Semi-Annual Report

June 30, 2025

Table of Contents


Performance	1
Manager’s Discussion of Fund Performance	2
History Since Inception	7
Distribution Reinvestment and Cash Purchase Options	8
Financial Statements
Schedule of Investments	9
Statement of Asset and Liabilities	11
Statement of Operations	12
Statements of Changes	13
Financial Highlights	14
Notes to Financial Statements	15
Directors and Officers	19
Notes to Performance and Other Important Information	20
Board Review and Approval of Investment Advisory Agreement	22
19(a) Notices	24

Managed Distribution Policy

The Board of Directors of Sprott Focus Trust, Inc. (the “Fund”) has authorized a managed distribution policy (“MDP”). Under the MDP, the Fund pays quarterly distributions at an annual rate of 6% of the rolling average of the prior four quarter-end net asset values, with the fourth quarter distribution being the greater of this annualized rate or the distribution required by IRS regulations. With each distribution, the Fund will issue a notice to its stockholders and an accompanying press release that provides detailed information regarding the amount and composition of the distribution (including whether any portion of the distribution represents a return of capital) and other information required by the Fund’s MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of distributions or from the terms of the Fund’s MDP. The Fund’s Board of Directors may amend or terminate the MDP at any time without prior notice to stockholders.

1 | June 30, 2025

Sprott Focus Trust

Performance (Unaudited)

Average Total Returns
As of June 30, 2025 (%)


Fund	YTD¹	1 Yr	3 Yr	5 Yr	10 Yr	15 Yr	20 Yr	Since Inception	Inception Date
Focus Market Total Return	5.88	8.43	6.93	13.23	8.54	9.00	7.48	9.54	11/1/1996²
INDEX
Russell 3000 TR Index³	5.75	15.30	19.08	15.96	12.96	14.46	10.53	9.81

¹Not annualized; cumulative year-to-date.

²Royce & Associates, LLC served as investment adviser of the Fund from November 1, 1996 to March 6, 2015. After the close of business on March 6, 2015, Sprott Asset Management LP and Sprott Asset Management USA, Inc. became the investment adviser and investment sub-adviser, respectively, of the Fund. On July 1, 2023, Sprott Asset Management LP became the sponsor of the Fund and no longer serves as investment adviser, and Sprott Asset Management USA, Inc. commenced acting as investment adviser to the Fund and continues to serve as such.

³Russell 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 Total Return index measures the performance of the largest 3,000 U.S. companies. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Past performance does not predict future performance and the table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares.

Important Performance and Risk 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. Returns as of the most recent month-end may be obtained at www.sprottfocustrust.com. The market price of the Fund’s shares will fluctuate, so shares may be worth more or less than their original cost when sold.

The Fund is a closed-end registered investment company whose shares of common stock may trade at a discount to their net asset value. Shares of the Fund’s common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.

The Fund’s shares of common stock trade on the Nasdaq Select Market. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares of closed-end funds are bought and sold on the open market through a stock exchange. For additional information, contact your financial advisor or call 203.656.2430. Investment policies, management fees and other matters of interest to prospective investors may be found in the closed-end fund prospectus used in its initial public offering, as revised by subsequent stockholder reports.

2 | June 30, 2025

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

	Dear Fellow Shareholders,
	The first six months of 2025 proved turbulent yet ultimately rewarding for Sprott Focus Trust (FUND). While equity markets began the year on solid footing, an abrupt April-May drawdown sparked by tariff headlines and a spike in real interest rates tested conviction across all asset classes. FUND’s Net Asset Value (NAV) appreciated 3.67% and the shares produced a market price total return of 5.88% due to a modest reduction in the discount to NAV. This compares to a 5.75% return for the Russell 3000 Index, but with somewhat less volatility. At its worst, FUND suffered a 17% drawdown versus 21% for the benchmark index.

In our 2024 annual letter, we warned that we thought 2025 would prove to be a volatile year and that we were overdue for a correction. We also quoted J.P. Morgan’s Chief Strategist Michael Cembalest, who wrote: “Policies and statements from Trump nominees (both cabinet level and those not requiring Senate confirmation) indicate that they aim to ‘break’ something…Whatever the goals, I take them at their word: they are going to break something, I just don’t know what.” While we agreed with Cembalest, neither he, we, nor the markets expected the Trump administration to break everything. Deportations, large government layoffs, threats to cut funding to institutions, both public and private and massive tariffs have all been announced and, in some cases, implemented. All of this occurred during the administration’s first 100 days. Thus far, “Make America Great Again” (MAGA) has turned into “Sell America Down” (SAD). In our view, tariffs are potentially the most damaging of these initiatives due to their effects on the global economy. They are undeniably a tax, and large tax hikes have never been good for the economy. To paraphrase a widely shared meme we saw recently, “We’ve done this massive tariff thing three times in American history. All spaced 100 years apart because everyone who remembers the last one needs to be dead for the next to happen.” The last two major tariff regimes caused depressions, and we are skeptical that this time will be different.

Positioning and Portfolio Activity

During the first half of 2025, Sprott Focus Trust maintained its disciplined, value-oriented investment approach while navigating a complex macroeconomic environment marked by persistent inflationary pressures, commodity volatility and diverging global growth trajectories. As of June 30, 2025, the portfolio consisted of 30 equity holdings, down from 32 at year-end 2024, with net assets totaling approximately US$249 million.

FUND’s portfolio sector allocations remained relatively consistent, with Materials increasing slightly to 41.6% of assets (from 38.4%), continuing to serve as the primary driver of performance. This sector contributed over 800 basis points to portfolio returns, led by strong gains in Agnico Eagle Mines Limited, ASA Gold and Precious Metals Limited, and Alamos Gold Inc. These names benefited from a resurgence in precious metals prices amid heightened geopolitical tensions and central bank accumulation trends.

Financials also contributed positively, with Federated Hermes, Inc. and Artisan Partners Asset Management Inc. delivering stable income and capital appreciation. Conversely, the Energy and Real Estate sectors detracted from FUND’s performance in the first half, with Helmerich & Payne, Inc.,

Westlake Corporation and Kennedy-Wilson Holdings, Inc. among the top-five detractors. These underperformers were adversely impacted by weaker-than-expected earnings and sector-specific headwinds, including softening industrial demand and rising financing costs.

FUND’s cash levels were tactically reduced from 7.8% at year-end to 4.6% as of June 30, 2025, reflecting a more opportunistic deployment of capital into high-conviction ideas. The portfolio’s average market capitalization rose to $3.2 billion, and valuation metrics remained attractive with a weighted average P/E of 13.7x and weighted average P/B of 1.6x. U.S. exposure declined modestly to 65.1%, with increased allocations to international names such as Clarkson PLC and Société BIC, reflecting our global search for value.

Figure 1


Top 10 Positions as of 6/30/2025 (% of Net Assets)
Federated Hermes, Inc., Class B	4.9
Reliance, Inc.	4.9
Artisan Partners Asset Management Inc., Class A	4.8
Nucor Corporation	4.7
Major Drilling Group International Inc.	4.4
The Buckle, Inc.	4.4
Steel Dynamics, Inc.	4.4
Pason Systems Inc.	4.4
Exxon Mobil Corporation	4.3
Cal-Maine Foods, Inc.	4.2
Top 10 Total	45.3

Holdings may vary, and this list is not a recommendation to buy or sell any security.

Figure 2


Portfolio Sector Breakdown as of 6/30/2025¹ (% of Net Assets)
Materials	41.6
Financial Services	12.3
Energy	12.3
Consumer Discretionary	11.1
Real Estate	7.3
Cash & Cash Equivalents	4.6
Consumer Staples	4.2
Industrials	3.8
Technology	2.8
Total	100.0

¹Sector weightings are determined using the Bloomberg Industry Classification Standard.

Whitney George

3 | June 30, 2025

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

Figure 3


Portfolio Diagnostics as of 6/30/2025
Fund Net Assets	$249 million
Number of Equity Holdings	30
Trailing Annual Turnover Rate	17.17%
Net Asset Value	$8.38
Market Price	$7.48
Average Market Capitalization¹	$3,202 million
Weighted Average P/E Ratio^2,3	13.71x
Weighted Average P/B Ratio²	1.62x
Weighted Average Yield	3.14%
Weighted Average ROIC	19.22%
Weighted Average Leverage Ratio	1.84x
Holdings ≥75% of Total Investments	19
U.S. Investments (% of Net Assets)	65.07%
Non-U.S. Investments (% of Net Assets)	34.93%

¹Geometric Average. This weighted calculation uses the Fund’s 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 management believes offers a more accurate measure of average market cap than a simple mean or median.

²Harmonic Average. This weighted calculation evaluates the Fund’s portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks.

³The Fund’s P/E Ratio calculation excludes companies with zero or negative earnings (20.96% of holdings as of 6/30/2025).

While the portfolio saw no entirely new security additions during the first half of 2025, it did experience two complete exits. Radius Recycling, Inc. was sold following the announcement of its acquisition by Toyota Tsusho America, Inc. a U.S. subsidiary of Toyota Tsusho Corporation. Under the terms of the agreement, Radius shareholders received $30.00 per share in cash, representing a 115% premium to the company’s closing price prior to announcement. The transaction closed on July 10, 2025. Radius had long been a strategic holding due to its leadership in metal recycling and circular economy initiatives, and the acquisition by a global industrial leader like Toyota Tsusho validates the long-term value embedded in the business.

The second exit was Seabridge Gold Inc., which was sold as part of a broader consolidation within our gold exposure sleeve. While Seabridge offers long-term optionality through its large undeveloped reserves, the lack of near-term catalysts and the capital intensity of its projects made it less compelling relative to other gold holdings in the portfolio that offer stronger free cash flow and dividend support.

These exits reflect our ongoing commitment to portfolio optimization and capital discipline. The absence of new names in the first half of the year underscores our selective approach in a market where valuations in many sectors remain elevated. Instead, we focused on increasing weights in existing high-conviction holdings, such as THOR Industries, Westlake Corporation and Helmerich & Payne, where we see favorable risk-reward

dynamics. Looking ahead, we remain vigilant and patient, with dry powder available to capitalize on dislocations. Our emphasis continues to be on businesses with strong balance sheets, durable cash flows and shareholder-aligned management teams.

Performance Contributors and Detractors

Figure 4 shows which positions contributed and detracted the most from FUND’s aggregate performance for the six-month period ended June 30, 2025.

Figure 4


Top Contributors to Performance Year-to-date through 6/30/2025 (%)¹
Agnico Eagle Mines Limited	2.11
ASA Gold and Precious Metals Limited	1.25
OR Royalties Inc.	1.16
Alamos Gold Inc.	1.12
Pan American Silver Corp.	0.80


Top Detractors from Performance Year-to-date through 6/30/2025 (%)¹
Helmerich & Payne, Inc.	-2.63
Westlake Corporation	-1.51
Kennedy-Wilson Holdings, Inc.	-1.18
Marcus & Millichap, Inc.	-0.56
FRP Holdings, Inc.	-0.47
¹Net of dividends.

Top Contributors to Performance

The top contributor to FUND’s portfolio in the first half of 2025 was Agnico Eagle Mines Limited, delivering a total return of 53.2% and contributing 2.11% to the portfolio’s overall performance. This marks a continuation of its strong momentum, as it was also a top contributor in 2024. Agnico Eagle’s performance in H1 2025 was underpinned by robust operational execution and financial strength. In Q1 2025, the company reported record adjusted net income of $770 million and free cash flow of $594 million, driven by strong gold production of 873,794 ounces at competitive all-in sustaining costs of $1,183 per ounce. The company also made strategic progress on key development projects, including ramp development at East Gouldie and exploration at Upper Beaver and Hope Bay. With a near-zero net debt position and a positive credit outlook from Moody’s, Agnico Eagle is well-positioned for continued growth and shareholder returns in a favorable gold price environment.

ASA Gold and Precious Metals Limited delivered a total return of 56.3% and contributed 1.25% to FUND’s overall portfolio performance in the first half of 2025. The company’s focus on precious metals, particularly gold, benefited from rising commodity prices amid global macroeconomic uncertainty. Furthermore, its portfolio composition is tilted toward smaller and medium-sized companies, which tend to benefit more from increasing precious metals prices.

4 | June 30, 2025

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

OR Royalties Inc., an intermediate precious metals royalty company which holds 195 royalties, streams and precious metal offtakes, continued to be a strong contributor to FUND’s performance. In the first half of 2025, it delivered a total return of 42.7% and contributed 1.16% to overall portfolio performance. The company had strong Q1 financial results, including $54.9 million in royalty and stream revenues, $46.1 million in operating cash flow and net earnings of $25.6 million. CEO Jason Attew also highlighted sequentially improving gold equivalent ounce deliveries and several near-term catalysts, including the Cariboo project and Dalgaranga Royalty acceleration, as key drivers of growth. OR Royalties also continued to repay its revolving credit facility and in June was in a net cash position. Furthermore, a 20% dividend increase announced in Q2 2025 further signaled management’s confidence in future cash flows.

Alamos Gold Inc. was the fourth-largest contributor to FUND’s portfolio in the first half of 2025, delivering a total return of 44.3% and contributing 1.12% to performance. Alamos reported record 2024 production of 567,000 ounces, a 7% increase year-over-year, and released an updated life of mine plan for the Island Gold District, positioning it as one of Canada’s largest and lowest-cost gold operations. The Island Gold District, bolstered by the integration of the Magino mine, produced 59,200 ounces in Q1 2025 alone, a 77% year-over-year increase. Additionally, Alamos expanded its global mineral reserves by 31%, driven by high-grade additions at Island Gold and the acquisition of Magino. These strategic moves, combined with a robust gold price environment and strong free cash flow generation, have significantly enhanced investor confidence and supported the stock’s strong performance.

Pan American Silver Corp. emerged as the fifth-highest contributor to FUND’s portfolio in the first half of 2025, generating a total return of 41.6% and adding 0.80% to overall portfolio performance. The stock’s strong performance was driven by robust financial results, including record mine operating earnings and free cash flow, supported by higher precious metals prices and disciplined cost control. In addition, Pan American announced a transformative $2.1 billion acquisition of MAG Silver Corp., securing a 44% stake in the high-grade Juanicipio mine. This strategic move is expected to significantly enhance the company’s silver production profile and long-term cash flow generation. With reaffirmed 2025 guidance and a strengthened asset base, investor sentiment has remained positive, helping to propel the stock’s strong performance during the period.

Top Detractors from Performance

Helmerich & Payne, Inc., which designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world, was the largest detractor to FUND’s portfolio in the first half of 2025, with a total return of -51.6% and a -2.63% contribution to portfolio performance. Despite a stable operational base, the company faced headwinds including weaker-than-expected rig utilization and pricing pressure in its North American drilling segment. According to its fiscal Q1 and Q2 2025 earnings releases, Helmerich & Payne reported a softening in upstream capital spending and delays in international contract mobilizations. Additionally, investor sentiment was dampened by uncertainty surrounding its acquisition of KCA Deutag International Limited and broader energy market volatility.

Westlake Corporation, a global manufacturer and supplier of chemicals, polymers and building products, was a notable detractor from the portfolio in the first half of 2025, contributing -1.51% to portfolio performance with a total return of -33.0%. The stock’s decline was driven by a challenging operating environment, as highlighted in its Q1 2025 earnings report. The company posted a net loss of $40 million and a significant drop in EBITDA (earnings before interest, taxes, depreciation and amortization) to $288 million, down from $546 million in Q1 2024. Key headwinds included higher North American feedstock and energy costs while experiencing lower sales volume in the Performance & Essential Materials (PEM) segment due to higher planned turnarounds and unplanned plant outages. Despite these setbacks, Westlake’s Housing & Infrastructure Products segment showed resilience with 4% sequential sales volume growth, supported by strong demand in Compounds, Siding & Trim and Roofing. Looking ahead, we are optimistic about improved operating rates following the completion of major turnarounds and, the company’s strong balance sheet and strategic positioning to navigate ongoing macroeconomic uncertainty.

Kennedy-Wilson Holdings, Inc. returned -29.8% and a negative contribution to FUND’s performance of -1.18% in the first half of 2025. Despite this, the company, a global real estate investment firm specializing in multifamily, industrial and debt investments across the U.S., U.K. and Ireland, reported operational progress in 2025. It experienced a 4.3% increase in same-property multifamily net operating income in Q1 and over $1 billion in capital deployment. The firm’s investment management platform expanded to $9.1 billion in assets, and it continued to grow its rental housing footprint, now encompassing 65,000 units. However, investor sentiment remained cautious amid a Q1 net loss of $40.8 million and reduced adjusted EBITDA compared to the prior year. The company’s strategic focus on deleveraging and asset sales, including over $400 million in expected proceeds in 2025, should support future stabilization.

Marcus & Millichap, Inc., a leading national real estate services firm specializing in commercial real estate investment sales, financing and advisory services, returned -19.1% and contributed -0.56% to the portfolio’s performance during the period. Despite reporting a 12.3% year-over-year revenue increase in Q1 2025, driven by a 17.6% rise in total sales volume and a 25.7% increase in financing fees, the company posted a net loss of $4.4 million. The underperformance was due to persistent macroeconomic headwinds, including elevated debt costs, interest rate uncertainty and a wide bid-ask spread in the commercial real estate market. While we are optimistic about long-term growth given strong fundamentals and strategic investments in talent and technology, investor sentiment remained cautious amid concerns over inflation, policy shifts and geopolitical risks.

FRP Holdings, Inc. posted a total return of -12.2% and contributed -0.47% to FUND’s overall performance. The company, which specializes in real estate development and property management with a focus on industrial and commercial assets, faced headwinds amid a challenging environment for small-cap and real estate equities. The broader macroeconomic backdrop in H1 2025—characterized by rising interest rates and investor caution toward debt-reliant sectors—negatively impacted real estate firms like FRP. Despite these pressures, FRP continued to execute on its long-term development strategy. In Q1, the company reported a 31% increase in net income and a 10% rise in pro rata net operating income, driven by higher mining royalty and lending income, and improved joint venture

5 | June 30, 2025

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

performance. However, industrial net operating income declined due to a tenant default, and multifamily growth is expected to flatten. Despite short-term headwinds, the company is focused on long-term growth through new industrial and multifamily developments, aiming to double its industrial segment over five years and add $6 million in net operating income from 810 new multifamily units. The company continues to maintain a conservative balance sheet and a pipeline of industrial projects.

Outlook

We entered the year prepared for market volatility and, looking ahead, a continuation of more volatility is almost a certainty. While equity investors have become desensitized to tariff news, we know that some tariffs will be implemented, and their inflationary effects will show up with a lag barring a severe economic downturn.

The good news is that there is not much left on the Trump agenda to further shock the markets. The court system is just starting to challenge the legality of all these orders. And in four months, we begin a new election cycle in the U.S., which will force Congress to address the consequences of the Trump agenda. While we can’t rule out the possibility of a Constitutional Crisis in this process, it is likely not something the markets have discounted yet.

The Trump administration was able to get its Big Beautiful Bill passed which is projected to add more than $3 trillion in debt over the next 10 years. Long-term government bond buyers are becoming increasingly sensitive to credit quality and foreigners are repatriating capital in response to the hostile trade negotiations. This is forcing the U.S. Department of the Treasury to finance maturing and new debt at the short end with increased velocity. And the Federal Reserve’s independence at setting short-term interest rates is clearly under attack.

We continue to believe that FUND’s portfolio is well positioned for this uncertain environment. Our hard assets exposure should protect us from the strong possibility of the U.S. dollar devaluation and corresponding inflation that will be required to reprice our national debt. Furthermore, certain portfolio companies are returning capital to us through dividends and share buybacks as we do the same for FUND shareholders. In the first six months of 2025, we paid in dividends and bought back 986,122 shares.

As always, I would like to thank our Sprott team for their support. Ryan McIntyre has proven to be an exceptional addition to the portfolio management team and Basia Dworak, who runs the rest of our lives in the Darien office and frees our time to manage FUND. Matt Haynes has left Sprott to pursue his long-time passion for investing in deep value on a global basis at his own firm, 1949 Investments. We wish him well and think his timing is great.

Finally, we are thankful for our long-term patient investors, many of them family. We are excited about our prospects. As always, we would love to hear from you so please call us with comments, questions or concerns at 203.656.2430.

Sincerely,

W. Whitney George
Senior Portfolio Manager
July 27, 2025

6 | June 30, 2025

Sprott Focus Trust

Performance Review (Unaudited)

Calendar Year Total Returns (%)


Year	Fund (NAV)	Year	Fund (NAV)
2024	1.6	2011	-10.5
2023	11.8	2010	21.8
2022	0.1	2009	54.0
2021	22.9	2008	-42.7
2020	6.8	2007	12.2
2019	32.7	2006	15.8
2018	-17.0	2005	13.7
2017	18.5	2004	29.3
2016	24.8	2003	54.3
2015	-11.1	2002	-12.5
2014	0.3	2001	10.0
2013	19.7	2000	20.9
2012	11.4	1999	8.7

Past performance does not predict future performance and the table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares.

Important Performance and Risk Information

All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.sprottfocustrust.com. The market price of the Fund’s shares will fluctuate, so shares may be worth more or less than their original cost when sold. The Fund normally invests primarily in small-/mid-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund also generally invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a 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. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 3, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s performance as of June 30, 2025.

7 | June 30, 2025

Sprott Focus Trust

History Since Inception (Unaudited)

The following table details the share accumulations by an initial investor in the Fund who reinvested all distributions and participated fully in primary subscriptions for each of the rights offerings. Full participation in distribution reinvestments and rights offerings can maximize the returns available to a long-term investor. This table should be read in conjunction with the Performance and Portfolio Reviews of the Fund.


History		Amount Reinvested	Purchase Price¹	Shares	Nav Value²	Market Value²
10/31/96	Initial Purchase	$4,375	$4.375	1,000	$5,280	$4,375
12/31/96					5,520	4,594
12/5/97	Distribution $0.53		5.250	101	6,650	5,574
12/31/98					6,199	5,367
12/6/99	Distribution $0.15		4.750	34	6,742	5,356
12/6/00	Distribution $0.34		5.563	69	8,151	6,848
12/6/01	Distribution $0.15		6.010	28	8,969	8,193
12/6/02	Distribution $0.09		5.640	19	7,844	6,956
12/8/03	Distribution $0.62		8.250	94	12,105	11,406
2004	Annual distribution total $1.74		9.325	259	15,639	16,794
5/6/05	Rights offering	2,669	8.340	320
2005	Annual distribution total $1.21		9.470	249	21,208	20,709
2006	Annual distribution total $1.57		9.860	357	24,668	27,020
2007	Annual distribution total $2.01		9.159	573	27,679	27,834
2008	Annual distribution total $0.47³		6.535	228	15,856	15,323
3/11/09	Distribution $0.09³		3.830	78	24,408	21,579
12/31/10					29,726	25,806
2011	Annual distribution total $0.41³		6.894	207	26,614	22,784
2012	Annual distribution total $0.46		6.686	255	29,652	25,549
2013	Annual distribution total $0.40		7.222	219	35,501	31,166
2014	Annual distribution total $0.42		7.890	222	35,617	31,348
2015	Annual distribution total $0.44		6.655	296	31,657	26,726
2016	Annual distribution total $0.40		6.609	287	36,709	31,423
2017	Annual distribution total $0.52		7.603	345	46,794	41,502
2018	Annual distribution total $0.69		6.782	565	38,836	33,669
2019	Annual distribution total $0.46		6.870	403	51,523	45,688
2020	Annual distribution total $0.55		6.038	603	55,033	46,996
2021	Annual distribution total $0.76		8.183	633	67,517	64,018
2022	Annual distribution total $0.54		7.965	500	67,448	63,317
2023	Annual distribution total $0.50		7.758	512	75,342	67,647
2024	Annual distribution total $0.60		7.479	678	76,363	66,863
2025	Year-to-date distribution total $0.26		7.344	324	79,254	70,742
6/30/25		$7,044		9,458

¹The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for the year.

²Values are stated as of December 31 of the year indicated, after reinvestment of distributions, unless otherwise indicated.

³Includes a return of capital.

8 | June 30, 2025

Sprott Focus Trust

Distribution Reinvestment and Cash Purchase Options (Unaudited)

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 Trust Company, N.A. (“Computershare”), through the Internet, by telephone or 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 your 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 (the “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 plus a per share fee of $0.05. Per share fees include any brokerage commissions Computershare is required to pay. Any fractional share will be rounded

up to a whole share for purposes of calculating the per share fee. These charges will be deducted from amounts to be invested. Computershare will wait up to three business days after receipt of the check or electronic funds transfer to ensure it receives good funds and will then seek to purchase shares from optional cash purchases promptly on the investment date.

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 plus a per share fee of $0.15 from the sale transaction. Per share fees include any brokerage commissions Computershare is required to pay. Any fractional share will be rounded up to a whole share for purposes of calculating the per share fee. These charges will be deducted from any sale proceeds to be paid. 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 from Computershare. All correspondence (including notifications) should be directed to: Sprott Focus Trust Distribution Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 43006, Providence, RI 02940-3006, telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.). Computershare’s website is www.computershare.com/investor.

Are there tax consequences when participating in the Distribution Reinvestment and Cash Purchase Plan?

Dividends are taxable regardless of whether you take them in cash or reinvest them in the Fund when it pays them out. You incur the tax liability in the year in which the dividends are reinvested.

9 | June 30, 2025

Sprott Focus Trust

Schedule of InvestmentsJune 30, 2025 (Unaudited)

See Notes to Financial Statements.


Security Description	Shares	Value
COMMON STOCKS (91.91%)
*Consumer Discretionary (7.76%)*
Automobiles (3.39%)
Thor Industries, Inc.^(a)	95,000	$8,436,950
Specialty Retail (4.37%)
Buckle, Inc.	240,000	10,884,000

Total Consumer Discretionary (Cost $11,253,739)		19,320,950

*Consumer Staples (4.20%)*
Food Products (4.20%)
Cal-Maine Foods, Inc.	105,000	10,461,150

Total Consumer Staples (Cost $4,132,512)		10,461,150

*Energy (12.33%)*
Energy Equipment & Services (8.00%)
Helmerich & Payne, Inc.	500,000	7,580,000
Pason Systems, Inc.^(a)	1,200,000	10,821,370
Smart Sand, Inc.	750,000	1,507,500
		19,908,870

Oil, Gas & Consumable Fuels (4.33%)
Exxon Mobil Corp.	100,000	10,780,000

Total Energy (Cost $31,310,005)		30,688,870

*Financials (12.34%)*
Capital Markets (12.34%)
Artisan Partners Asset Management, Inc.	270,000	11,969,100
Ashmore Group PLC	3,000,000	6,444,590
Federated Hermes, Inc.	277,500	12,298,800
		30,712,490

Total Financials (Cost $23,726,419)		30,712,490

*Industrials (7.16%)*
Commercial Services & Supplies (3.38%)
Societe BIC SA	135,000	8,396,432
Marine Transportation (3.78%)
Clarkson PLC	210,000	9,411,573

Total Industrials (Cost $16,058,942)		17,808,005


Security Description	Shares	Value
*Information Technology (2.75%)*
Electronic Equipment, Instruments & Components (1.91%)
Vishay Intertechnology, Inc.	300,000	$4,764,000

Semiconductors & Semiconductor Equipment (0.84%)
Cirrus Logic, Inc.^(b)	20,000	2,085,100

Total Information Technology (Cost $6,894,556)		6,849,100

*Materials (38.03%)*
Chemicals (6.77%)
CF Industries Holdings, Inc.	80,000	7,360,000
Westlake Corp.	125,000	9,491,250
		16,851,250

Metals & Mining (31.26%)
Agnico Eagle Mines Ltd.	65,000	7,730,450
Alamos Gold, Inc.	240,000	6,374,400
Champion Iron Ltd.^(a)	1,200,000	3,242,886
Gemfields Group Ltd.^(a),^(b)	9,727,532	824,192
Major Drilling Group International, Inc.^(a),^(b)	1,680,000	10,930,641
Nucor Corp.	90,000	11,658,600
OR Royalties, Inc.	320,000	8,227,200
Pan American Silver Corp.	200,000	5,680,000
Reliance, Inc.	39,000	12,242,100
Steel Dynamics, Inc.	85,000	10,880,850
		77,791,319

Total Materials (Cost $62,795,621)		94,642,569

*Real Estate (7.34%)*
Real Estate Management & Development (7.34%)
FRP Holdings, Inc.^(b)	270,000	7,260,300
Kennedy-Wilson Holdings, Inc.	850,000	5,780,000
Marcus & Millichap, Inc.	170,000	5,220,700
		18,261,000

Total Real Estate (Cost $20,472,557)		18,261,000

TOTAL COMMON STOCKS (Cost $176,644,351)		228,744,134

10 | June 30, 2025

Sprott Focus Trust

Schedule of InvestmentsJune 30, 2025 (Unaudited)

See Notes to Financial Statements.


Security Description	Shares	Value
Repurchase Agreement (4.49%)
Fixed Income Clearing Corporation, 1.36% dated 06/30/25, due 07/01/25, maturity value $11,177,187 (collateralized by obligations of various U.S. Treasury Note, 4.13% due 10/31/27, valued at $11,400,489)		$11,176,765

Total Repurchase Agreements (Cost $11,176,765)		11,176,765

*Securities Lending Collateral (0.62%)*
State Street Navigator Securities Lending Government Money Market Portfolio^(c)	1,549,444	1,549,444

Total Securities Lending Collateral (Cost $1,549,444)		1,549,444

*Closed End Fund (3.55%)*
ASA Gold & Precious Metals Ltd.	280,000	8,839,600

Total Closed End Funds (Cost $6,179,412)		8,839,600

TOTAL INVESTMENTS (100.57%) (Cost $195,549,972)		250,309,943
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.57%		(1,411,309	)
NET ASSETS — 100.00%		$248,898,634

^(a)Security (or a portion of the security) is on loan. As of June 30, 2025, the market value of securities loaned was $12,170,302. The loaned securities were secured with cash collateral of $1,549,444 and non-cash collateral with a value of $11,136,192. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices.

^(b)Non-Income producing.

^(c)Represents an investment of securities purchased from cash collateral received from lending of portfolio securities.

11 | June 30, 2025

Sprott Focus Trust

Statement of Assets and LiabilitiesJune 30, 2025 (Unaudited)

See Notes to Financial Statements.


ASSETS:
Investments at value		$239,133,178
Repurchase agreements (at cost and value)		11,176,765
Foreign currencies at value		97,168
Cash		25,000
Receivable for investments sold		20,792
Receivable for dividends and interest		312,767
Receivable for securities lending income		10,391
Prepaid expenses and other assets		19,644
Total Assets		250,795,705
LIABILITIES:
Obligation to return securities lending collateral		1,549,444
Payable for investment advisory fee		204,183
Fund shares redeemed		64,903
Audit fees		28,267
Legal fees		18,218
Administration fees		13,153
Accrued expenses		18,903
Total Liabilities		1,897,071
NET ASSETS		$248,898,634

NET ASSETS CONSIST OF:
Paid-in capital		$191,950,662
Total distributable earnings		56,947,972
NET ASSETS		$248,898,634

INVESTMENTS (EXCLUDING REPURCHASE AGREEMENTS), AT COST		$184,373,207
FOREIGN CURRENCY, AT COST		$96,797

PRICING OF SHARES
Net Assets		$248,898,634
Shares of beneficial interest outstanding (150,000,000 shares authorized, par value $0.01 per share)		29,716,740
Net Asset Value per share		$8.38

12 | June 30, 2025

See Notes to Financial Statements.

Sprott Focus Trust

Statement of OperationsJune 30, 2025 (Unaudited)


INVESTMENT INCOME:
Dividends^(a)	$4,472,363
Interest	100,403
Securities lending income, net of fees	49,804
Total investment income	4,622,570

EXPENSES:
Investment advisory fees (See Note 7)	1,224,641
Custody and transfer agent fees	36,871
Administrative and office facilities	26,431
Stockholders reports	28,369
Legal Fees	25,821
Audit fees	22,068
Directors’ fees	9,979
Other expenses	23,930
Total expenses	1,398,110
Compensating balance credits	(1,242	)
Net expenses	1,396,868
NET INVESTMENT INCOME/(LOSS)	3,225,702

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on investments	4,527,087
Net realized gain/(loss) on foreign currency transactions	(10,507	)
Net change in unrealized appreciation/(depreciation) on Investments	122,082
Net change in unrealized appreciation/(depreciation) on other assets and liabilities denominated in foreign currency	4,008
Net realized and unrealized gain (loss) on investments and foreign currency	4,642,670
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$7,868,372

^(a)Net of foreign tax withholding in the amount of $141,304.

13 | June 30, 2025

See Notes to Financial Statements.

Sprott Focus Trust

Statements of ChangesJune 30, 2025


	Six Months Ended June 30, 2025 (unaudited)		Year Ended Dec. 31, 2024
INVESTMENT OPERATIONS:
Net investment income/(loss)	$3,225,702		$5,007,829
Net realized gain/(loss) on investments and foreign currency	4,516,580		11,810,541
Net change in unrealized appreciation/(depreciation) on investments and foreign currency	126,090		(14,847,902	)
Net increase/(decrease) in net assets from investment operations	7,868,372		1,970,468

DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions	(7,628,883	)	(17,864,855	)

CAPITAL SHARE TRANSACTIONS:
Reinvestment of distributions	5,034,216		11,590,857
Shares redeemed	(7,256,710	)	(10,730,596	)
Net increase/(decrease) from capital share transactions	(2,222,494	)	860,261
Net increase/(decrease) in net assets	(1,983,005	)	(15,034,126	)

NET ASSETS
Beginning of period	250,881,639		265,915,765
End of period	$248,898,634		$250,881,639

14 | June 30, 2025

Sprott Focus Trust

Financial Highlights

This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.


For a Share Outstanding Throughout the Periods Presented	Six Months Ended June 30, 2025 (unaudited)		Year Ended Dec. 31, 2024		Year Ended Dec. 31, 2023		Year Ended Dec. 31, 2022		Year Ended Dec. 31, 2021		Year Ended Dec. 31, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$8.36		$8.91		$8.49		$9.07		$8.08		$8.30

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)	0.11		0.17		0.18		0.13		0.16		0.15
Net realized and unrealized gain/(loss) on investments and foreign currency	0.16		(0.11	)	0.75		(0.16	)	1.57		0.24
Total investment operations	0.27		0.06		0.93		(0.03	)	1.73		0.39

DISTRIBUTIONS TO COMMON STOCKHOLDERS:
Net investment income	(0.26	)	(0.18	)	(0.18	)	(0.10	)	(0.35	)	(0.33	)
Net realized gain on investments and foreign currency	—		(0.42	)	(0.32	)	(0.44	)	(0.41	)	(0.22	)
Total distributions to Common Stockholders	(0.26	)	(0.60	)	(0.50	)	(0.54	)	(0.76	)	(0.55	)

CAPITAL STOCK TRANSACTIONS:
Effect of share repurchase program	0.03		0.05		0.02		0.01		0.06		0.00	(b)
Effect of reinvestment of distributions by Common Stockholders^(a)	(0.02	)	(0.06	)	(0.03	)	(0.02	)	(0.04	)	(0.06	)
Total capital stock transactions	0.01		(0.01	)	(0.01	)	(0.01	)	0.02		(0.06	)
NET ASSET VALUE, END OF PERIOD	$8.38		$8.36		$8.91		$8.49		$9.07		$8.08
MARKET VALUE, END OF PERIOD	$7.48		$7.32		$8.00		$7.97		$8.60		$6.90
TOTAL RETURN:^(c)
Net Asset Value	3.67	%^(d)	1.63	%	11.84	%	0.08	%	22.93	%	6.80	%
Market Value	5.88	%^(d)	(0.96	)%	6.96	%	(0.91	)%	36.49	%	2.86	%

RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:

Investment Advisory fee expense	1.00	%^(e)	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%
Other operating expenses	0.14	%^(e)	0.13	%	0.15	%	0.14	%	0.12	%	0.18	%
Expenses prior to balance credits	1.14	%^(e)	1.13	%	1.15	%	1.14	%	1.12	%	1.18	%
Net expenses	1.14	%^(e)	1.13	%	1.15	%	1.14	%	1.12	%	1.18	%
Net investment income/(loss)	2.63	%^(e)

SEC Form N-CSRS filed by Sprott Focus Trust Inc.