# EDGAR Filing Document

**Accession Number:** 0000825202
**File Stem:** 0001410368-26-047501
**Filing Date:** 2026-5
**Character Count:** 26314
**Document Hash:** df163d3f46aeff058881a45cc3294e8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-047501.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001410368-26-047501

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPROTT FOCUS TRUST INC.
- **CENTRAL INDEX KEY:** 0000825202

**ORGANIZATION NAME:**
- **EIN:** 592876580
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05379
- **FILM NUMBER:** 26997323

**BUSINESS ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 656-2400

**MAIL ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE FOCUS TRUST INC
- **DATE OF NAME CHANGE:** 19990525

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE GLOBAL TRUST INC
- **DATE OF NAME CHANGE:** 19961203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALL SEASONS GLOBAL FUND INC
- **DATE OF NAME CHANGE:** 19950803

## Nport-Ex

<u>Sprott Focus Trust</u>   <br> Schedule of Investments (Unaudited) *March 31, 2026*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (88.69%)** |  |  |
| ***Consumer Discretionary (8.57%)*** |  |  |
| Automobile Components (0.82%) |  |  |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 120000 | $2622000 |
| Automobiles (2.63%) |  |  |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.<sup>(a)</sup> | 105000 | 8388450 |
| Diversified Consumer Services (1.64%) |  |  |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 165000 | 5237100 |
| Specialty Retail (3.48%) |  |  |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 220000 | 11079200 |
| **Total Consumer Discretionary** |  |  |
| (Cost $20,522,369) |  | 27326750 |
| ***Consumer Staples (4.22%)*** |  |  |
| Food Products (4.22%) |  |  |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc.<sup>(a)</sup> | 170000 | 13455500 |
| **Total Consumer Staples** |  |  |
| (Cost $9,629,155) |  | 13455500 |
| ***Energy (16.47%)*** |  |  |
| Energy Equipment & Services (11.68%) |  |  |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 410000 | 14772300 |
| &nbsp;&nbsp;&nbsp;Pason Systems, Inc. | 1390000 | 13229531 |
| &nbsp;&nbsp;&nbsp;SLB Ltd. | 105000 | 5395950 |
| &nbsp;&nbsp;&nbsp;Smart Sand, Inc. | 750000 | 3840000 |
|  |  | 37237781 |
| Oil, Gas & Consumable Fuels (4.79%) |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 90000 | 15269400 |
| **Total Energy** |  |  |
| (Cost $32,726,958) |  | 52507181 |
| ***Financials (10.13%)*** |  |  |
| Capital Markets (10.13%) |  |  |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. | 267500 | 9734325 |
| &nbsp;&nbsp;&nbsp;Ashmore Group PLC | 3000000 | 8394274 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 250000 | 14177500 |
|  |  | 32306099 |
| **Total Financials** |  |  |
| (Cost $23,110,291) |  | 32306099 |
| ***Industrials (6.94%)*** |  |  |
| Commercial Services & Supplies (2.92%) |  |  |
| &nbsp;&nbsp;&nbsp;Societe BIC SA | 150000 | 9310374 |
| Marine Transportation (4.02%) |  |  |
| &nbsp;&nbsp;&nbsp;Clarkson PLC | 210000 | 12813776 |
| **Total Industrials** |  |  |
| (Cost $16,966,289) |  | 22124150 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (2.37%)*** |  |  |
| Electronic Equipment, Instruments & Components (1.69%) |  |  |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc.<sup>(a)</sup> | 300000 | $5400000 |
| Semiconductors & Semiconductor Equipment (0.68%) |  |  |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(b)</sup> | 15000 | 2169300 |
| **Total Information Technology** |  |  |
| (Cost $6,561,464) |  | 7569300 |
| ***Materials (36.38%)*** |  |  |
| Chemicals (9.33%) |  |  |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 110000 | 14282400 |
| &nbsp;&nbsp;&nbsp;Westlake Corp.<sup>(a)</sup> | 132500 | 15478650 |
|  |  | 29761050 |
| Metals & Mining (27.05%) |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 47500 | 9641550 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 110000 | 4887300 |
| &nbsp;&nbsp;&nbsp;Champion Iron Ltd.<sup>(a)</sup> | 700000 | 2566314 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International, Inc.<sup>(a),(b)</sup> | 1230000 | 14164762 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 84000 | 14204400 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. | 140000 | 5322800 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 135000 | 7375050 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 45000 | 13676400 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 80000 | 14400000 |
|  |  | 86238576 |
| **Total Materials** |  |  |
| (Cost $53,508,770) |  | 115999626 |
| ***Real Estate (3.61%)*** |  |  |
| Real Estate Management & Development (3.61%) |  |  |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.<sup>(b)</sup> | 270000 | 5907600 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 210000 | 5583900 |
|  |  | 11491500 |
| **Total Real Estate** |  |  |
| (Cost $11,272,405) |  | 11491500 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $174,297,701) |  | 282780106 |
| **Repurchase Agreement (7.13%)** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corporation, 1.06% dated 03/31/26, due 04/01/26, maturity value $22,729,194 (collateralized by obligations of various U.S. Treasury Note, 3.63% due 08/31/27, valued at $23,183,127) |  | 22728524 |
| **Total Repurchase Agreements** |  |  |
| (Cost $22,728,524) |  | 22728524 |

---

*See Notes to Financial Statements.*

1 \| March 31, 2026 <br>

<u>Sprott Focus Trust</u>   <br> Schedule of Investments (Unaudited) *March 31, 2026*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Securities Lending Collateral (1.97%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<sup>(c)</sup> | 6267988 | $6267988 |
| **Total Securities Lending Collateral** |  |  |
| (Cost $6,267,988) |  | 6267988 |
| **Closed End Fund (3.89%)** |  |  |
| &nbsp;&nbsp;&nbsp;ASA Gold & Precious Metals Ltd. | 200000 | 12406000 |
| **Total Closed End Funds** |  |  |
| (Cost $4,420,351) |  | 12406000 |
| **TOTAL INVESTMENTS (101.68%)** |  |  |
| (Cost $207,714,564) |  | 324182618 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.68%)** |  | (5359731) |
| **NET ASSETS (100.00%)** |  | $318822887 |

---

<sup>(a)</sup> Security (or a portion of the security) is on loan. As of March 31, 2026, the market value of securities loaned was $34,643,458. The loaned securities were secured with cash collateral of $6,267,988 and non-cash collateral with a value of 28,586,324. 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.

<sup>(b)</sup> Non-Income producing.

<sup>(c)</sup> Represents an investment of securities purchased from cash collateral received from lending of portfolio securities.

*See Notes to Financial Statements.*

2 \| March 31, 2026 <br>

<u>Sprott Focus Trust</u>   <br> Notes to Financial Statements (Unaudited) *March 31, 2026*

**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.

**Repurchase Agreements:**

The Fund may enter into repurchase agreements with institutions that Sprott Asset Management USA, Inc. (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.

**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 March 31, 2026, 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 March 31, 2026, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value of<br> Loaned Securities** | **Market Value of<br> Cash Collateral** | **Market Value of<br> Non-Cash Collateral** | **Total<br> Collateral** |
| $34643458 | $6267988 | $28586324 | $34854312 |

---

<br> All securities on loan are classified as Common Stock in the Fund's Schedule of Investments as of March 31, 2026, with a contractual maturity of overnight and continuous.

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).

Information Classification: Confidential

3 \| March 31, 2026 <br>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SPROTT FOCUS TRUST INC.

- **b. Investment Company Act file number:** 811-05379

- **c. CIK number of Registrant:** 0000825202

- **d. LEI of Registrant:** 549300ZO564XGNG81814

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** C/O SPROTT ASSET MANAGEMENT USA, INC

  - **City:** DARIEN

  - **Zip / Postal Code:** 06820

  - **Telephone number:** 203-656-2401

**Item A.2. Information about the Series.**

- **a. Name of Series:** SPROTT FOCUS TRUST INC.

- **c. LEI of Series:** 549300ZO564XGNG81814

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $325485193.50

**Total Liabilities:** $6656238.23

**Net Assets:** $318828955.27

**Cash Not Reported:** $135413.89

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 9.37%                | 7.33%                | -3.82%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2885699.47              | $23306321.26                               |
| Month 2  | $1083583.54              | $20823602.86                               |
| Month 3  | $3681061.91              | $-17095280.61                              |

### Schedule of Portfolio Investments

| Name                                   | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Agnico Eagle Mines Ltd                 | Agnico Eagle Mines Ltd                                                      | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     47500 | NS      | $9641550.00   | 3.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Alamos Gold Inc                        | Alamos Gold Inc                                                             | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    110000 | NS      | $4887300.00   | 1.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Clarkson PLC                           | Clarkson PLC                                                                | CUSIP: 000000000<br>LEI: 2138007G6BGTEHI3OT22 | Long             | EC               | CORP              | GB        |    210000 | NS      | $12813776.03  | 4.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Artisan Partners Asset Management Inc  | Artisan Partners Asset Management Inc                                       | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |    267500 | NS      | $9734325.00   | 3.05%             |  |  |  | No            | 1                  | On Loan: No      |
| H&R Block Inc                          | H&R Block Inc                                                               | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |    160000 | NS      | $5078400.00   | 1.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Buckle Inc/The                         | Buckle Inc/The                                                              | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |    220000 | NS      | $11079200.00  | 3.47%             |  |  |  | No            | 1                  | On Loan: No      |
| CF Industries Holdings Inc             | CF Industries Holdings Inc                                                  | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    110000 | NS      | $14282400.00  | 4.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Cal-Maine Foods Inc                    | Cal-Maine Foods Inc                                                         | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |    170000 | NS      | $13455500.00  | 4.22%             |  |  |  | No            | 1                  | On Loan: —       |
| Cirrus Logic Inc                       | Cirrus Logic Inc                                                            | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |     20000 | NS      | $2892400.00   | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Exxon Mobil Corp                       | Exxon Mobil Corp                                                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     90000 | NS      | $15269400.00  | 4.79%             |  |  |  | No            | 1                  | On Loan: No      |
| FRP Holdings Inc                       | FRP Holdings Inc                                                            | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    270000 | NS      | $5907600.00   | 1.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Federated Hermes Inc                   | Federated Hermes Inc                                                        | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |    250000 | NS      | $14177500.00  | 4.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Gentex Corp                            | Gentex Corp                                                                 | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    120000 | NS      | $2622000.00   | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Helmerich & Payne Inc                  | Helmerich & Payne Inc                                                       | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |    410000 | NS      | $14772300.00  | 4.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Societe BIC SA                         | Societe BIC SA                                                              | CUSIP: 000000000<br>LEI: 969500UR00DF63I0VH67 | Long             | EC               | CORP              | FR        |    150000 | NS      | $9310373.52   | 2.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Major Drilling Group International Inc | Major Drilling Group International Inc                                      | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |   1230000 | NS      | $14164761.70  | 4.44%             |  |  |  | No            | 1                  | On Loan: —       |
| Marcus & Millichap Inc                 | Marcus & Millichap Inc                                                      | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    210000 | NS      | $5583900.00   | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Nucor Corp                             | Nucor Corp                                                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     84000 | NS      | $14204400.00  | 4.46%             |  |  |  | No            | 1                  | On Loan: No      |
| OR Royalties Inc                       | OR Royalties Inc                                                            | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    140000 | NS      | $5322800.00   | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Pan American Silver Corp               | Pan American Silver Corp                                                    | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    135000 | NS      | $7375050.00   | 2.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Pason Systems Inc                      | Pason Systems Inc                                                           | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |   1390000 | NS      | $13229530.59  | 4.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Reliance Inc                           | Reliance Inc                                                                | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     45000 | NS      | $13676400.00  | 4.29%             |  |  |  | No            | 1                  | On Loan: No      |
| SLB Ltd                                | SLB Ltd                                                                     | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    105000 | NS      | $5395950.00   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Smart Sand Inc                         | Smart Sand Inc                                                              | CUSIP: 83191H107<br>LEI: 549300JISW1T66DVOK23 | Long             | EC               | CORP              | US        |    750000 | NS      | $3840000.00   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Fixed Income Clearing Corp.            | FIXED INC CLEARING CORP.REPO                                                | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  22728524 | PA      | $22728524.32  | 7.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Steel Dynamics Inc                     | Steel Dynamics Inc                                                          | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     80000 | NS      | $14400000.00  | 4.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Thor Industries Inc                    | Thor Industries Inc                                                         | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |    105000 | NS      | $8388450.00   | 2.63%             |  |  |  | No            | 1                  | On Loan: —       |
| Vishay Intertechnology Inc             | Vishay Intertechnology Inc                                                  | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    300000 | NS      | $5400000.00   | 1.69%             |  |  |  | No            | 1                  | On Loan: —       |
| Westlake Corp                          | Westlake Corp                                                               | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |    135000 | NS      | $15770700.00  | 4.95%             |  |  |  | No            | 1                  | On Loan: —       |
| Ashmore Group PLC                      | Ashmore Group PLC                                                           | CUSIP: 000000000<br>LEI: 549300U3L59WB4YI2X12 | Long             | EC               | CORP              | GB        |   3000000 | NS      | $8394274.10   | 2.63%             |  |  |  | No            | 1                  | On Loan: No      |
| State Street Global Advisors           | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   6267988 | NS      | $6267987.90   | 1.97%             |  |  |  | No            | N/A                | On Loan: No      |
| ASA Gold and Precious Metals Ltd       | ASA Gold and Precious Metals Ltd                                            | CUSIP: 000000000<br>LEI: 254900VOUR4617HGCL14 | Long             | EC               | RF                | BM        |    200000 | NS      | $12406000.00  | 3.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Champion Iron Ltd                      | Champion Iron Ltd                                                           | CUSIP: 000000000<br>LEI: 894500WQI96G4T75O202 | Long             | EC               | CORP              | AU        |    700000 | NS      | $2566314.43   | 0.80%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

**Date Signed:** 2026-05-15

**Name of Applicant:** SPROTT FOCUS TRUST INC.

**Signature:** Thomas Ulrich

**Name of Signer:** Thomas Ulrich

**Title:** President