NPORT-EX 2 NPORT_6626_57641549_0925.htm

Sprott Focus Trust September 30, 2025 (unaudited)

Schedule of Investments

Security Description		Shares				Value
COMMON STOCKS (88.86%)
Consumer Discretionary (8.24%)
Automobiles (3.57%)
Thor Industries, Inc.(a)			95,000			$	9,850,550
Specialty Retail (4.67%)
Buckle, Inc.			220,000				12,905,200
Total Consumer Discretionary (Cost $10,893,119)							22,755,750
Consumer Staples (4.09%)
Food Products (4.09%)
Cal-Maine Foods, Inc.			120,000				11,292,000
Total Consumer Staples (Cost $5,587,362)							11,292,000
Energy (12.68%)
Energy Equipment & Services (8.60%)
Helmerich & Payne, Inc.			500,000				11,045,000
Pason Systems, Inc.(a)			1,280,000				11,110,441
Smart Sand, Inc.			750,000				1,605,000
							23,760,441
Oil, Gas & Consumable Fuels (4.08%)
Exxon Mobil Corp.			100,000				11,275,000
Total Energy (Cost $31,993,708)							35,035,441
Financials (11.36%)
Capital Markets (11.36%)
Artisan Partners Asset Management, Inc.(a)			267,500				11,609,500
Ashmore Group PLC			3,000,000				7,189,833
Federated Hermes, Inc.			242,500				12,593,025
							31,392,358
Total Financials (Cost $22,712,224)							31,392,358
Industrials (6.80%)
Commercial Services & Supplies (3.05%)
Societe BIC SA			135,000				8,416,182
Marine Transportation (3.75%)
Clarkson PLC			210,000				10,365,140
Total Industrials (Cost $16,058,943)							18,781,322
Information Technology (2.57%)
Electronic Equipment, Instruments & Components (1.66%)
Vishay Intertechnology, Inc.			300,000				4,590,000
Semiconductors & Semiconductor Equipment (0.91%)
Cirrus Logic, Inc.(b)			20,000				2,505,800
Total Information Technology (Cost $6,894,557)							7,095,800
Materials (36.38%)
Chemicals (6.87%)
CF Industries Holdings, Inc.			100,000				8,970,000
Westlake Corp.			130,000				10,017,800
							18,987,800
Metals & Mining (29.51%)
Agnico Eagle Mines Ltd.			60,000				10,113,600
Alamos Gold, Inc.			170,000				5,926,200
Champion Iron Ltd.(a)			1,200,000				3,664,583

Sprott Focus Trust September 30, 2025 (unaudited)

Gemfields Group Ltd.(a),(b)			6,980,520			$	614,383
Major Drilling Group International, Inc.(a),(b)			1,630,000				13,633,110
Nucor Corp.			87,500				11,850,125
OR Royalties, Inc.			170,000				6,813,600
Pan American Silver Corp.			150,000				5,809,500
Reliance, Inc.			40,000				11,233,200
Steel Dynamics, Inc.			85,000				11,851,550
							81,509,851
Total Materials (Cost $59,308,262)							100,497,651
Real Estate (6.74%)
Real Estate Management & Development (6.74%)
FRP Holdings, Inc.(b)			270,000				6,577,200
Kennedy-Wilson Holdings, Inc.			850,000				7,072,000
Marcus & Millichap, Inc.			170,000				4,989,500
							18,638,700
Total Real Estate (Cost $20,472,557)							18,638,700
TOTAL COMMON STOCKS (Cost $173,920,732)							245,489,022
Repurchase Agreement (6.42%)
Fixed Income Clearing Corporation, 1.26% dated 09/30/25, due 10/01/25, maturity value $17,731,647 (collateralized by obligations of various U.S. Treasury Note, 3.63% - 3.75% due 06/30/27- 08/31/27, valued at $18,085,692)							17,731,026
Total Repurchase Agreements (Cost $17,731,026)							17,731,026
Securities Lending Collateral (0.54%)
State Street Navigator Securities Lending Government Money Market Portfolio(c)			1,487,366				1,487,366
Total Securities Lending Collateral (Cost $1,487,366)							1,487,366
Closed End Fund (4.64%)
ASA Gold & Precious Metals Ltd.			280,000				12,824,000
Total Closed End Funds (Cost $6,179,412)							12,824,000
TOTAL INVESTMENTS (100.46%) (Cost $199,318,536)							277,531,414
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.46%)							(1,272,989	)
NET ASSETS (100.00%)						$	276,258,425

(a)	Security (or a portion of the security) is on loan. As of September 30, 2025, the market value of securities loaned was $20,220,386. The loaned securities were secured with cash collateral of $1,487,366 and non-cash collateral with a value of 19,351,798. 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.

Sprott Focus Trust
September 30, 2025 (unaudited)

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 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 September 30, 2025, 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 September 30, 2025, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:

Market Value of Loaned Securities	Market Value of Cash Collateral	Market Value of Non-Cash Collateral	Total Collateral
$20,220,386	$1,487,366	$19,351,798	$ 20,839,164

All securities on loan are classified as Common Stock in the Fund’s Schedule of Investments as of September 30, 2025, 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).