The Private Shares Fund (PRIVX) NPORT-P The Private Shares Fund (Sep 2022 report)

THE PRIVATE SHARES FUND

Schedule of Investments

September 30, 2022 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Common Stock in Public Companies — 1.2%
3D Printing — 0.1%
Fathom Digital Manufacturing, Corp.(a)	Dec 2021		263,646	$	2,636,460	$	535,201
Consumer Web — 0.4%
Nextdoor Holding, Inc.(a)	Nov 2018		925,479		5,037,326		2,582,087
Wag Labs, Inc.(a)(b)	Oct 2018		426,552		2,314,001		844,573
					7,351,327		3,426,660
Education — 0.2%
Udemy, Inc.(a)	Aug 2019		188,448		1,900,184		2,278,336
Finance/Payments — 0.1%
Marqeta, Inc.(a)	Jul 2018		194,514		227,581		1,384,940
Healthcare/Biotech — 0.2%
23andMe Holding Co.(a)	Oct 2017		724,260		4,436,112		2,071,384
Software — 0.2%
SoundHound AI, Inc.(a)(b)	Sep 2016		736,112		3,200,767		2,399,725
TOTAL COMMON STOCK IN PUBLIC COMPANIES					19,752,431		12,096,246
Common Stock in Private Companies(b) — 35.1%
3D Printing — 0.4%
Carbon, Inc.(a)	Jun 2019		158,853		2,125,214		3,601,197
Advertising — 2.8%
GroundTruth, Inc.(a)	Oct 2016		1,659,427		446,424		381,668
NextRoll, Inc.(a)	Mar 2017		2,367,054		16,079,048		24,475,338
OpenX Software, Ltd.(a)	Jun 2015		2,899,297		2,615,386		2,203,466
WideOrbit, Inc. (a)	Oct 2015		400,000		1,100,000		1,040,000
					20,240,858		28,100,472
Aerospace — 4.9%
Axiom Space, Inc.(a)	Mar 2021		29,543		5,099,983		5,282,879
Relativity Space, Inc.(a)	Oct 2021		437,922		9,999,993		9,984,622
Space Exploration Technologies Corp.(a)	May 2019		490,200		10,049,100		34,343,412
					25,149,076		49,610,913
AgTech — 0.5%
Farmer's Business Network, Inc.(a)	Sep 2021		87,500		5,042,625		5,320,000

See accompanying Notes to the Schedule of Investments

0

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2022 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Common Stock in Private Companies(b) — 35.1% (Continued)
Analytics/Big Data — 3.7%
Baktus, Inc.(a)	Apr 2015		9,740	$	1,500,951	$	20,454
Dataminr, Inc.(a)	Sep 2015		189,583		1,559,716		6,754,842
Domino Data Lab, Inc.(a)	Apr 2021		330,000		4,118,400		5,167,800
Dremio Corp.(a)(c)	Dec 2021		166,664		1,018,383		1,361,645
INRIX, Inc.(a)	May 2014		133,238		3,026,249		6,200,630
SingleStore, Inc.(a)	May 2020		1,678,366		8,010,544		10,775,110
Tealium, Inc.(a)	Sep 2020		200,000		1,300,000		2,444,000
ThoughtSpot, Inc.(a)	Oct 2018		162,087		1,745,759		4,267,751
					22,280,002		36,992,232
Artificial Intelligence — 2.9%
Brain Corp.(a)	Dec 2020		2,375,000		9,540,000		10,260,000
Cerebras Systems, Inc.(a)	Feb 2022		309,813		6,946,627		6,648,587
Nanotronics Imaging, Inc.(a)	Aug 2022		76,504		7,803,408		12,626,144
					24,290,035		29,534,731
Clean Technology — 0.0%
WiTricity Holdings, Inc.(a)(c)	Mar 2021		166,667		1,667		500,001
e-Commerce — 0.6%
1661, Inc. (d.b.a. GOAT)(a)(c)	Sep 2021		128,148		760,724		707,377
CaaStle, Inc.(a)	Mar 2022		859,884		0		5,021,722
					760,724		5,729,099
Education — 1.6%
Course Hero, Inc.(a)	Jun 2020		270,000		3,429,200		9,385,200
Eruditus Learning Solutions Pte., Ltd.(a)(c)	Aug 2021		36,265		5,092,426		4,969,756
Udacity, Inc.(a)	Nov 2018		448,075		2,884,586		2,258,298
					11,406,212		16,613,254
Enterprise Software — 3.1%
Algolia, Inc.(a)	Jan 2020		45,000		420,000		1,248,750
Automation Anywhere, Inc.(a)	Jul 2021		189,449		4,019,940		3,586,269
D2iQ, Inc.(a)	Feb 2019		165,000		1,605,450		272,250
Docker, Inc.(a)	May 2017		2,500		531,250		74,150
EquipmentShare.com, Inc.(a)	Oct 2021		694,800		9,985,874		10,755,504
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.)(a)	May 2019		788,562		3,420,734		6,150,784
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.)(a)	Nov 2020		190,009		1,235,126		1,540,821
Trax, Ltd. (a)	Mar 2020		149,970		5,100,000		7,897,420
					26,318,374		31,525,948

See accompanying Notes to the Schedule of Investments

1

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2022 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Common Stock in Private Companies(b) — 35.1% (Continued)
Finance/Payments — 4.5%
Betterment Holdings, Inc.(a)	Mar 2021		1,457,800	$	14,999,995	$	18,047,564
Circle Internet Financial, Ltd.(a)	Apr 2018		290,200		2,604,825		14,205,290
ConsenSys Software, Inc.(a)	May 2022		31,010		3,703,824		4,191,312
Payward, Inc. (d.b.a. Kraken)(a)	Jun 2021		105,218		5,079,228		5,403,997
Prosper Marketplace, Inc.(a)	Jan 2016		244,130		1,307,998		180,656
Upgrade, Inc.(a)	Apr 2022		661,053		2,900,002		3,622,570
					30,595,872		45,651,389
Hardware — 0.3%
Tempo Automation, Inc.(a)	Aug 2019		550,000		1,868,000		2,975,500
Healthcare/Biotech — 2.8%
Click Therapeutics, Inc. (a)	Nov 2020		1,000,000		3,500,000		3,240,000
Color Health, Inc. (a)	Feb 2022		139,486		10,039,927		13,944,416
Devoted Health, Inc. (a)	Aug 2022		177,776		9,999,953		9,999,900
ZocDoc, Inc.(a)	Feb 2015		61,016		1,321,708		1,084,254
					24,861,588		28,268,570
Hosting/Storage — 0.4%
Rubrik, Inc.(a)	Sep 2019		126,281		3,220,166		3,847,782
Security — 4.7%
Arctic Wolf Networks, Inc.(a)	Dec 2021		1,522,151		16,045,660		14,445,213
Code42 Software, Inc.(a)	May 2016		330,000		754,500		960,300
Contrast Security, Inc. (a)	Sep 2022		31,250		255,000		455,625
Exabeam, Inc.(a)	Jul 2021		54,500		1,590,855		1,414,275
Lookout, Inc.(a)	Jul 2022		1,869,160		10,000,006		20,093,470
Malwarebytes, Inc.(a)	Dec 2019		188,173		1,129,038		3,095,446
Tanium, Inc.(a)	Apr 2019		640,000		4,787,200		6,502,400
					34,562,259		46,966,729
Software — 1.1%
Discord, Inc.(a)(c)	Dec 2021		9,091		5,125,792		4,994,504
Mynd Management, Inc.(a)	Dec 2021		340,202		6,130,637		6,062,400
					11,256,429		11,056,904
Transportation — 0.8%
Flexport, Inc.(a)	Jul 2022		538,387		7,260,075		7,747,389
TOTAL COMMON STOCK IN PRIVATE COMPANIES					251,239,176		354,042,110
Preferred Stock in Private Companies(b) — 37.0%
Advertising — 0.0%
GroundTruth, Inc., Preferred Series B-1(a)	Jan 2017		600,000		149,200		138,000

See accompanying Notes to the Schedule of Investments

2

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2022 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Preferred Stock in Private Companies(b) — 37.0% (Continued)
Aerospace — 3.5%
Axiom Space, Inc., Preferred Series B(a)	Dec 2020		32,221	$	2,019,958	$	5,761,759
Beta Technologies, Inc., Preferred Series A(a)	Apr 2021		40,944		2,999,967		4,224,193
Beta Technologies, Inc., Preferred Series B(a)	Apr 2022		58,156		5,999,954		5,999,955
Radian Aerospace, Inc., Preferred Series Seed 2(a)	Sep 2021		607,336		1,999,997		1,998,135
Relativity Space, Inc., Preferred Series E(a)	Jul 2021		437,922		10,299,992		9,993,380
Voyager Space Holdings, Inc., Preferred Series B(a)	Mar 2022		192,061		7,499,982		7,499,982
					30,819,850		35,477,404
AgTech — 1.8%
CIBO Technologies, Inc., Preferred Series C(a)(c)	Aug 2021		600,000		3,090,000		2,850,000
Farmer's Business Network, Inc., Preferred Series G(a)	Sep 2021		160,880		10,199,946		9,895,729
Invaio Sciences, Inc., Preferred Series C(a)(c)	Mar 2021		1,061,390		5,150,000		5,264,494
					18,439,946		18,010,223
Analytics/Big Data — 3.5%
Databricks, Inc., Preferred Series G(a)(c)	Jul 2022		182,664		10,799,704		12,086,877
Dataminr, Inc., Preferred Series A(a)	Apr 2019		20,000		198,000		712,600
Dataminr, Inc., Preferred Series B(a)	Apr 2019		87,496		866,211		3,117,482
Dremio Corp., Preferred Series E(a)(c)	Dec 2021		469,594		4,070,000		3,921,110
Heap, Inc., Preferred Series C(a)	May 2019		1,361,503		4,999,997		10,783,104
Heap, Inc., Preferred Series D(a)	Nov 2021		84,047		711,170		689,185
Pavilion Data Systems, Inc., Preferred Series C-1(a)	Apr 2021		2,038,687		6,059,997		4,118,148
					27,705,079		35,428,506
Artificial Intelligence — 2.6%
Nanotronics Imaging, Inc., Preferred Series F-2(a)	Apr 2022		90,888		15,300,066		15,000,065
VerbIT, Inc., Preferred Series A(a)	Nov 2021		47,640		693,256		673,496
VerbIT, Inc., Preferred Series B(a)	Nov 2021		288,180		4,194,173		4,074,055
VerbIT, Inc., Preferred Series E-1(a)	Nov 2021		423,720		6,166,668		6,081,954
VerbIT, Inc., Preferred Series Seed 2(a)	Nov 2021		65,000		945,904		918,917
					27,300,067		26,748,487
Clean Technology — 0.4%
WiTricity Holdings, Inc., Preferred Series A(a)	Oct 2020		1,000,000		1,020,000		3,000,000
WiTricity Holdings, Inc., Preferred Series B(a)	Jun 2022		333,253		999,999		999,759
					2,019,999		3,999,759
Consumer Web — 0.0%
Trusper, Inc. (d.b.a. Musely), Preferred Series B(a)	Oct 2014		7,961		100,012		129,366

See accompanying Notes to the Schedule of Investments

3

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2022 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Preferred Stock in Private Companies(b) — 37.0% (Continued)
e-Commerce — 5.7%
1661, Inc. (d.b.a. GOAT), Preferred Series A-1(a)(c)	Sep 2021		112,563	$	668,206	$	621,348
1661, Inc. (d.b.a. GOAT), Preferred Series A-5(a)(c)	Sep 2021		2,394		14,211		13,215
1661, Inc. (d.b.a. GOAT), Preferred Series A-7(a)(c)	Sep 2021		146,495		869,637		808,652
1661, Inc. (d.b.a. GOAT), Preferred Series B(a)(c)	Sep 2021		231,687		1,375,362		1,278,912
1661, Inc. (d.b.a. GOAT), Preferred Series C(a)(c)	Sep 2021		237,913		1,412,322		1,313,280
CaaStle, Inc., Preferred Series A-12(a)	Dec 2021		1,740,786		10,792,870		10,496,940
GrubMarket, Inc., Preferred Series D(a)	Oct 2020		440,742		1,999,999		6,318,654
GrubMarket, Inc., Preferred Series E(a)	Jun 2021		1,520,838		14,999,995		21,803,342
GrubMarket, Inc., Preferred Series F(a)	Feb 2022		697,526		9,999,982		10,000,012
Lyst, Ltd., Preferred Series E(a)	Jul 2021		401,929		5,172,500		4,630,222
					47,305,084		57,284,577
Education — 0.6%
Yanka Industries, Inc. (d.b.a. MasterClass), Preferred Series Seed 1(a)	Jul 2021		193,100		6,146,189		5,725,415
Enterprise Software — 4.0%
Checkr, Inc., Preferred Series A-1(a)	Mar 2020		150,000		1,405,000		2,824,500
Cohere Technologies, Inc., Preferred Series D-1(a)	Feb 2022		279,571		1,999,995		1,940,223
Cohere Technologies, Inc., Preferred Series D-2(a)	Dec 2020		386,038		2,071,233		2,590,315
EquipmentShare.com, Inc., Preferred Series E(a)	May 2022		323,064		4,999,997		5,001,031
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series E(a)	May 2021		638,843		4,599,996		4,982,975
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series F(a)	Jun 2022		1,923,076		14,999,993		14,999,993
Ocrolus, Inc., Preferred Series C(a),(c)	Aug 2021		438,327		3,062,500		2,669,411
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.), Preferred Series Seed 2(a)	Nov 2020		123,819		804,870		1,004,073
Trax, Ltd., Pre IPO(a)	Mar 2021		76,722		3,999,978		4,040,181
					37,943,562		40,052,702
Finance/Payments — 5.4%
Betterment Holdings, Inc., Preferred Series F(a)	Sep 2021		318,380		3,999,999		3,970,199
BlockFi, Inc., Preferred Series E(a)(c)	Jul 2021		40,201		3,045,000		800,000
ConsenSys Software, Inc., Preferred Series D(a)(c)	Feb 2022		35,699		5,075,000		4,917,537
Fundbox, Ltd., Preferred Series C(a)	Jun 2019		439,552		4,999,992		6,197,683
Fundbox, Ltd., Preferred Series D(a)	Sep 2021		531,914		7,499,988		7,499,987
Payward, Inc. (d.b.a. Kraken), Preferred Series A(a)	Nov 2021		262,210		13,768,164		13,467,106
Payward, Inc. (d.b.a. Kraken), Preferred Series Seed(a)	Apr 2022		67,000		3,505,340		3,441,120
Prosper Marketplace, Inc., Preferred Series A(a)	Jan 2016		55,395		305,781		40,992
Prosper Marketplace, Inc., Preferred Series A-1(a)	Jan 2016		58,165		116		86,666
Ripple Labs, Inc., Preferred Series A(a)	Dec 2018		42,000		504,000		2,674,560
Upgrade, Inc., Preferred Series C-1(a)	Mar 2022		2,000,000		10,160,000		10,960,000
					52,863,380		54,055,850

See accompanying Notes to the Schedule of Investments

4

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2022 (Unaudited)

	Acquisition Date	Shares/ Principal		Cost		Fair Value
Preferred Stock in Private Companies(b) — 37.0% (Continued)
FoodTech — 0.5%
Impossible Foods, Inc., Preferred Series H-1(a)(c)	Nov 2021		153,494	$	3,746,778	$	3,608,644
Impossible Foods, Inc., Preferred Series H-2(a)(c)	Nov 2021		53,389		1,303,222		1,255,175
					5,050,000		4,863,819
Hardware — 0.3%
Hydrow, Inc., Preferred Series D(a)	Feb 2022		435,304		4,999,989		2,612,521
Healthcare/Biotech — 2.1%
Click Therapeutics, Inc., Preferred Series A(a)	Nov 2020		60,087		210,304		194,682
Collective Health, Inc., Preferred Series F(a)	May 2021		3,989,361		3,120,000		2,752,659
Crossover Health Management Services, Inc., Preferred Series D(a)	Mar 2021		239,125		8,503,127		9,983,469
Omada Health, Inc., Preferred Series E(a)	Dec 2021		1,334,400		7,999,995		7,939,680
ZocDoc, Inc., Preferred Series A(a)	Feb 2015		35,000		875,000		621,950
					20,708,426		21,492,440
Security — 2.3%
Contrast Security, Inc., Preferred Series A(a)	Jul 2022		828,514		10,300,003		12,079,734
Cybereason, Inc., Preferred Series F(a)(c)	Jul 2021		1,510,600		7,631,457		7,130,032
Exabeam, Preferred Series A(a)	Nov 2020		80,000		1,020,000		2,076,000
Lookout, Inc., Preferred Series A(a)	Feb 2015		204,000		1,927,800		2,193,000
					20,879,260		23,478,766
Software — 1.0%
Roofstock, Inc., Preferred Series E(a)	Mar 2022		339,154		9,999,990		9,706,587
Transportation — 3.3%
Clearmotion, Inc., Preferred Series A-4(a)	Mar 2022		12,954,589		1,250,000		1,562,323
Flexport, Inc., Preferred Series A(a)	Jun 2022		580,165		8,489,030		8,348,574
Flexport, Inc., Preferred Series B-1(a)	Jul 2022		69,790		944,665		1,004,278
Flexport, Inc., Preferred Series D-3(a)	Jul 2022		82,613		1,117,776		1,188,801
Hyperloop Technologies, Inc., Preferred Series B-1(a)	Jun 2017		4,144		999,999		137,001
Hyperloop Technologies, Inc., Preferred Series C(a)	May 2019		12,992		37,938		37,937
Loadsmart, Inc., Preferred Series D(a)	Jan 2022		500,000		10,000,000		9,970,000
Neutron Holdings, Inc. (d.b.a. Lime), Preferred Series 1-D(a)	Mar 2019		20,618,556		5,000,000		1,855,670
Turo, Inc., Preferred Series D-1(a)	Jun 2018		628,035		2,932,295		9,470,768
					30,771,703		33,575,352
TOTAL PREFERRED STOCK IN PRIVATE COMPANIES					343,201,736		372,779,774
Simple Agreement for Future Equity in Private Companies(b) — 0.1%
Aerospace — 0.1%
Xplore, Inc.(a)	Feb 2022	$	1,000,000		1,000,000		1,000,000
TOTAL  SIMPLE AGREEMENT FOR FUTURE EQUITY IN PRIVATE COMPANIES					1,000,000		1,000,000
Convertible Notes in Private Companies(b) — 6.0%
Aerospace — 1.5%
Axiom Space, Inc., 3.00% 8/11/2023	Aug 2021	$	15,000,000		15,000,000		15,000,000
Hosting/Storage — 1.0%
TMGcore, Inc., 4.00% 8/11/2026	Dec 2021	$	10,000,000		10,000,000		10,000,000

See accompanying Notes to the Schedule of Investments

5

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2022 (Unaudited)

	Acquisition Date	Shares/ Principal/Units		Cost		Fair Value
Convertible Notes in Private Companies(b) — 6.0% (Continued)
Software — 2.0%
Tradeshift Holdings, Inc., 3.00% 6/16/2023	Jun 2021	$	10,000,000	$	10,035,343	$	10,000,000
Tradeshift Holdings, Inc., 5.00% 11/22/2023(d)	Nov 2021	$	5,000,000		5,000,000		5,000,000
Tradeshift Holdings, Inc., 5.00% 3/25/2024	Mar 2022	$	5,000,000		5,000,000		5,000,000
					20,035,343		20,000,000
Transportation — 1.5%
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 10/29/2025	Oct 2021	$	15,000,000		15,000,000		15,000,000
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 6/1/2027	Jun 2020	$	253,169		253,169		253,169
					15,253,169		15,253,169
TOTAL CONVERTIBLE NOTES IN PRIVATE COMPANIES					60,288,512		60,253,169
Warrants in Private Companies(b) — 1.1%
Software — 1.1%
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 11/21/2031(a)	Nov 2021		213,797		0		2,687,685
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 9/9/2031(a)	Dec 2021		427,594		0		5,375,370
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 3/25/2032(a)	Mar 2022		213,797		0		2,687,663
					0		10,750,718
Transportation — 0.0%
Clearmotion, Inc., Exercise Price $2.70, Exercise Date 3/9/2029(a)	Mar 2022		5,181,836		0		488,129
Neutron Holdings, Inc. (d.b.a. Lime), Exercise Price $0.01, Exercise Date 6/2/2027(a)	Jun 2020		25,317		0		1,939
					0		490,068
TOTAL WARRANTS IN PRIVATE COMPANIES					0		11,240,786
Short-Term Investments — 19.3%
Demand Deposit — 19.3%
Goldman Sachs Government Fund, 2.87%, (e)					195,294,827		195,294,827
TOTAL SHORT-TERM INVESTMENTS					195,294,827		195,294,827

See accompanying Notes to the Schedule of Investments

6

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2022 (Unaudited)

	Acquisition Date	Shares	Cost		Fair Value
TOTAL INVESTMENTS — 99.8%			$	870,776,682	$	1,006,706,912
Other assets less liabilities — 0.2%						1,655,693
NET ASSETS — 100.0%					$	1,008,362,605

(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, 2022 restricted securities represented 79.59% of the net assets of the Fund.
(c)	These securities have been purchased through Special Purpose Vehicles in which the Fund has a direct investment of ownership units of the Vehicles. The shares, cost basis and fair value stated are determined based on the underlying securities purchased by the Vehicle and the Fund’s ownership percentage.
(d)	Denotes a variable rate security. The rate shown is the current interest rate as of September 30, 2022.
(e)	Represents the 7-day effective yield as of September 30, 2022.

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

7