# EDGAR Filing Document

**Accession Number:** 0001557265
**File Stem:** 0001145549-23-017008
**Filing Date:** 2023-3
**Character Count:** 22656
**Document Hash:** 482821b5600aa8e151005170d3adc962
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017008.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001145549-23-017008

**CONFORMED SUBMISSION TYPE**: N-CEN/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**EFFECTIVENESS DATE**: 20230320

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22759
- **FILM NUMBER:** 23746352

**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:

In planning and performing our audit of
the financial statements of The Private
Shares Fund (the "Fund") as of and for
the year ended December 31, 2022, in
accordance with the standards of the
Public Company Accounting Oversight
Board (United States), we considered
the Fund's internal control over financial
reporting, including controls over
safeguarding securities, as a basis for
designing our auditing procedures for
the purpose of expressing our opinion
on the financial statements and to
comply with the requirements of Form
N- CEN, but not for the purpose of
expressing an opinion on the
effectiveness of the Fund's internal
control over financial reporting.
Accordingly, we express no such
opinion.

Management of the Fund is responsible
for establishing and maintaining
effective internal control over financial
reporting. In fulfilling this responsibility,
estimates and judgments by
management are required to assess the
expected benefits and related costs of
controls. A company's internal control
over financial reporting is a process
designed to provide reasonable
assurance regarding the reliability of
financial reporting and the preparation of
financial statements for external
purposes in accordance with generally
accepted accounting principles. A
company's internal control over financial
reporting includes those policies and
procedures that (1) pertain to the
maintenance of records that, in
reasonable detail, accurately and fairly
reflect the transactions and dispositions
of the assets of the company; (2)
provide reasonable assurance that
transactions are recorded as necessary
to permit preparation of financial
statements in accordance with generally
accepted accounting principles, and that
receipts and expenditures of the
company are being made only in
accordance with authorizations of
management and directors of the
company; and (3) provide reasonable
assurance regarding prevention or
timely detection of unauthorized
acquisition, use, or disposition of the
company's assets that could have a
material effect on the financial
statements.

Because of its inherent limitations,
internal control over financial reporting
may not prevent or detect
misstatements. Also, projections of any
evaluation of effectiveness to future
periods are subject to the risk that
controls may become inadequate
because of changes in conditions, or
that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over
financial reporting exists when the
design or operation of a control does not
allow management or employees, in the
normal course of performing their
assigned functions, to prevent or detect
misstatements on a timely basis. A
material weakness is a deficiency, or a
combination of deficiencies, in internal
control over financial reporting, such
that there is a reasonable possibility that
a material misstatement of the
company's annual or interim financial
statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's internal
control over financial reporting was for
the limited purpose described in the first
paragraph and would not necessarily
disclose all deficiencies in internal
control that might be material
weaknesses under standards
established by the Public Company
Accounting Oversight Board (United
States). However, we noted the
following matter involving internal
control over financial reporting and its
operation that we consider to be a
material weakness as defined above.
This condition was considered in
determining the nature, timing, and
extent of the procedures to be
performed in our audit of the financial
statements of the Fund for the year
ended December 31, 2022, and this
report does not affect our report thereon
dated March 1, 2023.

For one of the portfolio investments, the
valuation model used by Management
ascribed a higher weighting to
unobservable inputs than to available
observable inputs in determining fair
value.

This report is intended solely for the
information and use of the management
and the Board of Trustees of The
Private Shares Fund and the Securities
and Exchange Commission and is not
intended to be and should not be used
by anyone other than these specified
parties.

/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/A
**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