Jiang Sarah Heng 4/A

What Happened

• Portfolio Manager Sarah Heng Jiang reported an acquisition of 20,485.4 Class I shares of CAIS Sports, Media & Entertainment Fund on January 2, 2026 at $10.00 per share, for a total value of $204,854. The Form 4 is an amendment to disclose the final number of shares received following a reorganization of a predecessor fund.

Key Details

• Transaction date: 2026-01-02; Price: $10.00 per share; Total value: $204,854.
• Transaction code: J (other acquisition or disposition) — recorded as an acquisition.
• Footnote F1: Shares are common shares of beneficial interest designated as Class I shares.
• Footnote F2: The original Form 4 reported an estimated amount based on the Predecessor Fund value as of Dec 15, 2025; this amendment reports the final share count after definitive valuation as of Dec 31, 2025.
• Shares owned after transaction: the amendment states it discloses the total beneficial ownership following the reorganization; the final total beneficial ownership figure is reported in the amended filing.

Context

• This was an acquisition (purchase-equivalent) reported by a portfolio manager; purchases by insiders can be more informative than routine sales but do not by themselves explain intent. The amendment corrects an earlier estimate tied to a fund reorganization rather than reflecting an open-market timing decision.