The Private Shares Fund (PRIVX) NPORT-P The Private Shares Fund (Sep 2021 report)

THE PRIVATE SHARES FUND

Schedule of Investments

September 30, 2021 (Unaudited)

	Acquisition Date		Shares		Cost		Fair Value
COMMON STOCK IN PUBLIC COMPANIES — 7.1%
ENTERPRISE SOFTWARE — 0.7%
Blend Labs, Inc.(a)(b)		Aug 2018		325,216	$	1,112,023	$	4,257,078
FINANCE/PAYMENTS — 4.9%
Marqeta, Inc.(a)(b)		Jul 2018		941,500		1,298,775		20,534,115
Robinhood Markets, Inc.(a)(b)		Jul 2019		260,500		3,544,251		10,690,920
						4,843,026		31,225,035
HEALTHCARE/BIOTECH — 1.3%
23andMe, Inc.(a)(b)		Oct 2017		874,260		5,575,973		7,754,686
Hims, Inc.(a)		Sep 2019		60,961		367,760		459,646
						5,943,733		8,214,332
HOSTING/STORAGE — 0.2%
Digital Ocean(a)		Oct 2019		15,000		180,000		1,164,450
TOTAL COMMON STOCK IN PUBLIC COMPANIES						12,078,782		44,860,895
COMMON STOCK IN PRIVATE COMPANIES(b) — 30.9%
3D PRINTING — 0.7%
Carbon, Inc.(a)		Jun 2019		158,853		2,125,214		4,330,333
ADVERTISING — 3.0%
GroundTruth (f.k.a. xAd, Inc.)(a)		Oct 2016		1,659,427		446,424		497,828
NextRoll (f.k.a. AdRoll)(a)		Mar 2017		1,073,155		6,079,050		13,232,001
OpenX(a)		Jun 2015		2,899,297		2,615,386		3,972,037
WideOrbit, Inc. (a)		Oct 2015		400,000		1,100,000		1,512,000
						10,240,860		19,213,866
AEROSPACE — 4.1%
Axiom Space, Inc.(a)		Mar 2021		29,543		5,099,983		5,505,633
SpaceX(a)		May 2019		49,020		10,049,100		20,587,910
						15,149,083		26,093,543
AGTECH — 0.8%
Farmers Business Network(a)		Sep 2021		35,000		2,017,050		2,175,523
Stage 1 Growth Funds, LLC(a)		Aug 2021		3,090,000		3,090,000		3,090,000
						5,107,050		5,265,523

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2021 (Unaudited)

	Acquisition Date		Shares		Cost		Fair Value
COMMON STOCK IN PRIVATE COMPANIES(b) — 30.9% (Continued)
ANALYTICS/BIG DATA — 4.8%
Dataminr, Inc.(a)		Sep 2015		189,583	$	1,559,716	$	8,353,027
Domino Data Labs, Inc.(a)		Apr 2021		330,000		4,118,400		5,412,000
INRIX, Inc.(a)		May 2014		133,238		3,026,249		7,798,420
Metabiota(a)		Apr 2015		494,589		500,000		8,358
Planet Labs, Inc.(a)		Mar 2018		125,000		731,250		1,857,500
SingleStore (f.k.a. MemSQL)(a)		May 2020		308,000		616,000		1,626,240
Tealium(a)		Sep 2020		200,000		1,300,000		2,680,000
ThoughtSpot, Inc.(a)		Oct 2018		162,087		1,745,758		2,723,062
						13,597,373		30,458,607
ARTIFICIAL INTELLIGENCE — 0.4%
Brain Corp.(a)		Dec 2020		500,000		2,040,000		2,555,000
CLEAN TECHNOLOGY — 0.0%
WiTricity(a)		Mar 2021		166,667		1,667		206,667
CONSUMER WEB — 1.4%
Nextdoor(a)		Nov 2018		235,495		3,990,451		7,512,291
Wag Labs, Inc.(a)		Oct 2018		438,828		2,314,001		1,369,143
						6,304,452		8,881,434
E-COMMERCE — 0.8%
Lyst, Ltd.(a)		Jul 2021		401,929		5,172,500		4,999,997
EDUCATION — 3.4%
Course Hero(a)		Jun 2020		270,000		3,429,200		4,568,400
Eruditus Learning(a)		Aug 2021		36		5,065,228		4,983,696
Udacity, Inc.(a)		Nov 2018		448,075		2,884,586		2,764,623
Udemy, Inc.(a)		Aug 2019		300,000		3,025,000		8,940,000
						14,404,014		21,256,719
ENTERPRISE SOFTWARE — 3.1%
Algolia(a)		Jan 2020		45,000		420,000		1,316,250
Automation Anywhere(a)		Jul 2021		50,000		1,545,000		1,301,500
D2iQ (f.k.a. Mesosphere, Inc.)(a)		Feb 2019		165,000		1,605,450		859,650
KeepTruckin(a)		May 2019		788,562		3,420,734		5,677,647
PatientPop, Inc. (a)		Nov 2020		161,025		1,235,126		1,737,460
Trax Ltd. (a)		Mar 2020		149,970		5,100,000		8,531,793
						13,326,310		19,424,300

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2021 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
COMMON STOCK IN PRIVATE COMPANIES(b) — 30.9% (Continued)
FINANCE/PAYMENTS — 4.0%
Betterment(a)	Mar 2021	588,235	$	4,999,998	$	7,390,349
Circle Internet Financial, Inc.(a)	Apr 2018	290,200		2,604,825		7,359,472
Irving Investors Privates OSC XXXVIII(a)	Sep 2021	5,100,467		5,100,467		5,100,467
Kraken(a)	Jun 2021	105,218		5,079,228		5,402,945
Prosper Marketplace, Inc.(a)	Jan 2016	244,130		1,307,998		156,243
				19,092,516		25,409,476
HARDWARE — 0.6%
Tempo Automation, Inc.(a)	Aug 2019	550,000		1,868,000		3,624,500
HEALTHCARE/BIOTECH — 1.0%
Click Therapeutics, Inc. (a)	Nov 2020	1,000,000		3,500,000		5,100,000
ZocDoc, Inc.(a)	Feb 2015	61,016		1,321,708		1,148,931
				4,821,708		6,248,931
HOSTING/STORAGE — 0.5%
Rubrik(a)	Sep 2019	126,281		3,220,165		3,023,167
SECURITY — 1.6%
Code 42 Software, Inc.(a)	May 2016	330,000		754,500		1,343,100
Exabeam, Inc.(a)	Jul 2021	54,500		1,590,855		1,565,785
Tanium(a)	Apr 2019	640,000		4,787,200		7,129,600
				7,132,555		10,038,485
SOFTWARE — 0.7%
Docker, Inc.(a)	May 2017	2,500		531,250		16,075
Malwarebytes(a)	Dec 2019	188,173		1,129,038		4,258,355
				1,660,288		4,274,430
TOTAL COMMON STOCK IN PRIVATE COMPANIES				125,263,755		195,304,978
PREFERRED STOCK IN PRIVATE COMPANIES(b) — 25.1%
ADVERTISING — 0.0%
GroundTruth (f.k.a. xAd, Inc.), Preferred Series B-1(a)	Jan 2017	600,000		149,200		180,000
AEROSPACE — 3.2%
Axiom Space, Inc., Preferred Series B(a)	Dec 2020	32,221		2,019,958		6,004,705
Beta Technologies, Preferred Series A(a)	Apr 2021	40,944		2,999,967		2,999,967
Radian Aerospace, Preferred Series Seed 2(a)	Sep 2021	303,668		999,999		1,000,009
Relativity Space, Preferred Series E(a)	Jul 2021	437,922		10,299,992		9,999,993
				16,319,916		20,004,674
AGTECH — 2.4%
Farmers Business Network, Preferred Series G(a)	Sep 2021	160,880		10,199,946		9,999,947
Invaio Sciences, Inc., Preferred Series C(a)	Mar 2021	1,061,390		5,150,000		4,935,463
				15,349,946		14,935,410

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2021 (Unaudited)

	Acquisition Date		Shares		Cost		Fair Value
PREFERRED STOCK IN PRIVATE COMPANIES(b) — 25.1% (Continued)
ANALYTICS/BIG DATA — 1.5%
Dataminr, Inc., Preferred Series A(a)		Apr 2019		20,000	$	198,000	$	881,200
Dataminr, Inc., Preferred Series B(a)		Apr 2019		87,496		866,211		3,855,074
Heap, Preferred Series C(a)		May 2019		1,361,503		4,999,997		5,105,636
Metabiota, Preferred Series A(a)		Apr 2015		346,212		499,999		5,851
Metabiota, Preferred Series B(a)		Feb 2017		366,669		500,952		6,197
						7,065,159		9,853,958
CLEAN TECHNOLOGY — 0.2%
WiTricity, Preferred Series A(a)		Oct 2020		1,000,000		1,020,000		1,240,000
CONSUMER WEB — 0.3%
Musely, Preferred Series B(a)		Oct 2014		7,961		100,012		101,344
Nextdoor, Preferred Series B(a)		Mar 2018		29,495		494,041		940,890
Nextdoor, Preferred Series C(a)		Mar 2018		17,543		293,845		559,622
Nextdoor, Preferred Series D(a)		Mar 2018		6,899		115,558		220,078
Nextdoor, Preferred Series E(a)		Mar 2018		3,392		56,816		108,205
Nextdoor, Preferred Series F(a)		Mar 2018		5,171		86,614		164,955
						1,146,886		2,095,094
E-COMMERCE — 3.1%
GrubMarket, Preferred Series D(a)		Oct 2020		440,742		1,999,999		4,347,029
GrubMarket, Preferred Series E(a)		Jun 2021		1,520,838		14,999,995		14,999,995
						16,999,994		19,347,024
EDUCATION — 1.6%
MasterClass, Preferred Series 1(a)		Jul 2021		193,100		6,146,189		6,152,166
Udemy, Inc., Preferred Series F(a)		Nov 2020		124,326		2,999,986		3,704,915
						9,146,175		9,857,081
ENTERPRISE SOFTWARE — 2.5%
Checkr, Inc., Preferred Series A-1(a)		Mar 2020		50,000		1,405,000		2,700,000
KeepTruckin, Preferred Series E(a)		May 2021		638,843		4,599,996		4,599,670
Ocrolus, Inc., Preferred Series C(a)		Sep 2021		438,327		3,030,000		2,998,157
PatientPop, Inc., Preferred Series Seed 2(a)		Nov 2020		104,932		804,870		1,132,216
Trax Ltd., Pre IPO(a)		Mar 2021		76,722		3,999,978		4,364,714
						13,839,844		15,794,757
FINANCE/PAYMENTS — 3.5%
Betterment, Preferred Series F(a)		Sep 2021		318,380		3,999,999		3,999,999
BlockFi, Preferred Series E(a)		Jul 2021		40,201		3,045,000		3,044,993
Fundbox, Preferred Series C(a)		Jun 2019		439,552		4,999,992		6,197,683
Fundbox, Preferred Series D(a)		Sep 2021		531,914		7,499,988		7,499,987
Prosper Marketplace, Inc., Preferred Series A(a)		Jan 2016		55,395		305,781		37,115
Prosper Marketplace, Inc., Preferred Series A-1(a)		Jan 2016		58,165		116		85,502
Ripple, Preferred Series A(a)		Dec 2018		42,000		504,000		1,484,280
						20,354,876		22,349,559

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2021 (Unaudited)

	Acquisition Date		Shares/ Principal		Cost		Fair Value
PREFERRED STOCK IN PRIVATE COMPANIES(b) — 25.1% (Continued)
HEALTHCARE/BIOTECH — 1.9%
Click Therapeutics, Inc., Preferred Series A(a)		Nov 2020		60,087	$	210,305	$	306,444
CollectiveHealth, Inc., Preferred Series F(a)		May 2021		3,989,361		3,120,000		2,992,021
Crossover Health, Inc., Preferred Series D(a)		Mar 2021		224,976		7,999,967		8,103,635
ZocDoc, Inc., Preferred Series A(a)		Feb 2015		35,000		875,000		659,050
						12,205,272		12,061,150
HOSTING/STORAGE — 0.6%
Pavilion Data Systems, Inc., Preferred Series 1(a)		Apr 2021		1,197,645		3,560,000		3,560,000
SECURITY — 1.9%
Cybereason, Preferred Series F(a)		Jul 2021		1,510,600		7,631,457		7,481,821
Exabeam, Preferred Series A(a)		Nov 2020		80,000		1,020,000		2,298,400
Lookout, Inc., Preferred Series A(a)		Feb 2015		204,000		1,927,800		2,142,000
						10,579,257		11,922,221
SOFTWARE — 1.1%
SoundHound, Inc., Preferred Series D(a)		Sep 2016		107,484		2,200,767		5,593,467
SoundHound, Inc., Preferred Series D-3(a)		Nov 2020		25,000		1,000,000		1,301,000
						3,200,767		6,894,467
TRANSPORTATION — 1.3%
Lime (Neutron Holdings, Inc.), Preferred Series 1-D(a)		Mar 2019		20,618,556		5,000,000		1,855,670
Turo, Preferred Series D-1(a)		Jun 2018		642,535		2,999,996		6,547,432
Virgin Hyperloop One, Preferred Series B-1(a)		Jun 2017		4,144		999,999		136,876
Virgin Hyperloop One, Preferred Series C(a)		May 2019		12,992		37,938		37,937
						9,037,933		8,577,915
TOTAL PREFERRED STOCK IN PRIVATE COMPANIES						139,975,225		158,673,310
CONVERTIBLE NOTES OF PRIVATE COMPANIES(b) — 4.3%
AEROSPACE — 2.4%
Axiom Space, Inc., 3.00% 8/11/2023		Aug 2021	$	15,000,000		15,000,000		15,000,000
ENTERPRISE SOFTWARE — 0.3%
Cohere Technologies, 4.00% 12/31/2021		Dec 2020	$	2,000,000		2,000,000		2,000,000
SOFTWARE — 1.6%
Tradeshift, 3.00% 6/16/2023		Jun 2021	$	10,000,000		10,085,343		10,000,000
TRANSPORTATION — 0.0%
Lime (Neutron Holdings, Inc.), 4.00% 6/1/2027		Jun 2020	$	253,169		253,169		253,169
TOTAL CONVERTIBLE NOTES OF PRIVATE COMPANIES						27,338,512		27,253,169

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2021 (Unaudited)

	Acquisition Date		Units		Cost		Fair Value
WARRANTS(b) — 0.1%
FINANCE/PAYMENTS
BlockFi, Exercise Price $75.74, Exercise Date 8/15/2028(a)		Jul 2021		20,100	$	0	$	1,001,675
HEALTHCARE/BIOTECH
Hims, Inc. , Exercise Price $11.50, Exercise Date 1/20/2026(a)		Mar 2021		2,337		0		234
TRANSPORTATION
Lime (Neutron Holdings, Inc.), Exercise Price $0.01, Exercise Date 6/2/2027(a)		Jun 2020		25,317		0		170
TOTAL WARRANTS						0		1,002,079
SHORT-TERM INVESTMENTS(c) — 32.3%
MUTAL FUND — 32.3%
Goldman Sachs Government Fund, 0.03%						204,680,803		204,680,803
TOTAL SHORT-TERM INVESTMENTS						204,680,803		204,680,803
TOTAL INVESTMENTS — 99.8%						509,337,077		631,775,234
Other assets less liabilities — 0.2%								959,023
NET ASSETS — 100.0%							$	632,734,257

^(a)  Non-income producing.

^(b)  Investments in private companies, and in some cases public companies, may be subject to restrictions on disposition imposed by the issuer. As of September 30, 2021 restricted securities represented 67.24% of the net assets of the Fund.

^(c)  Represents the 7-day effective yield as of September 30, 2021.

All issuers are based in the United States, except for Lyst, Ltd. and OpenX, which are based in the UK, Trax Ltd., Eruditus Learning, and Fundbox, which are based in the Cayman Islands, Singapore, and Israel, respectively.