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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000949377-05-000537.txt : 20050524
<SEC-HEADER>0000949377-05-000537.hdr.sgml : 20050524
<ACCEPTANCE-DATETIME>20050524155858
ACCESSION NUMBER:		0000949377-05-000537
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050524
DATE AS OF CHANGE:		20050524
EFFECTIVENESS DATE:		20050524

FILER:

	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:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		05854444

	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 ROYCE & ASSOCIATES, LLC
		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>N-Q
<SEQUENCE>1
<FILENAME>e72147.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="center"><font face="Times New Roman" size="2">UNITED STATES<br>SECURITIES
 AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>FORM N-Q<br>QUARTERLY
 SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANIES
</b></font></p>
<p><font face="Times New Roman" size="2">Investment Company Act file number: 811-05379</font></p>
<p><font face="Times New Roman" size="2">Name of Fund: Royce Focus Trust, Inc.<br>
Fund Address: 1414 Avenue of the Americas<br>New York, NY 10019</font></p>
<p><font face="Times New Roman" size="2">Name and address of agent for service:
<br>John E. Denneen, Esq.<br>Royce &#038; Associates, LLC<br>1414 Avenue of the Americas
<br>New York, NY 10019</font></p>
<p><font face="Times New Roman" size="2">Registrant&#146;s telephone number, including
 area code: (212) 486-1445</font></p>
<p><font face="Times New Roman" size="2">Date of fiscal year end: 12/31/2005</font></p>
<p><font face="Times New Roman" size="2">Date of reporting period: 3/31/2005</font></p>
<p><font face="Times New Roman" size="2">Item 1 - Schedule of Investments</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">ROYCE FOCUS
 TRUST</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="7%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">MARCH 31, 2005
 (UNAUDITED)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>COMMON
 STOCKS - 92.3%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>SHARES
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>VALUE
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Consumer
 Products - 2.1%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Sports and
 Recreation - 2.1%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Winnebago
 Industries</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">65,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$2,054,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,054,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Consumer
 Services - 4.4%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Direct Marketing
 - 2.8%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Nu
 Skin Enterprises Cl. A</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">125,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,813,750</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Retail Stores
 - 1.6%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Big
 Lots <a href="#ftn_a">a</a></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">60,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">721,200 </font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Pier
 1 Imports</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">911,500 </font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,632,700</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,446,450</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Financial
 Intermediaries - 6.7%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Insurance
 - 4.7%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Alleghany
 Corporation <a href="#ftn_a">a</a></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,825,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">ProAssurance
 Corporation <a href="#ftn_a">a</a></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">47,155</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,862,622</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,688,022</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Other Financial
 Intermediaries - 2.0%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">TSX
 Group</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">40,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,071,503</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,759,525</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Financial
 Services - 7.0%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Information
 and Processing - 3.4%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">eFunds
 Corporation <a href="#ftn_a">a</a></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">150,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,348,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Investment
 Management - 3.6%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Gabelli
 Asset Management Cl. A</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">41,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,852,975</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">U.S.
 Global Investors Cl. A <a href="#ftn_a">a</a>,<a href="#ftn_c">c</a></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">295,605 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,770,674</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,623,649</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,971,649</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Health
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Drugs and
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Elan
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">274,900 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">890,676 </font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Endo
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">114,900 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,590,995</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Lexicon
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">300,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,533,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Myriad
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">919,500 </font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Orchid
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">150,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,764,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,698,171</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Medical Products
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Arrow
 International</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">60,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,061,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Caliper
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">120,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">774,000 </font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,835,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,533,171</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Industrial
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Building Systems
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Simpson
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">120,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,708,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Construction
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Florida
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">45,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,646,900</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Machinery
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Lincoln
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,256,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Pason
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,128,745</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Woodward
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">24,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,749,480</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,134,225</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Metal Fabrication
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">IPSCO</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,825,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Metal
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,568,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Schnitzer
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,373,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9,766,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">23,255,125</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Industrial
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Commercial
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Carlisle
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">250,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,657,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">West
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,600,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,257,600</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Engineering
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Dycom
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,299,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Industrial
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Ritchie
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">35,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,106,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,662,600</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Natural
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Energy Services
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Ensign
 Resource Service Group</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">150,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,341,599</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Input/Output
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">325,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,096,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Tesco
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">150,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,731,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Trican
 Well Service <a href="#ftn_a">a</a></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">65,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,190,949</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">11,359,798</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Precious Metals
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Glamis
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">200,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,122,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Hecla
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">500,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,740,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Meridian
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">170,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,862,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Silver
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,158,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9,882,800</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">21,242,598</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Technology
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Components
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Lowrance
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">56,100</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,363,791</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Richardson
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,027,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,390,791</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">IT Services
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Syntel</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">80,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,416,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Semiconductors
 and Equipment - 1.4%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">CEVA
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,800</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">375,920 </font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Exar
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,005,000</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,380,920</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Software -
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">ManTech
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,730,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">PLATO
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">35,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">273,000 </font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Transaction
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,100 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,317,315</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,320,565</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Telecommunications
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Foundry
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000 </font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">990,000 </font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Total</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,498,276</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL COMMON
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $59,229,913)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">92,423,394</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>PRINCIPAL
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>AMOUNT
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>CORPORATE
 BONDS - 6.5%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Athena
 Neurosciences Finance 7.25% Senior Note due 2/21/08 <a href="#ftn_c">c</a></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$6,000,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,025,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">E*TRADE
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,500,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,526,250</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL CORPORATE
 BONDS</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $6,667,236)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,551,250</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>GOVERNMENT
 BONDS - 12.2%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">(Principal
 Amount shown in local currency.)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Canadian
 Government Bond 3.00% due 6/1/07</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,150,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,054,210</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">New
 Zealand Government Bond 6.50% due 2/15/06</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,000,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,134,222</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL GOVERNMENT
 BONDS</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $10,848,613)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12,188,432</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>U.S. TREASURY
 OBLIGATIONS - 10.2%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Treasury
 Inflation Index Protection Security 2.00% due 7/15/14</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,000,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,214,250</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL U.S
 TREASURY OBLIGATIONS</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $10,448,112)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,214,250</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>REPURCHASE
 AGREEMENT - 4.3%</b></font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="7%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">State Street
 Bank &#038; Trust Company,</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">2.30%
 dated 3/31/05, due 4/1/05, maturity value $4,334,277</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(collateralized
 by Federal Farm Credit Bank,</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">2.50%
 due 3/15/06, valued at $4,444,476)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $4,334,000)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,334,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>COLLATERAL
 RECEIVED FOR SECURITIES LOANED - 12.0%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Money Market
 Funds</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">State
 Street Navigator Securities Lending Prime Portfolio</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $12,021,081)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12,021,081</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL INVESTMENTS
 - 137.5%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $103,548,955)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"> 137,732,407</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>LIABILITIES
 LESS CASH</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><b>
AND OTHER ASSETS - (12.6)%</b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(12,599,157</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>PREFERRED
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(25,000,000</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>NET ASSETS
 APPLICABLE TO</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><b>
COMMON STOCKHOLDERS - 100.0%</b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>$100,133,250
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="right"><font face="Arial" size="2"><a name="ftn_a"></a>a</font></td>
<td width="98%" valign="top" align="left"><p style="margin-left:20px; text-indent:-0px"><font face="Arial" size="2">Non-income
 producing.</font></p></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="2"><a name="ftn_b"></a>b</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><p style="margin-left:20px; text-indent:-0px">American
 Depository Receipt.</font></p></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="2"><a name="ftn_c"></a>c</font></td>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-0px"><font face="Arial" size="2">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.</font></p></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Arial" size="2">
<b>INCOME TAX INFORMATION:</b> 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.</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left" colspan="2"><br><font face="Arial" size="2"><b>Valuation
 of investments:</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">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.
</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Other information
 regarding the Fund is available in the Fund&#146;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&#146;s website (www.sec.gov).</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="4"><font face="Times New Roman" size="2">Item 2 - Controls and Procedures<br><br></font></td>
</tr>
<tr>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="right"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="95%" valign="top" align="left"><font face="Times New Roman" size="2">The Registrant&#146;s principal executive and principal financial officers have concluded, based
 on their evaluation of the Registrant&#146;s disclosure controls and procedures
 as of a date within 90 days of the filing date of this report, that the Registrant&#146;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&#146;s management,
 including its principal executive and principal financial officers, as appropriate
 to allow timely decisions regarding required disclosure.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">There were
 no changes in the Registrant&#146;s internal controls over financial reporting during
 the Registrant&#146;s last fiscal quarter that have materially affected, or are
 reasonably likely to materially affect, the internal controls over financial reporting.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Times New Roman" size="2">Item 3 - Exhibits</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;Certifications
 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.</font></td>
</tr>
<tr>
<td valign="top" align="center"><br><font face="Times New Roman" size="2">SIGNATURES</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2"><br>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.</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">Royce Focus Trust, Inc.<br>By: /s/ Charles
 M. Royce</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1"><hr size="1" color="#000000" noshade width="14%" align="left"></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">Charles M. Royce<br>President, Royce Focus
 Trust, Inc.<br>Date: May 23, 2005</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">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.</font></td>
</tr>
<tr>
<td><br><font face="Times New Roman" size="2">By: /s/ Charles M. Royce</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1"><hr size="1" color="#000000" noshade width="14%" align="left"></font></td>
</tr>
<tr>
<td><br><font face="Times New Roman" size="2">Charles M. Royce<br>President, Royce Focus
 Trust, Inc.<br>Date: May 23, 2005</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">By: /s/ John D. Diederich</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1"><hr size="1" color="#000000" noshade width="14%" align="left"></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">John D. Diederich<br>Treasurer, Royce Focus
 Trust, Inc.<br>Date: May 23, 2005</font></td>
</tr>
</table>
</body>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-3
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<body>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u>Certification
 Filed as Exhibit 3 to Form N-Q</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>CERTIFICATION
</b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:<br></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;I have reviewed this report on Form
 N-Q of Royce Focus Trust, Inc.;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">2.&#160;&#160;&#160;&#160;&#160;Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">3.&#160;&#160;&#160;&#160;&#160;Based on my knowledge, the schedule
 of investments included in this report, fairly present in all material respects
 the investments of the Registrant as of the fiscal quarter for which the report
 is filed;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">4.&#160;&#160;&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 Designed such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, to ensure that material information
 relating to the Registrant, including its consolidated subsidiaries, is made known
 to us by others within those entities, particularly during the period in which this
 report is being prepared; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)
 Designed such internal control over financial reporting, or caused such internal
 control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted
 accounting principles; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)
 Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures
 and presented in this report our conclusions about the effectiveness of the disclosure
 controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d)
 Disclosed in this report any change in the Registrant&#146;s internal controls over
 financial reporting that occurred during the Registrant&#146;s most recent fiscal
 quarter that has materially affected, or is reasonably likely to materially affect,
 the Registrant&#146;s internal controls over financial reporting; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">5. The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of trustees (or persons performing the
 equivalent functions):</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 All significant deficiencies and material weaknesses in the design or operation
 of internal controls over financial reporting which are reasonably likely to adversely
 affect the Registrant&#146;s ability to record, process, summarize, and report financial
 information; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)
 Any fraud, whether or not material, that involves management or other employees
 who have a significant role in the Registrant&#146;s internal controls over financial
 reporting.</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">Date: May 23, 2005</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">Charles M. Royce<br>President<br>Royce
 Focus Trust, Inc.</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>CERTIFICATION
</b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;I have reviewed this report on Form
 N-Q of Royce Focus Trust, Inc.;<br></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">2.&#160;&#160;&#160;&#160;&#160;Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">3.&#160;&#160;&#160;&#160;&#160;Based on my knowledge, the schedule
 of investments included in this report, fairly present in all material respects
 the investments of the Registrant as of the fiscal quarter for which the report
 is filed;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">4.&#160;&#160;&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 Designed such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, to ensure that material information
 relating to the Registrant, including its consolidated subsidiaries, is made known
 to us by others within those entities, particularly during the period in which this
 report is being prepared; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)
 Designed such internal control over financial reporting, or caused such internal
 control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted
 accounting principles; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)
 Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures
 and presented in this report our conclusions about the effectiveness of the disclosure
 controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d)
 Disclosed in this report any change in the Registrant&#146;s internal controls over
 financial reporting that occurred during the Registrant&#146;s most recent fiscal
 quarter that has materially affected, or is reasonably likely to materially affect,
 the Registrant&#146;s internal controls over financial reporting; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">5. The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of trustees (or persons performing the
 equivalent functions):</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 All significant deficiencies and material weaknesses in the design or operation
 of internal controls over financial reporting which are reasonably likely to adversely
 affect the Registrant&#146;s ability to record, process, summarize, and report financial
 information; and</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the Registrant&#146;s internal controls
 over financial reporting.</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">Date: May 23, 2005</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">/s/ John D. Diederich</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1"><hr size="1" color="#000000" noshade width="12%" align="left"></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">John D. Diederich<br>Treasurer<br>Royce
 Focus Trust, Inc.</font></td>
</tr>
</table>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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