GEORGE W WHITNEY 4

What Happened
George W. Whitney, a 10% owner of Sprott Focus Trust, purchased a total of 135,086 shares on March 27, 2026 (open market/private purchases coded P). The purchases were made at prices ranging from $8.85 to $8.96 per share and total approximately $1,209,867. The filing notes these were made pursuant to a dividend reinvestment plan that meets Rule 16a-11 requirements.

Key Details

• Transaction date: 2026-03-27; Form 4 filed 2026-03-31 (period of report 2026-03-27).
• Individual trades reported:
  • 16,268 sh @ $8.96 = $145,761
  • 4,571 sh @ $8.85 = $40,453
  • 48,814 sh @ $8.96 = $437,373
  • 21,227 sh @ $8.96 = $190,194
  • 3,943 sh @ $8.96 = $35,329
  • 1,702 sh @ $8.96 = $15,250
  • 38,561 sh @ $8.96 = $345,507
• Total acquired: 135,086 shares for ~$1,209,867.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: Shares are held across family trusts and The Meredith and Whitney George Foundation (Mr. Whitney is trustee or chairman in those entities); he may be deemed to beneficially own those shares but disclaims ownership except to the extent of pecuniary interest.
• Transaction mechanism: Dividend reinvestment plan (exempt under Rule 16a-11 from Section 16 reporting rules).
• Filing timeliness: Form filed 4 days after the transaction date; filing does not indicate a late-report designation in the excerpt.

Context

• These were purchases (acquisitions), which retail investors often view as a more informative signal than sales, though dividend reinvestment purchases are often routine.
• As a reported 10% owner with trustee/charitable roles, some shares are held in affiliated trusts/foundations; the filing includes standard disclaimers about beneficial ownership.
• The Rule 16a-11 exemption means these dividend reinvestment transactions are treated differently from typical insider trades for Section 16 purposes.