Sprott Focus Trust

Now Available: Sprott Focus Trust 2019 Semi-Annual Report

Sprott Focus Trust is a closed-end fund that trades on the NASDAQ under the ticker symbol FUND. Sprott Focus Trust is managed by veteran portfolio manager Whitney George, who seeks to deliver superior performance to investors by investing with a long time horizon in high-quality businesses with strong balance sheets that are trading at attractive valuations.

Why Invest in Sprott Focus Trust?

• Investment goal of long-term growth of capital
• Focused portfolio (generally less than 100 positions), disciplined value approach
• Invests primarily in small-, mid-, and large-cap stocks

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Daily Price & Premium/Discount

Symbol	Net Asset Value	1 Day Change	Closing Market Price	1 Day Change	Premium/Discount
FUND	$8.32	▲ +$0.07 (0.85%)	$7.43	▲ +$0.04 (0.54%)	-10.7%

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Performance

Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. NAV performance is based on the Fund's net asset value, and MKT performance is based on the Fund's market price. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests a significant portion of its net assets in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund also invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency, and other risks not encountered in U.S. investments.

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Fees and Expenses

Management Fees	1.00
Other Expenses*	0.18
Total Annual Fund Operating Expenses	1.18

*The Adviser has agreed to cap the operating expenses at 1.20%.

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Financial Reports

2019 Semi-Annual Report

2018 Annual Report
2018 Semi-Annual Report

2017 Annual Report
2017 Semi-Annual Report

2016 Annual Report
2016 Semi-Annual Report

2015 Annual Report
2015 Semi-Annual Report

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Disclosure Information

¹ Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Sprott believes offers a more accurate measure of average market cap than a simple mean or median.