SPROTT FOCUS TRUST INC.

Sprott Focus Trust, Inc. is a closed-ended equity mutual fund. It is managed by Sprott Asset Management, LP, with co-management by Sprott Asset Management USA Inc. The fund invests in the public equity markets of the United States, seeking to invest in stocks of companies operating across diversified sectors. Its primary investment strategy focuses on value stocks of companies across all market capitalizations. The fund benchmarks its portfolio performance against the Russell 3000 Index. Formerly known as Royce Focus Trust, Inc., Sprott Focus Trust, Inc. was formed on March 2, 1988, and is domiciled in the United States.