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In our year-end Annual Report letter, we predicted sustained market volatility driven by ongoing geopolitical conflicts, with new developments in Venezuela and Greenland adding to the mix. We did not imagine that a war involving Iran, public disputes with the Vatican and renewed questions about America’s commitment to NATO would also become part of the story. Yet here we are, more than five months into a conflict that many expected to be over in four or five weeks. With the Strait of Hormuz either closed or barely open, and global economies struggling with supply chain disruptions, we are reminded of the COVID shutdown six years ago. Equity, fixed income and currency markets seem fixated on the daily game show, “Deals and Deadlines,” somewhat of their own scripting. Markets go up, as stocks rally on the latest headline, and then we get a new adventure. Markets go down, policymakers soften their stance and deadlines are extended. It is as if financial markets are now driving geopolitics rather than reflecting future fundamentals. Wars are inflationary. The destruction of productive assets and their eventual replacement have historically imposed a permanent economic cost. Like the inflationary effects of COVID and the tariffs imposed last year, these high costs are described as transitory. We are not so sure and wonder how many more transitory inflation events it will take before the world wakes up to the likelihood that we have entered a regime of structurally higher inflation due to deglobalization and dedollarization.

The debasement trade we wrote about at the beginning of the year has paused in the wake of the conflict in the Middle East. As countries struggle to purchase essential commodities or finance their economies with little or no energy revenue, the U.S. dollar has strengthened and precious metals have corrected after reaching new highs early in the year. We are convinced that this merely reflects a pause, and not a change in trend. If anything, the war with Iran has only strengthened the fundamental forces driving demand for non-dollar assets over the medium to longer term. What gives

us confidence is the growing disconnect between market sentiment and underlying fundamentals. Derivative positioning in options and futures has retreated to levels not seen since the precious metals bear market of 2013, even as central banks have resumed buying gold at the robust pace witnessed last fall. When sentiment weakens while official-sector demand remains exceptionally strong, we see an opportunity, not a reason to change our long-term outlook.

Positioning and Portfolio Activity

The first half of 2026 was a period of steady, high-quality progress for FUND. Net assets grew from approximately $287 million at year-end to $312 million by June 30, 2026, while NAV per share increased from $9.61 to $10.48, a gain of nearly 9%. The market price rose in tandem, from $8.68 to $9.48, leaving the discount to NAV broadly unchanged. What we find most encouraging, however, is the quality underlying those results. The portfolio’s weighted-average P/E declined from 12.54x to 10.45x, while weighted-average return on invested capital increased from approximately 20% to 23%, representing an unusually favorable combination. Leverage across FUND’s portfolio holdings remained steady at 1.77x, and the portfolio became modestly more concentrated, with the number of equity holdings declining from 32 to 29. Materials remained our anchor allocation at approximately 38% of assets and once again did much of the heavy lifting. The standout contributor, however, was Technology. Although it represented a small portion of the portfolio, the sector made an outsized contribution to performance, driven by our investment in Vishay Intertechnology. Our foreign exposure also increased modestly to approximately 41%, reflecting our selective conviction in opportunities outside the U.S.

Figure 1

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

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Figure 2

Figure 3

On FUND’s transaction side, the headline is discipline rather than expansion. We did not initiate any new positions this half. Instead, we sharpened what we already owned. The most consequential move was with Vishay Intertechnology, our top contributor for the period, which delivered a remarkable total return of approximately 274%. Rather than

let this winner run unchecked, we aggressively harvested gains, reducing the holding from 300,000 shares to just 35,000. At the same time, we materially increased our investment in H&R Block, expanding the position from 50,000 shares to 285,000 and elevating it into a meaningful top-15 holding based on its durable cash generation. We also added to Champion Iron, OR Royalties, Pan American Silver, Cal-Maine Foods and Marcus & Millichap, while trimming Nucor, Steel Dynamics, Helmerich & Payne and Major Drilling after strong share price appreciation. We exited three positions entirely: Kennedy-Wilson Holdings (previously approximately $7 million) was sold as part of its take-private acquisition, while we also exited Alamos Gold (approximately $6 million) and Cirrus Logic (approximately $2 million), redeploying that capital into higher-conviction opportunities and increasing our cash reserve to roughly 9.4% of assets. That gives us dry powder to capitalize on opportunities as they emerge. Portfolio turnover increased modestly to 18%, a level consistent with our patient, low-churn investment approach.

Figure 4

Performance Contributors and Detractors

Figure 4 shows which positions contributed and detracted the most from FUND’s aggregate performance for the six months ending June 30, 2026.

Top Contributors to Performance

As shown in Figure 4, Vishay Intertechnology was FUND’s top contributor in the first half of 2026, adding 2.94% to portfolio performance. One of the world’s largest manufacturers of discrete semiconductors and passive electronic components, Vishay serves the automotive, industrial, computing, telecommunications, military, aerospace and healthcare markets. The shares rallied on a sharp cyclical recovery. First-quarter 2026 revenue increased 17.3% year-over-year to $839 million, exceeding guidance, as the company returned to profitability, gross margin expanded to 21.0%, and its book-to-bill ratio improved to 1.34 with backlog rising to 5.7 months. Management guided second-quarter revenue to $875–$905 million, citing accelerating AI-related demand and continued

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progress under its “Vishay 3.0” transformation strategy. The company also announced a $750 million equity offering to capitalize on its stronger share price and accelerate growth.

Nucor Corporation was FUND’s second-largest contributor during the first half of 2026, adding 1.60% to portfolio performance, as company shares rose 37.4%. Nucor is North America’s largest steel producer and metals recycler. Nucor operates electric-arc-furnace “mini-mills” that produce carbon and alloy steel products from recycled scrap. Shares rallied after first-quarter 2026 earnings rose to $3.23 per diluted share on $9.5 billion of net sales, with the steel mills segment shipping a record 7 million tons. Management credited healthy end-market demand, recently completed capital projects and the benefits of Section 232 tariffs that helped curb steel imports. That momentum carried into the second quarter, with normalized earnings guidance of $4.50–$4.60 per diluted share.

Steel Dynamics added 1.54% to FUND’s performance, as its share price climbed 36.1% during the first half of 2026. One of North America’s largest steel producers and metals recyclers, the company delivered record first-quarter steel shipments of 3.6 million tons, driving net sales of $5.2 billion and net income of $403 million ($2.78 per diluted share), while operating income nearly doubled from a year earlier. Management guided second-quarter earnings higher to $3.51–$3.55 per share, supported by strong demand, expanding metal margins and a steel fabrication backlog extending into 2027. The commissioning of its Columbus, Mississippi, aluminum mill provides an additional long-term growth catalyst.

Reliance was FUND’s fourth-largest contributor for the period, adding approximately 1.24% to performance as its share price rose 30.3%. Founded in 1939, Reliance is the largest metals service center company in North America, distributing over 100,000 carbon steel, aluminum, stainless steel, alloy and specialty metal products to more than 125,000 customers across a broad range of industries. The stock’s strength was underpinned by a robust start to the year, with Q1 2026 net sales of $4.0 billion, record tons sold up 9.4% sequentially, and non-GAAP EPS of $5.16, up 37% year-over-year and well above the $4.50–$4.70 guidance. Additionally, the company secured two major U.S. government contracts (border wall and F-35 Joint Strike Fighter program). Management’s constructive Q2 outlook, healthy pricing and continued share repurchases further supported investor confidence.

Rounding out the top five contributors, CF Industries Holdings added 1.17% to FUND’s performance, following a 41.3% share price gain during the first half of 2026. A leading global producer of hydrogen and nitrogen products, the company benefited from exceptionally strong first-quarter results, with net earnings nearly doubling year-over-year to $615 million ($3.98 per diluted share), aided by a roughly $170 million litigation settlement gain. Operations ran above 99% of available ammonia capacity, while a Middle East supply disruption related to the Iran conflict tightened global nitrogen markets and supported pricing. Management emphasized the company’s reliable operations amid a fragile global supply chain, reinforcing a constructive outlook.

Top Detractors from Performance

THOR Industries was the FUND’s largest detractor in the first half of 2026, reducing performance by 0.66%, as its share price dropped 25.9%. THOR, the world’s largest manufacturer of recreational vehicles (RVs), faced a prolonged cyclical downturn in demand driven by high financing costs, tariffs and inflation pressures, and weak consumer confidence. Fiscal third-quarter net sales declined 3.9% to $2.8 billion, adjusted EBITDA fell 28%, and management lowered full-year earnings-per-share guidance to $3.30-$3.80 from $3.75-$4.25 while forecasting a mid-teens decline in North American retail demand.

Buckle, a specialty apparel retailer best known as a denim destination, was the FUND’s second-largest detractor, subtracting 0.41% from performance. The company’s shares lost 15.5%, a pullback that appeared to reflect a valuation reset rather than deteriorating fundamentals. First-quarter net income rose to $46.9 million ($0.93 per share) from $35.2 million a year earlier as net sales increased 6.1% to $289 million and comparable-store sales grew 5.1%. Momentum remained positive into June with comparable-store sales up 2.4%.

Pan American Silver was FUND’s third-largest detractor, reducing performance by 0.36%, a sharp reversal after ranking among the top five contributors in 2025. Operating results remained strong, with first-quarter revenue of $1.2 billion, net earnings of $456 million ($1.08 per share), free cash flow of $488 million and a record $1.6 billion cash balance, supporting an enhanced shareholder return framework. Growth projects at La Colorada Skarn and Timmins also continued to advance. We believe the 13% share price pullback during the period primarily reflected lower gold and silver prices and profit-taking following the stock’s outsized gains in 2025.

Champion Iron was FUND’s fourth-largest detractor, reducing performance by 0.30%. Despite a 30.9% decline in the share price in the first half, the company’s fundamentals continued to improve. Champion produced its first direct-reduction-quality iron ore from the DRPF Project on budget, signed its first commercial agreement, and expects inaugural shipments in the third quarter of 2026. Fiscal 2026 fourth-quarter results included $415 million of revenue, $114 million of EBITDA and a strong liquidity position of $812 million, although higher fuel and freight costs weighed on margins.

ASA Gold and Precious Metals reduced portfolio performance by approximately 0.28%. While gold and silver prices declined 7% and 18%, respectively, during the first half, company-specific governance issues dominated the period. The company’s board of directors initiated a strategic review, COO Axel Merk resigned, management transitioned toward an internal structure with Saba Capital’s support, and the company reauthorized repurchasing up to 5% of shares at a discount to NAV. The weakness followed an exceptional 2025, when ASA returned 196% and was the portfolio’s top contributor.

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Outlook

The first six months of 2026 unfolded in a pattern that eerily resembled the first half of 2025, but we do not expect these similarities to persist. In 2025, a strong bull market was interrupted by the “Liberation Day” tariffs, only to resume quickly as the Trump administration delayed implementation and softened its stance. This year, a strong start was interrupted by the war in Iran, with markets rebounding after the announcement of a ceasefire and a Memorandum of Understanding (MOU). Unlike last year, however, we do not believe there is a simple policy reversal that can restore the status quo. As of this writing, the ceasefire is faltering, and the MOU, despite its generous terms for Iran, has made little meaningful progress.

We believe there is a high probability the global economy is entering a period reminiscent of the stagflation of the 1970s. History never repeats exactly, but it often rhymes. Although the United States is now largely energy independent, it remains dependent on a range of critical materials, many of which are influenced by the Gulf states. Energy, fertilizer, aluminum, plastics, helium and numerous other commodities sourced from the Middle East and transported through the Strait of Hormuz are priced in global markets. We do not believe investors have fully discounted the economic damage already inflicted by the conflict, let alone the possibility that it could persist.

The other significant difference from the 1970s is leverage. At that time, U.S. debt-to-GDP was below 35%. Today, it is approximately 120%, while Japan’s exceeds 230%. Highly indebted economies are far more sensitive to inflation and interest-rate shocks, meaning relatively modest price increases can have a disproportionately large economic impact. If that proves correct, do not be surprised to see the Misery Index (the combined unemployment and inflation rate) return to the financial headlines.

With significant overweight positions in steel, energy and materials, we believe FUND is well positioned for the environment we see developing. Recent disruptions have also reinforced the strategic importance of resource security. We expect governments and businesses to place greater emphasis on securing critical materials, strengthening domestic supply chains and investing in reliable energy infrastructure, trends that we believe should benefit many of the industrial, materials and energy businesses held in FUND.

While FUND has little direct exposure to the enthusiasm surrounding AI, it does own businesses that supply many of the energy and materials required for its massive infrastructure buildout. FUND also maintains a meaningful cash position, providing flexibility to take advantage of opportunities that periods of market volatility inevitably create. At the same time, FUND continues to return capital to shareholders through quarterly distributions and share repurchases. During the first six months of 2026, FUND repurchased 612,283 shares at an average price of $9.80, for a total investment of nearly $6.0 million.

As always, we thank the outstanding support team in Toronto and my partners in Darien, Ryan McIntyre and Basia Dworak. Their dedication makes managing FUND possible. Most of all, we thank our patient, long-term shareholders for their continued trust and support. We always welcome hearing from you.

Sincerely,

W. Whitney George

Senior Portfolio Manager

July 17, 2026

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Why should I reinvest my distributions?

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

How does the reinvestment of distributions from the Fund work?

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

How does this apply to registered stockholders?

If your shares are registered directly with the Fund, your distributions are automatically reinvested unless you have otherwise instructed the Fund’s transfer agent, Computershare Trust Company, N.A. (“Computershare”), through the Internet, by telephone or in writing, in which case you will receive your distribution in cash. A registered stockholder also may have the option to receive the distribution in the form of a stock certificate.

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

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

What other features are available for registered stockholders?

The Distribution Reinvestment and Cash Purchase Plan (the “Plan”) also allows registered stockholders to make optional cash purchases of shares of the Fund’s common stock directly through Computershare on a monthly basis, and to deposit certificates representing your FUND shares with Computershare for safekeeping. Plan participants are subject to a $0.75 service fee for each voluntary cash purchase under the Plan plus a per share fee of $0.05. Per share fees include any brokerage commissions Computershare is required to pay. Any fractional share will be rounded up to a whole share for purposes of calculating the per share fee. These

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

How does the Plan work for registered stockholders?

Computershare maintains the accounts for registered stockholders in the Plan and sends written confirmation of all transactions in the account. Shares in the account of each participant will be held by Computershare in non-certificated form in the name of the participant, and each participant will be able to vote those shares at a stockholder meeting or by proxy. A participant may also send stock certificates for FUND, held by them, to Computershare, to be held in non-certificated form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from a Plan account, Computershare will deduct a $2.50 service fee plus a per share fee of $0.15 from the sale transaction. Per share fees include any brokerage commissions Computershare is required to pay. Any fractional share will be rounded up to a whole share for purposes of calculating the per share fee. These charges will be deducted from any sale proceeds to be paid. If a nominee is the registered owner of your shares, the nominee will maintain the accounts on your behalf.

How can I get more information on the Plan?

You can call an Investor Services Representative at (203) 656-2430 or you can request a copy of the Plan 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.computershare.com/investor.

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

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

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The thoughts expressed in this report concerning recent market movement and future outlook are solely the opinion of Sprott at June 30, 2026 and, of course, historical market trends are not necessarily indicative of future market movements. Statements regarding the future prospects for particular securities held in the Fund’s portfolio and Sprott’s investment intentions with respect to those securities reflect Sprott’s opinions as of June 30, 2026 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:

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 10% of its outstanding common shares on June 5, 2026 until June 30, 2027. 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) 656-2401 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).

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Distribution Information

The Fund’s managed distribution policy (“MDP”) is described at the beginning of this Report in the section titled “Managed Distribution Policy.” Under the MDP, the Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to reach the level of distributions called for under the MDP, the Fund may have to sell portfolio securities at a less than opportune time. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. The Fund’s total return in relation to changes in net asset value is presented in the Financial Highlights.

The 19(a) Notices containing the Fund’s most current distribution information as of June 30, 2026 (as required by certain exempted regulatory relief the Fund has received) are set forth in the Appendix to this Report.

Shareholders may participate in the Fund’s Dividend Reinvestment Plan. Distributions reinvested in additional shares of the Fund will nevertheless be taxable to Beneficial Owners acquiring such additional shares to the same extent as if such distributions had been received in cash. A shareholder may terminate his or her participation in the Fund’s distribution reinvestment plan by contacting his or her broker.

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