The Private Shares Fund

Redemptions prorated for the period ending 2025-06-20: 8.0% requested, only 62.3% of requests fulfilled. (2025-06-20)
Redemptions prorated for the period ending 2025-06-20: 8.0% requested, only 62.3% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 62% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-06-20).
Tender offer filled only 62% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-06-20). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2025-03-21: 9.5% requested, only 52.6% of requests fulfilled. (2025-03-21)
Redemptions prorated for the period ending 2025-03-21: 9.5% requested, only 52.6% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

NAV per share fell 5.1% from $39.93 to $37.91 (2023-12-31).
NAV per share fell 5.1% from $39.93 to $37.91 (2023-12-31). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share ($39.51) is 0.4% below its trailing four-observation average ($39.68) as of 2024-06-30.
NAV per share ($39.51) is 0.4% below its trailing four-observation average ($39.68) as of 2024-06-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($37.91) is 6.6% below its trailing four-observation average ($40.59) as of 2023-12-31.
NAV per share ($37.91) is 6.6% below its trailing four-observation average ($40.59) as of 2023-12-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 3.5% from $41.37 to $39.93 (2023-06-30).
NAV per share fell 3.5% from $41.37 to $39.93 (2023-06-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share fell 4.2% from $43.17 to $41.37 (2022-12-31).
NAV per share fell 4.2% from $43.17 to $41.37 (2022-12-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share fell 2.9% from $43.03 to $41.77 (2021-12-31).
NAV per share fell 2.9% from $43.03 to $41.77 (2021-12-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share fell 4.4% from $26.83 to $25.66 (2017-06-30).
NAV per share fell 4.4% from $26.83 to $25.66 (2017-06-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share fell 2.9% from $26.25 to $25.48 (2015-12-31).
NAV per share fell 2.9% from $26.25 to $25.48 (2015-12-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Manager-reported; not from SEC filings. These exact-window values appear only where no SEC-filed or SEC-derived observation covers the same fund, canonical class, and window.

Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

The Fund has entered into an Investment Advisory Agreement with the Investment Adviser (Liberty Street Advisors, Inc.), pursuant to which the Investment Adviser provides general investment advisory services for the Fund. For providing these services, the Investment Adviser receives a fee from the Fund, accrued daily and paid monthly in arrears, at an annual rate equal to 1.90% of the Fund's average daily net assets. Effective May 1, 2023, the Investment Adviser contractually agreed to waive management fees and/or reimburse the Fund for expenses, subject to certain exclusions, to the extent necessary to maintain the Fund's total annual operating expenses after fee waivers/reimbursement at specified per-class caps (2.65%/2.40%/2.90% depending on share class), subject to a 3-year recoupment right.