>-1-</FONT></P>
<HR color=#000080 SIZE=3>

<DIV style="PAGE-BREAK-BEFORE: always"> </DIV>


<p>CUSIP No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78080N 10 8</p>

<p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons.&nbsp; I.R.S. Identification Nos. of above persons (entities only).</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard J. Shaker, DBA Shaker
Financial Services<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS TIN 51-0434319</p>

<p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check the Appropriate Box if a Member of a Group (See
Instructions)</p>

<p>(a)&nbsp; (Not Applicable)</p>

<p>(b)&nbsp; (Not Applicable)</p>

<p>3. SEC Use Only</p>

<p>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization</p>

<p>Richard J. Shaker is a U.S. citizen.</p>

<table border="0" cellspacing="0" cellpadding="0" width="609">
<tr>
<td valign="top" width="227">
<p>Number of shares Beneficially by Owned by Each Reporting Person with:</p>
</td>
<td valign="top" width="382">
<p>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sole Voting
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
461,477<br />
 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shared Voting
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0<br />
 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sole Dispositive
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461,477<br />
 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shared Dispositive
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</p>
</td>
</tr>
</table>

<p>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned
by Each Reporting Person.</p>

<p align="justify">Accounts managed by Richard J. Shaker, doing business as Shaker Financial Services, own 461,477 shares, 4.99% of the outstanding
shares of the company.&nbsp; No additional shares are beneficially owned by Mr. Shaker, his relatives, or, to his knowledge, by any
of his clients.</p>

<p>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)</p>

<p>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percent of Class Represented by Amount in Row (9):&nbsp;&nbsp;
(Not Applicable)</p>

<p>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person (See Instructions)</p>

<p>Richard J. Shaker is an individual (IN)</p>

<p></p>

<P align=center><FONT face="Times New Roman" size=2>-2-</FONT></P>
<HR color=#000080 SIZE=3>


<p><b>Item 1.</b></p>

<p><b>(</b>a) Name of Issuer:</p>

<p>Royce Focus Trust, Inc.</p>

<p>(b) Address of Issuer&rsquo;s Principal Executive Office:</p>

<p>1414 Avenue of the Americas<br>
New York, NY 10019</p>

<p><b>Item 2.</b></p>

<p>(a)&nbsp; Name of Person Filing:</p>

<p>Richard J. Shaker, DBA Shaker Financial Services</p>

<p>(b)&nbsp; Address of Person Filing</p>

<p>1094 Magothy Circle<br>
Annapolis, MD&nbsp; 21401</p>

<p><b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this state is filed pursuant to
&sect;&sect;240.13d-1(b) or 24013d-2(b) or (c), check whether the person filing is a:</b></p>

<p>(e) [x]&nbsp; person registered as as investment advisor under Section 203 of the Investment Advisers Act of 1940 or under the
laws of any state</p>

<p><b>Item
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership.</b></p>

<p><b>(</b>a)&nbsp; Amount Beneficially Owned:&nbsp; Accounts managed by Richard J. Shaker, doing business as Shaker Financial
Services, own 461,477 shares.</p>

<p>(b)&nbsp; Percent of Class:&nbsp; 4.99%.</p>

<p>(c)&nbsp; Number of Shares to which such person has</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp; sole power to vote or to direct the vote:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461,477</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; shared power to vote or to direct the vote:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp; sole power to dispose or to direct the disposition of:&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461,477</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp; shared power to dispose or to direct the
disposition of:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</p>

<h1><font size="3">Item
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of Five Percent of Less of a Class&nbsp;</font></h1>

<p align="justify">This statement is being filed to report that as of the date hereof the reporting person has ceased to be the beneficial owner of
more than 5% of the class of securities.</p>

<p><b>Item
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Owners of More than Five Percent on Behalf of Another Person.&nbsp; (</b>Not Applicable)</p>

<p>&nbsp;</p>

<P align=center><FONT face="Times New Roman" size=2>-3-</FONT></P>
<HR color=#000080 SIZE=3>


<p><b>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.&nbsp;</b> (Not Applicable)</p>

<p><b>Item
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Identification and Classification of Members of the Group.&nbsp; (</b>Not Applicable)</p>

<p><b>Item
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice of Dissolution of Group.&nbsp;</b> (Not Applicable)</p>

<p><b>Item
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certification.</b></p>

<p align="justify">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in connection with or as a participant in any transactions having
such purpose or effect.</p>

<p align="center"><b><i>Signature</i></b></p>

<p align="justify">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement
is true, complete and correct.</p>

<p>Date:&nbsp; January 6, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: /s/&nbsp;&nbsp;&nbsp;
<u>Richard J. Shaker</u><br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Richard J. Shaker, Investment Manager</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<P align=center><FONT face="Times New Roman" size=2>-4-</FONT></P>
<HR color=#000080 SIZE=3>

</div>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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