Gans Frederick 4

What Happened

• Frederick Gans, a director of the fund's investment adviser, reported a sale of 126.334 units (reported as "shares") at $1,306.06 per unit on 2026-07-01, for an aggregate value of about $165,000. The filing reports this as a sale (code S), which is typically a routine disposition rather than a purchase (which would be a more bullish signal).

Key Details

• Transaction date and price: 2026-07-01, 126.334 units at $1,306.06 each (aggregate ≈ $165,000).
• Filing date: 2026-07-02 — the Form 4 was filed the day after the transaction (timely).
• Shares owned after transaction: not specified in the provided summary; see the full Form 4 for exact post-transaction holdings.
• Notable footnotes:
  • F1: Values shown are based on the most recent calculated NAV per unit (5/31/2026); NAV at the exact transaction date was not yet available.
  • F2: Sale price is reported on a per-unit basis here (consistent with the 7/1/2022 Form 4); an earlier 2021 filing reported an aggregate sale value instead.
  • F3: Reported holdings reflect units acquired through dividend/capital gains reinvestment (exempt under Rule 16a-11) and adjustments tied to final NAV calculations for prior reported transactions.
  • F4: The units are owned in "UBS Financial Services Custodian Frederick M. Gans Traditional IRA" for which Frederick Gans is the beneficiary.

Context

• The units are held in an IRA custodian account (not a corporate brokerage account), which is common for personal retirement holdings and can affect how trades are reported.
• This was a sale (disposition). For retail investors, purchases by insiders typically signal more about confidence in the company than routine sales; this filing does not by itself indicate the insider's view of future performance.