Morgan Herbert William 4

What Happened
Morgan Herbert William, a director of Private Shares Fund (PIIVX), acquired 411.523 shares on 2026-05-06 via an open-market or private purchase (transaction code P). The shares were purchased at $48.60 each for a total reported value of $20,000. This transaction was a purchase (a positive/accumulation signal rather than a sale).

Key Details

• Transaction date: 2026-05-06; filing date (Form 4): 2026-05-08.
• Price per share: $48.60; Shares acquired: 411.523; Total value: $20,000.
• Transaction type/code: Purchase (P) — open market or private purchase.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes/plan: No 10b5-1 plan, tax withholding, or other footnotes were disclosed in the provided report.
• Timeliness: Filed two days after the transaction (within the typical Form 4 reporting window).

Context
The purchase is modest in absolute dollar terms ($20K) relative to many insider trades. Purchases can be more informative than sales because they represent insider accumulation, but they do not guarantee future performance.