FUND Sprott Focus Trust Inc

Annual Report

December 31, 2024

Table of Contents

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.

Sprott Focus Trust

Performance (Unaudited)

Average Annual Total Returns
As of December 31, 2024 (%)

¹Royce & 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.

²Russell 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.

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

Dear Fellow Shareholders,

The calendar year 2024 was frustrating for both the portfolio management team and shareholders of Sprott Focus Trust (FUND), of which I am a proud member. FUND’s Net Asset Value rose 1.63% while the market price discount widened, leaving shareholders with a slightly negative total return of -0.96%. This compares to a total return of 23.81% for the benchmark Russell 3000 Index for the twelve months.

In analyzing last year’s FUND performance, we find ourselves asking how we could have gotten the global macroeconomic picture so right while producing such meager returns. We were expecting a period of stickier inflation and a delayed interest rate-cutting cycle. Further, when the Federal Reserve interest rate cuts finally arrived in September, longer-term interest rates (10-year government bond yields) increased. Three interest rate cuts totaling 1.00% resulted in 10-year Treasury yields going up 1.00%. This has not happened since the 1980s. We believe the markets were signaling that something had changed, as normal correlations appeared to be breaking down. At a time when long-term yields would normally decline, they were driven higher by either higher inflation expectations or deteriorating credit or both.

One would expect that FUND’s portfolio of companies with strong balance sheets and exposure to hard assets themes would perform relatively well in these conditions. On the contrary, FUND’s performance was disappointing, as our value approach was not rewarded. For the second year running, equity market returns in 2024 were driven by the continued momentum of a handful of large-capitalization technology companies (the MAG 7, or Magnificent Seven stocks). This momentum trade has now concentrated the broad indices well beyond the peaks of 2020. As of this writing, the MAG 7 represents roughly one-third (33%) of the S&P 500 Index’s market capitalization and 22% of the Russell 3000 Index’s market cap. It is worth noting that while the Russell 3000 Index was up 23.81% last year, the median stock performance was 3.82%, and nearly half (45.7%) of the Index’s constituents were down on the year.

During the second half of 2024, we took advantage of FUND’s wider-than-normal discount to Net Asset Value by accelerating our share repurchase program. Since the end of June, we bought back 769,849 shares, bringing 2024’s total to 1,376,719. Our buyback program has been in place since November 2020. While we are somewhat restricted in our buyback program, we would be happy to hear if any large blocks are available. Along with our high insider ownership, this should demonstrate our unwavering conviction in FUND’s long-term strategy and the relative attractiveness of the current portfolio.

Positioning and Portfolio Activity

FUND had 32 equity investments at the end of 2024, down from 36 a year ago, as we liquidated seven positions and initiated three new positions. Cash finished the year at 7.8%, up from 4.8% at mid-year. As mentioned previously, cash will tend to build into strongly rising equity markets as existing portfolio positions reach fair value without sufficient new

undervalued ideas in which to redeploy proceeds. Cash is a by-product of the investment opportunity set that we perceive, given our absolute value approach. We are patient and disciplined in our search for securities that meet our valuation criteria.

As shown in Figure 1, nine of the previous period’s 10 largest positions remain, with the current top 10 holdings comprising 44.2% of net assets, up slightly from 43.2% six months ago. As shown in Figure 2, the Materials sector was FUND’s greatest exposure at 38.2%. Both steel manufacturers and gold and silver miners comprised 13.5% each. Energy, at 13.6%, and Financial Services, at 11.9%, were the next-largest sector exposures.

Figure 1

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

Figure 2

¹Sector weightings are determined using the Bloomberg Industry Classification Standard (“BICS”).

Whitney George

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

Figure 3

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 management believes offers a more accurate measure of average market cap than a simple mean or median.

² Harmonic Average. This weighted calculation evaluates a 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.

³ Fund’s P/E ratio calculation excludes companies with zero or negative earnings (37.12% of holdings as of 12/31/2024).

As was the case in the first half of 2024, and consistent with our history of selling into strength when securities prices approach full and fair value, four positions were sold while two new positions were initiated during the second half of 2024. Two of the sales were necessitated by takeover bids received, the first being Centamin plc, which will be mentioned later in this letter as a large contributor to FUND’s 2024 performance. Transactions oftentimes, but not always, approximate the full valuation of target companies. The second position sold were shares we received as partial consideration paid by Australian drilling services company Perenti Limited in its acquisition of specialized driller DDH1 Limited in late 2023. While Perenti’s shares remain undervalued by conservative measures, we have concentrated our exposure to the drilling sector by focusing on its larger and more diversified competitor, which FUND holds, Major Drilling Group International Inc.

FUND’s long-held position in Berkshire Hathaway Inc. was liquidated in the second half of 2024, a holding we discuss later in this letter. Since our disciplined valuation-driven approach to managing FUND compels us to sell positions when they reach full and fair valuation, our sale of Berkshire should come with little surprise. With the passing of Berkshire Vice Chairman Charles Munger in late 2023 and the advanced age of Mr. Buffett (94 years young), it seems misplaced that Berkshire shares should trade near peak-of-cycle valuations. While we hope for Father Time’s long-delayed visit, we know, as Mr. Buffett recently commented, that he always wins. Like Berkshire itself, we continue to let cash build by selling positions in companies deemed fully valued, even of the highest quality, such as Berkshire Hathaway.

AerSale, Inc. was the fourth position sold in the second half of 2024, as we overstayed our welcome as shareholders. While patience is considered a virtue, it isn’t always rewarded in investing since time compounds both good and bad developments. Fortunately, we had taken significant profits earlier in AerSale’s tenure in FUND’s portfolio when the environment for its aftermarket aviation products and services was more favorable. In recent periods, there has been a marked deterioration in airplane parts and equipment sales, as AerSale has been regularly outbid by competitors willing to accept lower returns on their investments. To AerSale’s credit, it remains disciplined even if short-term business activity suffers. Our error in judgment was that we remained patient for too long in anticipation of the AerAware new product launch. Despite having a significant launch customer lined up, Federal Aviation Authority (FAA) certification approval experienced prolonged delays. Having received its FAA certification, concerns about the pace of customer adoption and production continue. Management now lacks credibility over this issue, and so does our confidence in them.

A starter position in Champion Iron Limited was initiated in the second half of 2024. Champion Iron produces a superior iron ore content concentrate (66.2% Fe content) for use in producing “green steel” (i.e., steel produced with a significantly lower carbon footprint). The Canadian government added high-purity iron ore to its critical minerals list in June 2024, illustrating the strategic importance of Champion’s product. The higher content material can be used as direct reduction iron (DRI) pellet feed for electric-arc furnace (EAF) steel production instead of high-grade recycled steel, which has been EAF’s traditional feedstock and is in increasingly short supply domestically. According to the World Bank, demand for DRI is expected to increase by approximately 355% by 2050. Champion has extensive high-purity iron ore resources and plans to become a growing green steel supply chain supplier. Champion’s flagship producing asset is the Bloom Lake Mine in Québec, Canada, which it acquired through its Quebec Iron Ore Inc. subsidiary in 2016 from Cliffs Natural Resources Inc. Production from the mine connects directly to railway assets and a modern port purpose-built for exporting ore. Additional resources located near the Bloom Lake Mine offer growth optionality, which we believe is not factored into the current Champion share price. Despite the high quality of its resources and infrastructure, and considering the strategic importance of Champion’s production, we believe that Champion’s share price is undervalued, mistakenly overshadowed by slowing steel demand in the short term.

The other new position added during the second half of 2024 was in ASA Gold and Precious Metals Limited, a diversified closed-end mutual fund that invests in companies conducting gold and precious metals mining, exploration and development. While we believe that gold and precious metals have a very bright future, as we have written about before, the added benefit to this opportunity is the “double discount” we capture since the fund trades in the public market, similar to Sprott Focus Trust and is priced at a material discount to the current market value of its underlying holdings. By so doing, we hope to mitigate potential future downside while capturing incremental upside. Following this logic an additional step, since Sprott Focus Trust also trades at a discount to its underlying holdings, a buyer of FUND today would be capturing an implied “triple discount” as it relates to the ASA Gold fund holding. We have great confidence in the attributes that the ASA Gold fund managers seek in their target companies since there is much overlap in their portfolio’s holdings with Sprott’s internally managed gold-related funds.

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

Performance Contributors and Detractors

Figure 4 shows which positions contributed and detracted the most from FUND’s aggregate performance in 2024.

Figure 4

Top Contributors to Performance

Shares in fresh shell egg producer Cal-Maine Foods, Inc. surged 87% in 2024, contributing 2.37% to overall portfolio performance for the year. Egg prices continued to be impacted by the Highly Pathogenic Avian Influenza (HPAI) outbreak, which began in 2022 and has resulted in a significant decline in the supply of eggs, as 38.4 million commercial laying hens were depopulated this year. Reduced supply and record demand for eggs in 2024 drove prices materially higher. Recent high-profile announcements have further enhanced eggs’ longstanding position as a designated “healthy” food, including the U.S. Food and Drug Administration (FDA), the United Nations, the Academy of Pediatrics and the American Heart Association. Despite all this recognition, eggs remain a very competitive source of nutrition on a cost-per-serving basis, even at elevated retail prices. In addition, Cal-Maine Foods is expanding its line of egg products, including hard-cooked eggs and other ready-to-eat products, which leverages its existing distribution channels and extends its penetration into retail and food service marketplaces.

Senior gold producer Agnico Eagle Mines Limited continued its great first-half performance through the second half of 2024, advancing 45% for the full year as the spot price of gold reached its all-time high of $2,777 per ounce on October 30, 2024. The miner contributed 1.87% to FUND’s performance in 2024. Gold proved an effective portfolio diversifier, outperforming all major asset classes (rising 27.22% for the year) amid heightened geopolitical uncertainty and market volatility. According to the World Gold Council, strong central bank and investor demand offset declining consumer demand. Agnico Eagle’s portfolio of high-quality assets in politically safe jurisdictions deserves a premium valuation, in our minds. The company reported record free cash flow generation in all four quarters of 2024, reducing its net debt by more than C$1 billion. In December,

Agnico Eagle capped its record year with an opportunistic but friendly take-over bid for Canadian junior mining exploration and development company O3 Mining Inc.

Federated Hermes, Inc. is a global leader in active, responsible investment management with more than $800 billion in assets under management (AUM) across equity, fixed-income, alternative/private markets, multi-asset and money market product offerings. Its shares advanced nearly 30% in 2024, contributing 1.11% to FUND’s performance. Total AUM reached a new record high for the eighth consecutive quarter in 2024 on the strength of flows into both fixed income and money market products and market appreciation in other products. Federated Hermes continues to execute well, and its sizable net cash balance sheet and free cash flow generation should continue to support additional share repurchases. The company’s board of directors recently authorized the repurchase of up to an additional 5 million shares.

Centamin plc, the London-listed mid-tier gold producer and operator of the Sukari gold mine in southern Egypt, received a friendly takeover bid from AngloGold Ashanti plc in September, contributing 0.96% to FUND’s performance for the year. The initial offer represented a 37% premium to the undisturbed Centamin share price. However, since the offer was partly comprised of AngloGold shares, the realized premium was somewhat less as AngloGold shares declined in subsequent weeks.

Shares in Berkshire Hathaway Inc. also continued their strong first-half performance in the second half of 2024, advancing 27% for the full year and contributing 0.95% to portfolio performance. The company’s most recent quarterly results, announced in November, showed Berkshire’s cash balance and marketable securities stood at $325 billion. This illustrates, to some degree, where we are in the current market cycle since Mr. Buffett has been growing Berkshire’s cash balance by paring back on long-held positions in Apple and Bank of America. Selling when others are greedy is a hallmark of Mr. Buffett’s contrarian style and ours. Of note is the absence of share repurchases for the first time since 2018. Given the elevated valuation of Berkshire Hathaway, it should not be surprising. The challenge for Berkshire, now more than ever, will be finding new investments that can move the needle of its $1 trillion market capitalization. As discussed in this letter’s “Positioning and Portfolio Activity” section, we will be watching with great interest from the sidelines after having benefitted as shareholders for decades.

Top Detractors from Performance

As was the case at mid-year, Radius Recycling Inc. led the list of detractors for the full year as its shares detracted 1.68% from overall performance. We shared six months ago that Radius’s environment was negatively impacted by a shortage of scrap steel available for purchase, resulting in higher acquisition prices and compressing the spread that approximates Radius’ gross margin. In addition, prices of finished steel products are being negatively impacted by elevated Chinese exports. These two simultaneous challenges have not yet improved with time, exacerbating the duration and magnitude of losses for Radius Recycling.

Nucor Corporation, another of our steel holdings, experienced a difficult operating environment in 2024 as its shares declined 32% and detracted 1.52% for the year. Finished steel prices reflected the same supply dynamic from excess Chinese exports, satiating domestic U.S. flat-rolled steel demand. While December Chinese trade data showed China’s finished

Sprott Focus Trust

Manager’s Discussion of Fund Performance (Unaudited)

steel exports continuing to increase into year-end (5% month-over-month and 26% year-over-year), the new U.S. Trump administration’s talk of tariffs could help ease exports from China as 2025 progresses.

Major Drilling Group International Inc. is one of the largest drilling services companies in the mining industry. The company’s shares declined 18% in 2024 despite its leading position serving senior gold producers; the holding detracted 0.81% from FUND’s performance last year. Most recent quarterly results showed North American revenues (its biggest exposure at ~45%) declined by 20% versus the previous year. This was somewhat offset by strength in Chile and Australia, but not sufficiently. The company is doing a respectable job of controlling costs amid the decline in exploration drilling activity. At the same time, its net cash balance sheet allows it to continue to buy smaller competitors in this fragmented industry. Major Drilling’s recent purchase of Explomin Perforaciones in Peru will make it the largest specialized driller in Peru, a position the company holds in several other important mining jurisdictions.

Pason Systems Inc. shares declined 19%, and detracted 0.80% from FUND’s 2024 performance despite stable current revenues, a clear competitive advantage, and a near-monopoly market position for land-based drilling data solutions in North America. The company provides electronic data recording for land-based drilling and service rigs. Most recent financial results demonstrated the resilience of Pason’s offering as consolidated revenues increased by 14% compared to a year ago, while North American land drilling activity decreased by 5% year-over-year. Pason is not immune to industry-level drilling cycles, and its long history of outpacing underlying North American drilling activity is key to the investment thesis. Pason can achieve this by raising daily rental rates via increased product adoption and technology enhancements, growing its international market penetration, and penetrating new but related end-markets such as well completions with new technology offerings that enhance efficiencies and improve safety. While drill rig activity will always be an influencing factor that investors rely on for insights into Pason’s business, its unique products and services offer greater growth opportunities in cyclical upturns and resilience during industry downturns. The company’s net cash balance sheet enables smart capital allocation irrespective of the cyclicality of its underlying business.

Shares in Vishay Intertechnology, Inc., one of the world’s largest manufacturers of discrete semiconductors and passive electronic components, declined 28% and detracted -0.79% from FUND’s 2024 performance. Demand from industrial customers has been tepid all year, exacerbated by a prolonged period of inventory destocking. The company specifically cited Europe, which comprised 36% of revenues in 2023, as particularly weak as macroeconomic conditions worsened during the year. The company embarked upon a new five-year strategic plan under its new CEO nearly two years ago when the environment was better. Although we have confidence in Vishay’s ultimate success under the new vision, the current depressed operating environment will make such strategic changes more difficult.

Outlook

We are prepared for market volatility in 2025. As mentioned, our cash position is as high as it has been in several years. Our portfolio has been further concentrated in our highest conviction investments, most of which have fairly aggressive stock buybacks in place with balance sheets to support them. We agree with J.P. Morgan’s Chairman of Market and Investment

Strategy Michael Cembalest when he writes, “Policies and statements from Trump nominees (both cabinet-level and those not requiring Senate confirmation) indicate that they aim to ‘break’ something, whether it’s globalization, the Federal bureaucracy, the IRS, the FBI, Medicare, U.S. vaccine policy, lax U.S. border policies, its ‘Deep State’ opponents or something else. Whatever the goals, I take them at their word: they are going to break something, I just don’t know what.”

After two extraordinarily strong years of equity appreciation, the odds favor more muted returns. Corrections of 15% or more are normal occurrences in bull markets, and it seems we are due, especially with the change in administration and the personalities involved. The old adage of buying the rumor and selling the news may well come into play on January 20 with the turnover of executive power. Just as long bonds peaked at the onset of this interest rate easing cycle, the optimism in equity markets around Trump’s policies may dwindle once faced with political realities.

Long ago Warren Buffett remarked that “debt doesn’t matter until the day it does, then it’s all that matters.” The question is, are we there yet? With annual deficits running at roughly $2 trillion with no end in sight, on top of $36 trillion of uncapped debt, is the Treasury market telling us something? In the fourth quarter alone, the U.S. Treasury Department reported a deficit of $710.9 billion, up $200 billion from the comparable period in 2023. The combination of rising interest expense, continued spending and declining tax receipts in the fourth quarter took the deficit to levels only surpassed in the worst quarter of the COVID-19 crisis. It seems to us that we might be there.

On a brighter note, we are pleased to welcome Ryan McIntyre to the Management Team of Sprott Focus Trust as Assistant Portfolio Manager. Ryan joined Sprott two years ago to create a Family Office as part of Sprott Wealth Management here in Darien, CT. Since then, he has been instrumental in various additional roles, including launching a private fund to invest in physical commodities. Ryan shares our own long-term investment approach with a keen eye for high-quality, mispriced companies. He also brings a fresh look to FUND’s portfolio to help us build conviction in old and newer positions and identify the value traps we may have stumbled into. Ryan’s bio can be found on our website.

Finally, once again, I would like to thank the whole team at Sprott Inc. for their support in managing Sprott Focus Trust. Their diligence helps us manage FUND efficiently despite its modest size. Matt Haynes continues to provide insightful commentary for our investors so all can understand the dynamics within our portfolio. Basia Dworak, my Executive Assistant and our Director of Corporate Administration, consistently supports me and the team, freeing our time and creating an environment that is a joy to work in every day. I would also like to thank our Board of Directors for their support and valuable insights. Shareholders should take comfort that they are well represented and that we are held to the highest governance standards.

Mostly, thank you to our loyal and many very long-term shareholders. We don’t hear from you often, but it’s always a pleasure when we do. Please call anytime at 203.656.2340. We answer our own phones and always have time for fellow shareholders.

Sincerely,

W. Whitney George
Senior Portfolio Manager
January 27, 2025

Sprott Focus Trust

Performance Review (Unaudited)

Growth of $10,000 (as of December 31, 2024)
Comparison of Change in Value of $10,000 Investment in the Fund and the Underlying Index

This chart assumes an initial gross investment of $10,000 made on 10/31/1996. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

The Russell 3000 Index is a capitalization-weighted index measuring 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. Returns include the reinvestment of all dividends. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Calendar Year Total Returns (%)

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. 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 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 4, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s performance for 2024.

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 Review of the Fund.

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.

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 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 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. Computer share 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 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 43006, Providence, RI 02940-3006, telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.). Computershare’s website is www.computerhsare.com/investor.

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

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

Sprott Focus Trust

Schedule of InvestmentsDecember 31, 2024​

See Notes to Financial Statements.

Sprott Focus Trust

Schedule of InvestmentsDecember 31, 2024​

See Notes to Financial Statements.

Sprott Focus Trust

Statement of Assets and LiabilitiesDecember 31, 2024​

See Notes to Financial Statements.

See Notes to Financial Statements.

Sprott Focus Trust

Statement of OperationsFor the year ended December 31, 2024​

^(a)Net of foreign tax withholding in the amount of $164,921.

See Notes to Financial Statements.

Sprott Focus Trust

Statements of ChangesDecember 31, 2024​

Sprott Focus Trust

Financial Highlights

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

^(a) Calculated using average shares outstanding during the year.

^(b) Represents less than $0.005.

^(c) The Net Asset Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each year using net asset value. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Market Value Total Return is calculated on the same basis, except that the Fund’s market value is used on the purchase and sale dates instead of net asset value.

See Notes to Financial Statements.

Sprott Focus Trust

Notes to Financial StatementsDecember 31, 2024​

1. ORGANIZATION

Sprott Focus Trust, Inc. (the “Fund”) is a diversified closed-end investment company incorporated under the laws of the State of Maryland. The Fund commenced operations on March 2, 1988, and Sprott Asset Management LP and Sprott Asset Management USA, Inc. assumed investment management responsibility for the Fund after the close of business on March 6, 2015. Royce & Associates, LLC was the Fund’s previous investment manager. After March 6, 2015, Sprott Asset Management LP was the investment adviser, and Sprott Asset Management USA, Inc. was the sub-adviser 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. (the “Adviser”) commenced acting as investment adviser to the Fund and continues to serve as such.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

At December 31, 2024, officers, employees of Sprott Inc. and its subsidiaries, Fund directors, and other affiliates owned approximately 51% of the Fund.

A. Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year. Actual results could differ from these estimates.

B. Portfolio Valuation and Methodologies

Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. All exchange traded securities are valued using the last trade or closing sale price from the primary publicly recognized exchange. If no current closing sale price is available, the mean of the closing bid and ask price is used. If no current day price quotation is available, the previous business day’s closing sale price is used. Investments in open-end mutual funds such as money market funds are valued at the closing NAV. Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of the Fund’s investment, or in the event that it is determined that valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued in accordance with the Adviser’s policies and procedures as reflecting fair value (“Fair Value Policies and Procedures”). U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Fund (the “Board”) has approved the designation of the Adviser of the Fund as the valuation designee for the Fund. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Fair Value Policies and Procedures as reflecting fair value. The Adviser has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments.

C. Fair Value Hierarchy

The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for fair valued investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs.

Level 3 – significant unobservable inputs.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Sprott Focus Trust

Notes to Financial StatementsDecember 31, 2024​

The following is a summary of the Fund’s investments as of December 31, 2024 based on the inputs used to value them. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

There were no transfers between levels for investments held at the end of the year.

D. Investment Transactions and Related Investment Income

Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premium and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

E. Expenses

The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one fund managed by the Adviser are allocated equitably.

F. Compensating Balance Credits

The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned (interest accrued) on positive cash balances. The amount of credits earned on the Fund’s cash on deposit amounted to $2,694 for the year ended December 31, 2024.

3. RISKS

A. Common Stock

The Fund invests a significant amount of assets in common stock. The value of common stock held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the issuers of common stock held by the Fund participate or factors relating to specific companies in which the Fund invests.

B. Repurchase Agreements

The Fund may enter into repurchase agreements with institutions that the Adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The maturity associated with these securities is considered continuous.

C. Foreign Currency

The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.

Sprott Focus Trust

Notes to Financial StatementsDecember 31, 2024​

D. Metals and Mining Industry Risk

Companies in the metals and mining industry are susceptible to fluctuations in worldwide metal prices and extraction and production costs. In addition, metals and mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Such risks may adversely affect the issuers to which the Fund has exposure.

4. TAXES

As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year.

The cost of total investments for Federal income tax purposes was $193,521,213. At December 31, 2024, net unrealized appreciation for all securities was $57,155,115, consisting of aggregate gross unrealized appreciation of $65,805,851 and aggregate gross unrealized depreciation of $(8,650,736).

The tax character of distributions paid to common stockholders during 2024 and 2023 were as follows:

As of December 31, 2024, the tax basis components of distributable earnings included in stockholder’s equity were as follows:

As of December 31, 2024, the Fund had Late year losses due to Post October currency losses of $444,940.

The difference between book and tax basis unrealized appreciation (depreciation) is attributable primarily to deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, and non-REIT return of capital basis adjustments. For financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of permanent book and tax differences. Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share to the fund. For the year ended December 31, 2024 there were no permanent differences requiring a reclassification between total distributable earnings (losses) and paid-in capital.

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (2021-2024) and has concluded that as of December 31, 2024, no provision for income tax is required in the Fund’s financial statements.

5. DISTRIBUTIONS

The Fund pays quarterly distributions on the Fund’s Common Stock at the annual rate of 6% of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s Common Stock, with the fourth quarter distribution being the greater of 1.5% of the rolling average or the distribution required by IRS regulations. Distributions are recorded on ex-dividend date and to the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year-end is distributed in the following year.

Sprott Focus Trust

Notes to Financial StatementsDecember 31, 2024​

7. INVESTMENT ADVISORY AGREEMENT

The Investment Advisory Agreement between the Adviser and the Fund provides for fees to be paid at an annual rate of 1.0% of the Fund’s average daily net assets. The Fund accrued investment advisory fees totaling $2,617,663 to the Adviser for the year ended December 31, 2024.

8. PURCHASES AND SALES OF INVESTMENT SECURITIES

For the year ended December 31, 2024, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $40,724,321 and $65,715,802 respectively.

9. LENDING OF PORTFOLIO SECURITIES

The Fund, using State Street Bank and Trust Company (“State Street”) as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lenders’ fees. The Fund receives cash collateral, which may be invested by the lending agent in short-term instruments. Collateral for securities on loan is at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. As of December 31, 2024, the cash collateral received by the Fund was invested in the State Street Navigator Securities Lending Government Money Market Portfolio, which is a 1940 Act registered money market fund. To the extent that advisory or other fees paid by the State Street Navigator Securities Lending Government Money Market Portfolio are for the same or similar services as fees paid by the Fund, there will be a layering of fees, which would increase expenses and decrease returns. Information regarding the value of the securities loaned and the value of the collateral at period end is included in the Schedule of Investments. The Fund could experience a delay in recovering its securities, a possible loss of income or value and record realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. These loans involve the risk of delay in receiving additional collateral in the event that the collateral decreases below the value of the securities loaned and the risks of the loss of rights in the collateral should the borrower of the securities experience financial difficulties.

Pursuant to the current securities lending agreement, the Fund retains 80% of securities lending income (which excludes collateral investment expenses). Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. State Street bears all operational costs directly related to securities lending.

As of December 31, 2024, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:

Sprott Focus Trust

Notes to Financial StatementsDecember 31, 2024​

The following table presents financial instruments, net of the related collateral received by the Portfolio as of December 31, 2024.

^(a)Represents market value of loaned securities at year end.

^(b)The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement.

All securities on loan are classified as Common Stock in the Fund’s Schedule of Investments as of December 31, 2024, with a contractual maturity of overnight and continuous.

10. Other information

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through Sprott Asset Management’s website (www.sprottfocustrust.com) and on the Securities and Exchange Commission’s website (www.sec.gov).

11. SUBSEQUENT EVENTS

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events that occurred between December 31, 2024 and the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.

Sprott Focus Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors
of Sprott Focus Trust, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Sprott Focus Trust Inc., (the “Fund”), including the schedule of investments, as of December 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund’s auditor since 1998.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with custodian. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
February 28, 2025

Sprott Focus Trust

Fund’s Portfolio Management, Investment Objectives and Policies and Principal Risks (Unaudited)

Since January 1, 2024, the first day after the Fund’s most recent annual reporting period, there have been no material changes of the Fund’s investment objectives and policies, charter or by-laws, principal risk factors associated with investment in the company and the persons who are primarily responsible for the day-to-day management of the company’s portfolio.

Portfolio Management

W. Whitney George is the portfolio manager of the Fund. He has served as the portfolio manager of the Fund since 2000.

Royce & 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 USA, Inc. became the investment adviser of the Fund and Sprott Asset Management LP became the sponsor of the Fund.

Sprott Focus Trust

Fund’s Portfolio Management, Investment Objectives and Policies and Principal Risks (Unaudited)

Sprott Focus Trust

Directors and Officers (Unaudited)

All Directors and Officers may be reached c/o Sprott Asset Management USA, Inc. 320 Post Road, Suite 230, Darien, CT 06820.

¹Mr. George is an “interested person”, as defined in Section 2(a)(19) of the 1940 Act, of the Fund due to several relationships including his position as Chief Executive Officer of Sprott, Inc., the parent company of Sprott Asset Management USA, Inc., the Fund’s adviser.

The Statement of Additional Information has additional information about the Fund’s Directors and is available without charge, upon request, by calling (203) 656-2430.

Sprott Focus Trust

Notes to Performance and Other Important Information (Unaudited)

The thoughts expressed in this report concerning recent market movement and future outlook are solely the opinion of Sprott at December 31, 2024 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 December 31, 2024 and are subject to change at any time without notice. There can be no assurance that securities mentioned in this 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 fund’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 fund’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:

•the Fund’s future operating results

•the prospects of the Fund’s portfolio companies

•the impact of investments that the Fund has made or may make

charges will be deducted from amounts to be invested. Computer share 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.

•the dependence of the Fund’s future success on the general economy and its impact on the companies and industries in which the Fund invests, and

•the ability of the Fund’s portfolio companies to achieve their objectives.

This 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 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 Board authorized a share repurchase program, under which the Fund may purchase up to 5% of its outstanding common shares. The Board of Trustees reauthorized an additional 5% repurchase of shares for Sprott Focus Trust on June 7, 2024 until June 15, 2025. Any such repurchase would take place at the 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, at www.sec.gov.

Quarterly Portfolio Disclosure

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at www.sec.gov. The Fund’s holdings are also available on the Fund’s website (www.sprottfocustrust.com).

Sprott Focus Trust

Notes to Performance and Other Important Information (Unaudited)

Sprott Focus Trust

​

APPENDIX (unaudited)

2024 19(a) Notices

The 19(a) Notices set forth in this Appendix may be found at https://sprott.com/investment-strategies/managed-equities/focus-trust/#secDistributions.

www.sprott.com