# EDGAR Filing Document

**Accession Number:** 0001557265
**File Stem:** 0001145549-23-016423
**Filing Date:** 2023-3
**Character Count:** 21227
**Document Hash:** 4fe5f5c0da43b41b5150b961d90009e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-016423.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001145549-23-016423

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Private Shares Fund
- **CENTRAL INDEX KEY:** 0001557265
- **IRS NUMBER:** 460883651
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22759
- **FILM NUMBER:** 23733651

**BUSINESS ADDRESS:**
- **STREET 1:** 100 WALL STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 800-279-7754

**MAIL ADDRESS:**
- **STREET 1:** 100 WALL STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SharesPost 100 Fund
- **DATE OF NAME CHANGE:** 20130403

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SharesPost 100 Fund LLC
- **DATE OF NAME CHANGE:** 20120830

## Internal

```

Report of Independent Registered
Public Accounting Firm
To the Shareholders and Board of
Trustees
The Private Shares Fund:
	Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of The
Private Shares Fund (the Fund),
including the schedule of investments,
as of December 31, 2022, the related
statements of operations and cash flows
for the year then ended, the statements
of changes in net assets for each of the
years in the two-year period then ended,
and the related notes (collectively, the
financial statements) and the financial
highlights for each of the years in the
five-year period then ended. In our
opinion, the financial statements and
financial highlights present fairly, in all
material respects, the financial position
of the Fund as of December 31, 2022,
the results of its operations and its cash
flows for the year then ended, the
changes in its net assets for each of the
years in the two-year period then ended,
and the financial highlights for each of
the years in the five-year period then
ended, in conformity with U.S. generally
accepted accounting principles.
	Basis for Opinion
These financial statements and financial
highlights are the responsibility of the
Fund's management. Our responsibility
is to express an opinion on these
financial statements and financial
highlights based on our audits. We are a
public accounting firm registered with
the Public Company Accounting
Oversight Board (United States)
(PCAOB) and are required to be
independent with respect to the Fund in
accordance with the U.S. federal
securities laws and the applicable rules
and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB.
Those standards require that we plan
and perform the audit to obtain
reasonable assurance about whether
the financial statements and financial
highlights are free of material
misstatement, whether due to error or
fraud. Our audits included performing
procedures to assess the risks of
material misstatement of the financial
statements and financial highlights,
whether due to error or fraud, and
performing procedures that respond to
those risks. Such procedures included
examining, on a test basis, evidence
regarding the amounts and disclosures
in the financial statements and financial
highlights. Such procedures also
included confirmation of securities
owned as of December 31, 2022, by
correspondence with custodians,
issuers of securities, or other
appropriate auditing procedures when
replies from the issuers were not
received. Our audits also included
evaluating the accounting principles
used and significant estimates made by
management, as well as evaluating the
overall presentation of the financial
statements and financial highlights. We
believe that our audits provide a
reasonable basis for our opinion.

We have served as the Fund's auditor
since 2013.
/s/ KPMG LLP
Los Angeles, California
March 1, 2023

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001557265

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Private Shares Fund

- **Item B.1.b - Investment Company Act file number:** 811-22759

- **Item B.1.c - CIK:** 0001557265

- **Item B.1.d - LEI:** 549300J800LUHSXGST12

- **Item B.2.a - Street 1:** 88 PINE STREET

- **Item B.2.a - Street 2:** 31ST FLOOR, SUITE 3101

- **Item B.2.b - City:** NEW YORK

- **Item B.2.c - State:** NY

- **Item B.2.e - Zip Code:** 10005

- **Item B.2.f - Telephone:** 6468395548

- **Item B.2.g - Public Website:** https://privatesharesfund.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** UMB FUND SERVICES, INC.

- **b. Street 1:** 235 WEST GALENA STREET

- **c. City:** MILWAUKEE

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 4142992000

- **h. Briefly describe the books and records kept at this location:** TRANSFER AGENT, FUND ACCOUNTANT, AND ADMINISTRATOR

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** UMB BANK, N.A.

- **b. Street 1:** 928 GRAND BOULEVARD

- **Street 2:** 5TH FLOOR

- **c. City:** KANSAS CITY

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64106

- **g. Telephone number:** 4142992000

- **h. Briefly describe the books and records kept at this location:** CUSTODIAN

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Liberty Street Advisors, Inc

- **b. Street 1:** 88 PINE STREET

- **Street 2:** 31ST FLOOR, SUITE 3101

- **c. City:** NEW YORK

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10005

- **g. Telephone number:** 6468395548

- **h. Briefly describe the books and records kept at this location:** ADVISER

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Foreside Fund Services, LLC

- **b. Street 1:** Three Canal Plaza

- **Street 2:** Suite 100

- **c. City:** PORTLAND

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** DISTRIBUTOR

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Robert J. Boulware | No                      | 811-22554, N/A                          |
| Mark Radcliffe     | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Peter R. Guarino

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 9 Terison Drive

- **d. City:** Falmouth

- **e. State, if applicable:** ME

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 04105

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** Yes

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-34262

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. SEC file number:** 8-51293

- **iii. CRD number:** 000046106

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** KPMG LLP

- **b. PCAOB Number:** 00185

- **c. LEI, if any:** 5493003PVCIGA21K0K42

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** Yes

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - The Private Shares Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** The Private Shares Fund

- **c. LEI:** 549300J800LUHSXGST12

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 17e-1 (17 CFR 270.17e-1)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Liberty Street Advisors, Inc.

- **ii. SEC file number:** 801-67698

- **iii. CRD number:** 000142949

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. SEC file number:** 84-05792

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** INTERCONTINENTAL EXCHANGE, INC.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB BANK, NATIONAL ASSOCIATION

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any:** 084-05792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any, or other identifying number:** 084-05792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** THEMIS TRADING LLC

- **ii. SEC file number:** 8-65260

- **iii. CRD number:** 000120116

- **iv. LEI, if any:** 254900T8WSH6UHUZKV29

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,212.00

**Brokers Record: 2**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,800.00

**Brokers Record: 3**

- **i. Full name of broker:** CARTA CAPITAL MARKETS, LLC

- **ii. SEC file number:** 8-70396

- **iii. CRD number:** 000304751

- **iv. LEI, if any:** 254900I65B0WPGRT5P75

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $68,778.00

**Brokers Record: 4**

- **i. Full name of broker:** ELEVATION, LLC

- **ii. SEC file number:** 8-67306

- **iii. CRD number:** 000140341

- **iv. LEI, if any:** 549300BC5VSPZG47RP47

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $477,603.00

**Brokers Record: 5**

- **i. Full name of broker:** FORGE SECURITIES, LLC

- **ii. SEC file number:** 8-66846

- **iii. CRD number:** 000134596

- **iv. LEI, if any:** 254900W2DXQJEFOY8E36

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,024,474.00

**Brokers Record: 6**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,284.00

**Brokers Record: 7**

- **i. Full name of broker:** LEVELX CAPITAL LLC

- **ii. SEC file number:** 8-53580

- **iii. CRD number:** 000117028

- **iv. LEI, if any:** 984500F7XA8EF9980152

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $98,639.00

**Brokers Record: 8**

- **i. Full name of broker:** RAINMAKER SECURITIES, LLC

- **ii. SEC file number:** 8-66667

- **iii. CRD number:** 000132995

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $641,154.00

**Aggregate Commission:** $2,347,944.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $943,239,869.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Private Shares Fund

**Date:** 2023-03-15

**Signature:** /s/ Kevin Moss

**Title:** President