DEAR FELLOW SHAREHOLDERS,

I am pleased to report that Sprott Focus Trust performed well during the first-half of 2016, posting a NAV increase of 12.54%, as well as share-price total-return of 14.11%. While these results compare favorably to the 3.62% total return of the Russell 3000 during the same period, we recognize work remains to return the fund’s long-term track record to top-tier status. Focus Trust’s one-, three- and five-year NAV returns of -2.5%, 5.4% and 2.9% still lag the Russell 3000’s respective returns of 2.1%, 11.1% and 11.6%. Additionally, the fund’s 6/30/16 share-price discount-to-NAV of 14.40% remained well below the average 7% discount-to-NAV at which the fund’s shares have traded since I assumed management responsibilities during 2002. Importantly, for a variety of reasons which I will now discuss, I am especially optimistic about our fund’s prospects in future periods.

The year 2016 began poorly for most markets and asset classes. The Federal Reserve’s decision to begin a gradual tightening cycle this past December may have contributed to the worst two-week performance on record for U.S. equity markets at the start of a calendar year. The Fed’s judgment that the U.S. economy was strong enough for rate “lift off,” while most economic statistics remained sluggish, may have marked a tipping point for markets. In short order, expectations for four 2016 rate hikes evaporated to zero, then back to two in May and then back to zero by the end of June. The Federal Reserve’s recent attempts to orchestrate an interest rate “launch” could only make a North Korean general proud!

Importantly, market activity during the first half of 2016 reminds us of another seminal inflection point for value investing. The latter part of the 1990’s was perhaps the most challenging period for value investors prior to the more recent five-year stretch. It is painful to recall how the relative performance of small-cap value investing peaked in 1993. Large cap stocks then took the lead. By 1996, momentum stocks and then passive strategies gained favor as the equity bull market matured. Ultimately, the easy monetary policies of Alan Greenspan’s Fed during the 1998 Asian Crisis through the passage of Y2K helped fuel the infamous dot.com boom. Then in early 2000, when ATM’s and elevators continued to function properly, the Federal Reserve removed the monetary punch bowl. Everything changed in the first half of 2000, after which value-conscious buyers of quality businesses enjoyed exceptional absolute and relative performance for the next seven years. Indeed, on a relative basis, value strategies posted exceptional performance all the way through 2011. On prior occasions, I have communicated how similar the past five years have felt to our late 1990’s experience. Ideally, the “FANG” market phase is receding, and we are once again

entering an environment in which active portfolio management and steadfast risk controls will generate superior returns.

Activity

During the first half of 2016, Focus Trust’s five most productive portfolio positions were Hochschild Mining, Cirrus Logic, Fresnillo, Randgold Resources, and Tahoe Resources. It is interesting to note that, other than Cirrus Logic (also a top portfolio performer during 2015), our lead contributors resided in the precious-metal sector. In fact, seven-of-ten top contributors to first-half 2016 performance are mining companies. Individual share-price gains ranged from 236.5% for Hochschild, to 66.2% for Franco-Nevada (tenth largest contributor to total portfolio performance). We have continued to trim individual precious-metal portfolio weightings throughout this dramatic year-to-date rerating. Given the inherent risks and volatility associated with precious-metal miners, we generally limit individual portfolio weightings in this sector to roughly two percent. We are pleased that our mining investments, after several years of frustrating performance, have finally begun to bear fruit. Currently, this industry sector (a subset of materials) comprises roughly 15% of portfolio assets and continues to contribute strongly to second-half portfolio performance.

Negative contributions to first-half portfolio performance were paced by Western Digital, Kennedy-Wilson Holdings, Westlake Chemical, Value Partners Group and Gilead Sciences. Because we are confident in the long-term opportunities of respective business fundamentals at these companies, we have utilized recent price declines to add to each of these positions, other than Western Digital. In the case of Western Digital, we have trimmed our holding (from a longstanding top-ten position) in reflection of one of our core investment disciplines — avoidance of excessive balance sheet leverage. We continue to view Western Digital’s long-term business fundamentals favorably, especially post the strategic acquisition of SanDisk Inc. (flash memory). As a leading provider of hardware to the cloud computing industry, Western has largely addressed nagging concerns about hard disk drive competition from solid state solutions. However, the SanDisk acquisition (coupled with withdrawal of a strategic capital investment from a third party), has increased Western’s balance-sheet leverage to a degree which precludes further investment, even in the case of a future share price decline. While others may find Western’s accretive deleveraging story compelling, we will confine Western Digital to a modest portfolio position until such time as the company’s metrics once again meet our specific standards.

We eliminated several portfolio holdings during the first half of 2016. Positions in Reliance Steel & Aluminum, Myriad Genetics, and Coach were liquidated, having achieved respective valuation targets. We retreated from our “precious-metal R&D” stake in GoldMoney Inc., in favor of increased weightings in our highest-conviction

precious-metal holdings. We also eliminated our Mosaic holding because the company’s aggressive share-buyback program had stretched balance sheet leverage to levels uncomfortable to us. Finally, Sprott Focus Trust liquidated its position in Sprott Inc. for issues related entirely to corporate governance. My ongoing roles as both Executive Vice President of Sprott, Inc., and Chairman of Sprott Asset Management USA, Inc., impose regulatory restrictions on free-trading of Sprott shares for the benefit of Focus Trust which could potentially, at some future date, conflict with my overarching fiduciary obligations to the Trust. Needless to say, sales of Sprott shares by the Trust in no way reflect my current views of Sprott’s corporate prospects, which I regard as especially bright.

During the first-half of 2016, we reinitiated three positions in the Trust portfolio: Gentex, Lam Research and Pan American Silver. Gentex is a leading supplier of rearview mirrors to the auto industry, and Lam Research is a leading producer of semiconductor capital equipment. Both companies are old favorites with remarkable histories of growth and financial prowess. As a leading, low-cost silver producer, we added Pan American Silver to the Sprott Focus Trust portfolio earlier this year. We have long histories of affiliation with each of these industry-leading companies, and are happy to have them back in the Trust lineup.

Examining 2016 performance by sector, Materials (including precious metals), Energy and Consumer Staples (mostly chicken and eggs in our portfolio) performed best, with respective contributions of 9.41%, 2.09% and 1.22%. On the negative side, Financials, Health Care and Industrials detracted by 1.21%, 0.78% and 0.04, respectively. Portfolio turnover approximated 14%.

Positioning

As of June 30, Sprott Focus Trust was nearly fully invested, with a cash position of 6.2%. The fund held forty-two positions, a somewhat concentrated posture given our stated intention of maintaining portfolio breadth between forty and fifty companies.

Our largest sector weighting remains Materials (19.44%), followed by Information Technology (16.10%), Consumer Discretionary (15.16%), and Financials (14.54%). Notably, we own no pure banks,

due to balance sheet leverage we regard as beyond our purview; we are underweight Health Care (2.78%), due to perceived overvaluation; and we are underweight Industrials (2.87%), because we feel our Materials overweighting displays shared characteristics.

Sprott Focus Trust remains positioned for economic growth, with an important hedge against potential stagnation and related monetary stimulus. While it has taken far longer than we would have anticipated for our precious-metal hedge to contribute positive portfolio performance, it appears that so far during 2016, investors are beginning to recognize the uncorrelated returns offered by precious metals and their high-quality producers.

Much has been written about the lack of capital investment at the corporate level. Nothing could be further from the truth with respect to our portfolio companies. While we enjoy the support of share-buybacks and expanding dividend policies at many of our portfolio companies, just as many of these companies have also been investing aggressively in their underlying businesses. Whether through continuous R&D expenditures for new products (Apple, Cirrus Logic, Gilead Sciences), or plant expansion and improvements (Sanderson Farms, Cal-Maine Foods, Westlake Chemical), our portfolio companies continue to invest aggressively for the future.

Additionally, many of our portfolio companies have identified opportunities in which it is more economical “to buy rather than build.” During the first half of 2016, no fewer than fifteen of our portfolio companies have announced or closed acquisitions, some of them large and transformative. We have already highlighted Western Digital’s acquisition of SanDisk Corp. In addition, MKS Instruments announced the acquisition of competitor Newport Corporation, Thor Industries announced the acquisition of leading rival Jayco, and Westlake Chemical’s opportunistic bid for Axiall Corp. was finally accepted. We believe these transactions will augment future growth at related portfolio companies at attractive valuations amid very low financing costs. One of the rewards of owning a portfolio of financially strong companies is to enjoy their ability to deploy that balance sheet strength during uncertain times.

Top 10 Positions

% of Net Assets

Portfolio Sector Breakdown

% of Net Assets

Outlook

The year 2016 began with “lift-off” turning into “sell-off.” Official policies intended to weaken major currencies (Japan, ECB) produced virtually opposite results. A troubling percentage of global sovereign bonds have traded to negative yields. Somewhat surprisingly, the U.S. dollar has not run away to the upside and China has refused to implode. The under-reported growth of global nationalistic tendencies has become apparent, first in the unforeseen success of Donald Trump and then in the surprising outcome of the Brexit vote in the U.K. Recent events suggest the world is becoming increasingly unpredictable — and markets even more so. Anticipating future events seems harder than ever, as evidenced by poor performance of the best and brightest hedge funds. More than ever, we believe the most productive investment approach is to react to unfolding events on a rational and intelligent basis, rather than the popular tendency to try to predict future outcomes. Recognizing that equity markets, by many popular measures, appear richly valued, and conceding that many global macro variables are currently registering “stress” readings, we continue to identify what we believe to be attractive long-term investment opportunities. We prefer to invest in equities of well-managed, financially strong companies, while investor consensus continues to gravitate toward index funds and ETF’s.

Surely, the second half of 2016 will provide more surprises — volatility is here to stay. The good news so far this year is that while corrections have been steep, recoveries have been swift and far more inclusive than during 2015. Value, as a discipline, seems to be recovering on a relative basis, and our proclivities for hard-asset themes are once again gaining traction. We are excited about opportunities for our portfolio companies during the balance of 2016, and we look forward to returning our long-term performance to prior heights.

Portfolio Diagnostics

Discount

During the first half of 2016, we were pleased to observe modest narrowing of Focus Trust’s discount to its Net Asset Value. We hope this reflects both strong relative performance, as well as increased shareholder awareness of our progress. There are no guarantees, but we will work hard to continue this trend.

As always please feel free to call or email with questions or comments. We always enjoy talking to our fellow shareholders.

Sincerely,

Whitney George

Performance¹

Average Annual Total Return (%) Through 6/30/16

Relative Returns: Monthly Rolling Average Annual Return Periods¹

15 Years through 6/30/16

On a monthly rolling basis, the Fund outperformed the Russell 3000 in 81% of all 10-year periods; 71% of all 5-year periods; 61% of all 3-year periods; and 55% of all 1-year periods.

Market Price Performance History Since Inception (11/1/96)¹

Cumulative Performance of Investment²

Calendar Year Total Returns (%)

Why should I reinvest my distributions?

By reinvesting distributions, a stockholder can maintain an undiluted investment in the Fund. The regular reinvestment of distributions has a significant impact on stockholder returns. In contrast, the stockholder who takes distributions in cash is penalized when shares are issued below net asset value to other stockholders.

How does the reinvestment of distributions from the Fund work?

The Fund automatically issues shares in payment of distributions unless you indicate otherwise. The shares are generally issued at the lower of the market price or net asset value on the valuation date.

How does this apply to registered stockholders?

If your shares are registered directly with the Fund, your distributions are automatically reinvested unless you have otherwise instructed the Fund’s transfer agent, Computershare, in writing, in which case you will receive your distribution in cash. A registered stockholder also may have the option to receive the distribution in the form of a stock certificate.

What if my shares are held by a brokerage firm or a bank?

If your shares are held by a brokerage firm, bank, or other intermediary as the stockholder of record, you should contact your brokerage firm or bank to be certain that it is automatically reinvesting distributions on your behalf. If they are unable to reinvest distributions on behalf, you should have your shares registered in your name in order to participate.

What other features are available for registered stockholders?

The Distribution Reinvestment and Cash Purchase Plan also allows registered stockholders to make optional cash purchases of shares of the Fund’s common stock directly through Computershare on a monthly basis, and to deposit certificates representing your FUND shares with Computershare for safekeeping. Plan participants are subject to a $0.75 service fee for each voluntary cash purchase under the Plans. The Fund’s investment adviser is absorbing all commissions on optional cash purchases under the Plans through June 30, 2016.

How does the Plan work for registered stockholders?

Computershare maintains the accounts for registered stockholders in the Plan and sends written confirmation of all transactions in the account. Shares in the account of each participant will be held by Computershare in non-certificated form in the name of the participant, and each participant will be able to vote those shares at a stockholder meeting or by proxy. A participant may also send stock certificates for FUND held by them to Computershare to be held in non-certificated form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from a Plan account, Computershare will deduct a $2.50 service fee from the sale transaction. The Fund’s investment adviser is absorbing all commissions on optional sales under the Plan through December 31, 2016. If a nominee is the registered owner of your shares, the nominee will maintain the accounts on your behalf.

How can I get more information on the Plan?

You can call an Investor Services Representative at (203) 656-2430 or you can request a copy of the Plan for your Fund from Computershare. All correspondence (including notifications) should be directed to: Sprott Focus Trust Distribution Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 30170 College Station, TX 77842-3170, telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.).

W. Whitney George, Director¹, Senior Portfolio Manager

Age: 57  |  Number of Funds Overseen: 1  |  Tenure: Director since 2013; Term expires 2018  |  Other Directorships: None

Principal Occupation(s) During Past Five Years: Senior Portfolio Manager of Sprott Asset Management USA Inc. a registered investment adviser since March 2015. Prior thereto, Managing Director and Vice President of Royce & Associates, LLC, having been employed by Royce since October 1991.

Michael W. Clark, Director

Age: 55  |  Number of Funds Overseen: 1  |  Tenure: Director since 2015; Term expires 2016  |  Other Directorships: None

Principal Occupation(s) During Past Five Years: President, Chief Operating Officer, Chief Risk Officer, Head of Executive Committee, and member of Board of Directors of Chilton Investment Company since 2005.

Barbara Connolly Keady, Director

Age: 52  |  Number of Funds Overseen: 1  |  Tenure: Director since 2015; Term expires 2017  |  Other Directorships: None

Principal Occupation(s) During Past Five Years: Director of New Business Development at Ceres Partners since 2010.

James R. Pierce, Jr., Director

Age: 58  |  Number of Funds Overseen: 1  |  Tenure: Director since 2015; Term expires 2018  |  Other Directorships: None

Principal Occupation(s) During Past Five Years: Chairman of JLT Specialty Insurance Services, Inc. since September, 2014. Global Lead in Marine and Energy Operations at Marsh from 2006 to 2014.

Scott Colbourne, President

Age: 52  |  Tenure: Since 2015

Principal Occupation(s) During Past Five Years: President of the Fund (since March, 2015); Co-Chief Investment Officer and Senior Portfolio Manager of Sprott Asset Management LP (since March, 2010).

Johann Lau, Treasurer

Age 49  |  Tenure: Since 2015

Principal Occupation(s) During Past 5 Years: Treasurer of Fund (since February, 2016); Vice President, Investment Administration of Sprott Asset Management LP (since June, 2012); Governance & Oversight, Investment Accounting of Gluskin Sheff & Associates Inc. (since January, 2011).

Thomas W. Ulrich, Secretary, Chief Compliance Officer

Age: 52  |  Tenure: Since 2015

Principal Occupation(s) During Past Five Years: Chief Compliance Officer of the Fund (since March, 2015); In-House Counsel and Chief Compliance Officer of Sprott Asset Management USA Inc. (since October, 2012); In-House Counsel and Chief Compliance Officer of Sprott Global Resource Investments Ltd. (since October, 2012); Chief Compliance Officer, Altegris Advisors, L.L.C. (from July, 2011 to October, 2012); Principal, General Counsel and Chief Compliance Officer of Geneva Advisors (March, 2005 to July, 2011).

Board Approval of Investment Advisory and Subadvisory Agreements for Sprott Focus Trust, Inc.

The Board of Directors (the “Board”) of Sprott Focus Trust, Inc. (the “Fund”) met in person at a regularly scheduled meeting on June 10, 2016, in Watch Hill, Rhode Island, for purposes of, among other things, considering whether it would be in the best interests of the Fund and its stockholders to approve the existing Investment Advisory Agreement by and between the Fund and Sprott Asset Management L.P. and the existing Investment Subadvisory Agreement by and among the Fund, Sprott Asset Management L.P., and Sprott Asset Management USA Inc. (the “Subadvisory Agreement” and, together with the Investment Advisory Agreement, the “Agreements”).

In connection with the Board’s review of the Agreements, the directors who were not “interested persons” of the Fund within the meaning of the Investment Company Act of 1940 (collectively, the “Independent Directors”) requested, and Sprott Asset Management L.P. (“Sprott Asset”) and Sprott Asset Management USA Inc. (“Sprott USA” and, together with Sprott Asset, “Sprott”) provided the Board with, information about a variety of matters, including, without limitation, the following information:

In connection with the Board’s review of the Agreements, the Board, including its Independent Directors, at the June 10, 2016 meeting considered the matters set forth above and determined that the Agreements continue to be in the best interests of the Fund in light of the services, personnel, expenses and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment and the Board, including all of its Independent Directors, approved each of them.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940 (the “1940 Act”) as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and the receipt of investment advisory compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of each of the Agreements, the Independent Directors received materials in advance of the Board meeting from Sprott. The Independent Directors also met with Mr. George. The Board applied its business judgment to determine whether the arrangements by and among the Fund, Sprott Asset, and Sprott USA are reasonable business arrangements from the Fund’s perspective as well as from the perspective of its stockholders.

Nature, Extent and Quality of Services Provided by Sprott Asset and Sprott USA

The Board considered the following factors to be of fundamental importance to its consideration of whether to approve the Agreements: (i) Mr. George’s long tenure as the portfolio manager of the Fund; (ii) Mr. George’s 33 years of value investing experience and related track record; (iii) Mr. George’s significant ownership stake in the Fund; (iv) background information on the qualifications and experience of Sprott senior management and the key professional personnel that

provide services to the Fund; and (v) Sprott’s experience in managing pooled investment vehicles and accounts and its related organizational capabilities.

Investment Performance

The Board recognized that the Fund uses a risk-averse, value approach to investing. The Board noted the Fund’s annualized total returns for the 1-year, 3-year and 5-year periods ended December 31, 2015 were -11.12%, -2.20% and 1.26%, respectively while those of the Russell 3000 Index for those same periods were 0.48%%, 14.74%, and 12.18%, respectively.

Factors that impacted the fund’s performance over 2015 included macro headlines of geopolitical developments and central bank policies. Increased volatility across all the market sectors in the second half of the year led to the Fund underperforming.

Although the Board recognized that past performance is not necessarily an indicator of future results, it found that Mr. George, Sprott Asset, and Sprott USA had the necessary qualifications, experience and track record to manage the Fund. In light of the foregoing, the Directors determined that Sprott Asset continued to be the appropriate investment adviser for the Fund and that Sprott USA continue to be the appropriate investment subadviser for the Fund.

Cost of the Services Provided and Profits Realized by Sprott

The Board discussed with the Advisers the level of the advisory fee for the Fund relative to comparable funds. In addition to the management fee, the Board also reviewed the Fund’s total expense ratio and compared it to the Fund’s peers. The Board noted that the fees were within range of closed-end funds with similar investment objectives and strategies. The Board found that the Fund’s advisory fee and net expense ratio were slightly higher than the peer funds’ average advisory fee and net expense ratio. With respect to profitability, the Board found the Adviser’s estimated profits earned by the Fund to be reasonable.

Economies of Scale

The Board considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies were shared with the Fund through breakpoints in its management fees or other means, such as expense caps or fee waivers. The Board noted that the assets of the Fund were too small to meaningfully consider economies of scale and the necessity of breakpoints. The Board concluded that the current fee structure for the Fund was reasonable and that no changes were currently necessary.

Conclusion

It was noted that no single factor was cited as determinative to the decision of the Board. Rather, after weighing all of the considerations and conclusions discussed above, the entire Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Subadvisory Agreement, concluding that having the Fund continue to receive services under the Agreements was in the best interest of the stockholders of the Fund and that the investment advisory fee rate was reasonable in relation to the services provided.

The thoughts expressed in this Review and Report concerning recent market movements and future prospects for small company stocks are solely the opinion of Sprott at June 30, 2016, and, of course, historical market trends are not necessarily indicative of future market movements. Statements regarding the future prospects for particular securities held in the Fund’s portfolio and Sprott’s investment intentions with respect to those securities reflect Sprott’s opinions as of June 30, 2016 and are subject to change at any time without notice. There can be no assurance that securities mentioned in this Review and Report will be included in the Fund in the future. Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve considerably more risk than investments in securities of larger-cap companies. All publicly released material information is always disclosed by the Fund on the website at www.sprottfocustrust.com.

Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI.

All indexes referred to are unmanaged and capitalization weighted. Each index’s returns include net reinvested dividends and/or interest income. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Returns for the market indexes used in this report were based on information supplied to Sprott by Russell Investments.

The Price-Earnings, or P/E, Ratio is calculated by dividing a company’s share price by its trailing 12-month earnings-per share (EPS). The Price-to- Book, or P/B, Ratio is calculated by dividing a company’s share price by its book value per share. The Sharpe Ratio is calculated for a specified period by dividing a fund’s annualized excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. Standard deviation is a statistical measure within which a fund’s total returns have varied over time. The greater the standard deviation, the greater a fund’s volatility.

Forward-Looking Statements

This material contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve risks and uncertainties, including, among others, statements as to:

This Review and Report uses words such as “anticipates,” “believes,” “expects,” “future,” “intends,” and similar expressions to identify forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements for any reason.

The Fund has based the forward-looking statements included in this Review and Report on information available to us on the date of the report, and we assume no obligation to update any such forward-looking statements. Although the Fund undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make through future stockholder communications or reports.

Authorized Share Transactions

The Fund may repurchase up to 5% of the issued and outstanding shares of its common stock during the year ending December 31, 2016. Any such repurchase would take place at then prevailing prices in the open market or in other transactions. Common stock repurchases would be effected at a price per share that is less than the share’s then current net asset value.

The Fund is also authorized to offer its common stockholders an opportunity to subscribe for additional shares of its common stock through rights offerings at a price per share that may be less than the share’s then current net asset value. The timing and terms of any such offerings are within the Board’s discretion.

Proxy Voting

A copy of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, on the Fund’s website at www.sprottfocustrust.com, by calling (203) 656-2430 (toll-free) and on the website of the Securities and Exchange Commission (“SEC”), at www.sec.gov.

Form N-Q Filing

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s holdings are also on the Fund’s website approximately 15 to 20 days after each calendar quarter end and remain available until the next quarter’s holdings are posted. The Fund’s Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at (800) 732-0330.