The Private Shares Fund (PRIVX) NPORT-P The Private Shares Fund (Mar 2024 report)

THE PRIVATE SHARES FUND

Schedule of Investments

March 31, 2024 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Common Stock in Private Companies(a),(B) — 39.7%
3D Printing — 0.2%
Carbon, Inc.	Jun 2019		158,853	$	2,125,214	$	1,671,134
Advertising — 2.6%
GroundTruth, Inc.	Oct 2016		1,659,427		446,424		315,291
NextRoll, Inc.	Mar 2017		2,367,054		16,079,048		21,256,145
OpenX Software, Ltd.	Jun 2015		2,899,297		2,615,386		2,464,402
					19,140,858		24,035,838
Aerospace — 5.4%
Axiom Space, Inc.	Mar 2021		29,543		5,099,983		4,990,699
Relativity Space, Inc.	Oct 2021		437,922		9,999,993		9,926,378
Space Exploration Technologies Corp.	May 2019		360,330		7,386,765		34,952,010
					22,486,741		49,869,087
AgTech — 0.3%
Farmer's Business Network, Inc.	Sep 2021		119,676		5,042,625		2,462,932
Analytics/Big Data — 5.1%
Content Square SAS	Dec 2023		544,905		3,740,557		3,740,555
Dataminr, Inc.	Sep 2015		567,043		6,559,226		12,871,876
Domino Data Lab, Inc.	Apr 2021		330,000		4,118,400		5,002,800
Dremio Corp.(c)	Dec 2021		166,664		1,030,883		876,652
INRIX, Inc.	May 2014		133,238		3,026,249		5,682,601
SingleStore, Inc.	May 2020		2,148,366		10,359,604		13,276,902
Tealium, Inc.	Sep 2020		200,000		1,300,000		2,000,000
ThoughtSpot, Inc.	Oct 2018		162,087		1,745,759		4,186,707
					31,880,678		47,638,093
Artificial Intelligence — 3.7%
Brain Corp.	Dec 2020		2,375,000		9,540,000		12,540,000
Cerebras Systems, Inc.	Feb 2022		309,813		6,946,627		8,039,648
Nanotronics Imaging, Inc.	Aug 2022		76,504		7,803,408		13,776,075
					24,290,035		34,355,723
Clean Technology — 0.1%
WiTricity Holdings, Inc.(c)	Mar 2021		166,667		1,667		480,001
e-Commerce — 0.9%
1661, Inc. (d.b.a. GOAT)(c)	Sep 2021		128,148		760,724		506,185
CaaStle, Inc.	Mar 2022		1,174,400		3,057,263		8,279,520
					3,817,987		8,785,705

See accompanying Notes to the Schedule of Investments

1

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2024 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Common Stock in Private Companies(a),(b) — 39.7% (Continued)
Education — 1.3%
Eruditus Learning Solutions Pte., Ltd.(c)	Aug 2021		36,264	$	5,119,626	$	4,053,953
Learneo, Inc. (f.k.a. Course Hero, Inc.)	Jun 2020		270,000		3,429,200		7,371,000
Udacity, Inc.	Nov 2018		448,075		2,884,586		501,844
					11,433,412		11,926,797
Enterprise Software — 2.4%
Automation Anywhere, Inc.	Jul 2021		189,449		4,019,940		1,957,008
Docker, Inc.	May 2017		2,500		531,250		71,000
EquipmentShare.com, Inc.	Oct 2021		694,800		9,985,874		10,317,780
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.)	May 2019		788,562		3,420,734		6,537,179
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.)	Nov 2020		190,007		1,235,126		1,434,553
Trax, Ltd.	Mar 2020		149,970		5,100,000		2,459,508
					24,292,924		22,777,028
Finance/Payments — 4.3%
Betterment Holdings, Inc.	Mar 2021		1,457,800		14,999,995		17,814,316
Circle Internet Financial, Ltd.	Apr 2018		290,200		2,604,825		12,446,678
ConsenSys Software, Inc.	May 2022		31,010		3,703,824		4,343,261
Payward, Inc. (d.b.a. Kraken)	Jun 2021		105,218		5,079,228		2,706,207
Prosper Marketplace, Inc.	Jan 2016		244,130		1,307,998		68,356
Upgrade, Inc.	Apr 2022		661,053		2,900,002		2,974,738
					30,595,872		40,353,556
FoodTech — 0.7%
Impossible Foods, Inc.	Oct 2022		373,248		3,569,496		6,169,789
Games — 1.1%
Epic Games, Inc.	Nov 2022		17,168		10,826,013		10,451,192
Healthcare/Biotech — 2.5%
Click Therapeutics, Inc.	Nov 2020		1,000,000		3,500,000		3,910,000
Color Health, Inc.	Feb 2022		139,486		10,039,927		8,874,100
Devoted Health, Inc.	Aug 2022		177,776		9,999,953		9,999,900
ZocDoc, Inc.	Feb 2015		61,016		1,321,708		676,057
					24,861,588		23,460,057
Hosting/Storage — 0.3%
Rubrik, Inc.	Sep 2019		134,281		3,401,166		3,037,436

See accompanying Notes to the Schedule of Investments

2

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2024 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Common Stock in Private Companies(a),(b) — 39.7% (Continued)
Security — 5.8%
Arctic Wolf Networks, Inc.	Dec 2021		2,072,651	$	20,456,420	$	21,949,374
Code42 Software, Inc.	May 2016		330,000		754,500		1,029,600
Contrast Security, Inc.	Sep 2022		31,250		255,000		405,313
Exabeam, Inc.	Jul 2021		47,858		1,396,977		1,396,975
Lookout, Inc.	Jul 2022		1,869,160		10,000,006		18,579,450
Malwarebytes, Inc.	Dec 2019		134,900		809,400		1,121,019
Snyk, Ltd.	Mar 2023		392,707		2,932,070		4,590,745
Tanium, Inc.	Apr 2019		640,000		4,787,200		4,537,600
					41,391,573		53,610,076
Software — 2.6%
Discord, Inc.(c)	Dec 2021		45,694		18,405,998		20,374,040
Mynd Management, Inc.	Dec 2021		340,202		6,130,637		4,211,701
					24,536,635		24,585,741
Transportation — 0.4%
Flexport, Inc.	Jul 2022		538,387		7,256,025		3,526,435
TOTAL COMMON STOCK IN PRIVATE COMPANIES					290,950,509		369,196,620
Preferred Stock in Private Companies(a),(b) — 44.5%
Advertising — 0.0%
GroundTruth, Inc., Preferred Series B-1	Jan 2017		600,000		149,200		114,000
Aerospace — 6.0%
Axiom Space, Inc., Preferred Series B	Dec 2020		32,221		2,019,958		5,443,094
Axiom Space, Inc., Preferred Series C-1	Aug 2021		108,731		15,612,740		18,367,928
Beta Technologies, Inc., Preferred Series A	Apr 2021		40,944		2,999,967		4,651,648
Beta Technologies, Inc., Preferred Series B	Apr 2022		58,156		5,999,954		6,607,103
Radian Aerospace, Inc., Preferred Series Seed 2	Sep 2021		607,336		1,999,997		2,350,390
Relativity Space, Inc., Preferred Series E	Jul 2021		437,922		10,299,992		9,926,378
Voyager Space Holdings, Inc., Preferred Series B	Mar 2022		192,061		7,499,982		8,416,113
Voyager Space Holdings, Inc., Preferred Series C	Mar 2024		11,410		499,986		499,986
					46,932,576		56,262,640
AgTech — 1.6%
CIBO Technologies, Inc., Preferred Series C(c)	Aug 2021		600,000		3,090,000		2,970,000
Farmer's Business Network, Inc., Preferred Series G	Sep 2021		128,704		10,199,946		5,356,660
Invaio Sciences, Inc., Preferred Series C(c)	Mar 2021		1,061,390		5,150,000		6,102,993
					18,439,946		14,429,653

See accompanying Notes to the Schedule of Investments

3

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2024 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Preferred Stock in Private Companies(a),(b) — 44.5%  (Continued)
Analytics/Big Data — 2.2%
Content Square SAS, Preferred Series F	Dec 2023		160,410	$	1,693,701	$	1,693,705
Databricks, Inc., Preferred Series G(c)	Jul 2022		182,664		10,807,205		13,425,804
Dataminr, Inc., Preferred Series A	Apr 2019		20,000		198,000		454,000
Dataminr, Inc., Preferred Series B	Apr 2019		87,496		866,211		1,986,159
Dremio Corp., Preferred Series E(c)	Dec 2021		469,594		4,120,000		3,263,678
					17,685,117		20,823,346
Artificial Intelligence — 2.9%
Nanotronics Imaging, Inc., Preferred Series F-2	Apr 2022		90,888		15,300,066		16,366,202
VerbIT, Inc., Preferred Series A	Nov 2021		47,640		693,256		588,354
VerbIT, Inc., Preferred Series B	Nov 2021		288,180		4,194,173		3,559,023
VerbIT, Inc., Preferred Series E-1	Nov 2021		423,720		6,166,668		5,720,220
VerbIT, Inc., Preferred Series Seed 2	Nov 2021		65,000		945,904		802,750
					27,300,067		27,036,549
Clean Technology — 0.4%
WiTricity Holdings, Inc., Preferred Series A	Oct 2020		1,000,000		1,020,000		2,880,000
WiTricity Holdings, Inc., Preferred Series B	Jun 2022		333,253		999,999		979,764
					2,019,999		3,859,764
Consumer Web — 0.0%
Trusper, Inc. (d.b.a. Musely), Preferred Series B	Oct 2014		7,961		100,012		97,761
e-Commerce — 8.5%
1661, Inc. (d.b.a. GOAT), Preferred Series A-1(c)	Sep 2021		112,563		668,206		444,624
1661, Inc. (d.b.a. GOAT), Preferred Series A-5(c)	Sep 2021		2,394		14,211		9,456
1661, Inc. (d.b.a. GOAT), Preferred Series A-7(c)	Sep 2021		146,495		869,637		578,655
1661, Inc. (d.b.a. GOAT), Preferred Series B(c)	Sep 2021		231,687		1,375,362		915,164
1661, Inc. (d.b.a. GOAT), Preferred Series C(c)	Sep 2021		237,913		1,412,322		939,756
CaaStle, Inc., Preferred Series A-12	Dec 2021		1,801,270		8,110,608		12,698,954
GrubMarket, Inc., Preferred Series D	Oct 2020		440,742		1,999,999		10,036,511
GrubMarket, Inc., Preferred Series E	Jun 2021		1,520,838		14,999,995		34,632,295
GrubMarket, Inc., Preferred Series F	Feb 2022		697,526		9,999,982		15,883,957
Lyst, Ltd., Preferred Series E	Jul 2021		401,929		5,172,500		3,191,316
					44,622,822		79,330,688
Education — 0.1%
Yanka Industries, Inc. (d.b.a. MasterClass), Preferred Series Seed 1	Jul 2021		193,100		6,146,189		942,328

See accompanying Notes to the Schedule of Investments

4

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2024 (Unaudited)

	Acquisition Date	Shares		Cost		Fair Value
Preferred Stock in Private Companies(a),(b) — 44.5%  (Continued)
Enterprise Software — 4.3%
Checkr, Inc., Preferred Series A-1	Mar 2020		150,000	$	1,405,000	$	2,653,500
Cohere Technologies, Inc., Preferred Series D-1	Feb 2022		279,571		1,999,995		1,998,933
Cohere Technologies, Inc., Preferred Series D-2	Dec 2020		386,038		2,071,233		2,760,172
EquipmentShare.com, Inc., Preferred Series E	May 2022		323,064		4,999,997		4,900,881
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series E	May 2021		638,843		4,599,996		5,296,008
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series F	Jun 2022		1,923,076		14,999,993		15,942,300
Ocrolus, Inc., Preferred Series C(c)	Aug 2021		438,327		3,099,950		2,998,157
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.), Preferred Series Seed 2	Nov 2020		123,819		804,870		934,833
Trax, Ltd., Pre IPO	Mar 2021		76,722		3,999,978		2,777,336
					37,981,012		40,262,120
Finance/Payments — 5.2%
Betterment Holdings, Inc., Preferred Series F	Sep 2021		318,380		3,999,999		3,947,912
ConsenSys Software, Inc., Preferred Series D(c)	Feb 2022		35,699		5,075,000		5,000,002
Fundbox, Ltd., Preferred Series C	Jun 2019		439,552		4,999,992		6,320,758
Fundbox, Ltd., Preferred Series D	Sep 2021		531,914		7,499,988		7,648,924
Payward, Inc. (d.b.a. Kraken), Preferred Series A	Nov 2021		262,210		13,768,164		6,744,041
Payward, Inc. (d.b.a. Kraken), Preferred Series Seed	Apr 2022		67,000		3,505,340		1,723,240
Prosper Marketplace, Inc., Preferred Series A	Jan 2016		55,395		305,781		19,388
Prosper Marketplace, Inc., Preferred Series A-1	Jan 2016		58,165		116		16,286
Ripple Labs, Inc., Preferred Series A	Dec 2018		42,000		504,000		2,125,620
Upgrade, Inc., Preferred Series C-1	Mar 2022		3,290,000		14,159,000		14,805,000
					53,817,380		48,351,171
FoodTech — 1.2%
Impossible Foods, Inc., Preferred Series E-1	Nov 2022		400,000		4,080,000		6,612,000
Impossible Foods, Inc., Preferred Series H-1(c)	Nov 2021		153,494		3,746,778		3,145,092
Impossible Foods, Inc., Preferred Series H-2(c)	Nov 2021		53,389		1,303,222		1,093,941
					9,130,000		10,851,033
Hardware — 0.3%
Hydrow, Inc., Preferred Series D	Feb 2022		435,304		4,999,989		2,411,584

See accompanying Notes to the Schedule of Investments

5

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2024 (Unaudited)

	Acquisition Date	Shares/Principal		Cost		Fair Value
Preferred Stock in Private Companies(a),(b) — 44.5%  (Continued)
Healthcare/Biotech — 2.6%
Click Therapeutics, Inc., Preferred Series A	Nov 2020		60,087	$	210,304	$	234,940
Collective Health, Inc., Preferred Series F	May 2021		3,989,361		3,120,000		2,273,936
Crossover Health Management Services, Inc., Preferred Series D	Mar 2021		269,378		9,578,899		14,223,158
Devoted Health, Inc., Preferred Series E	Dec 2023		8,888		499,953		499,950
Omada Health, Inc., Preferred Series E	Dec 2021		1,334,400		7,999,995		6,471,840
ZocDoc, Inc., Preferred Series A	Feb 2015		35,000		875,000		387,800
					22,284,151		24,091,624
Security — 3.5%
Contrast Security, Inc., Preferred Series A	Jul 2022		828,514		10,300,003		10,745,827
Contrast Security, Inc., Preferred Series C	Nov 2022		1,164,596		7,649,998		15,104,810
Cybereason, Inc., Preferred Series F(c)	Jul 2021		1,510,600		7,631,457		2,398,306
Exabeam, Inc., Preferred Series A	Nov 2020		80,000		1,020,000		2,335,200
Exabeam, Inc., Preferred Series F-1	Jun 2023		6,642		193,878		193,880
Lookout, Inc., Preferred Series A	Feb 2015		204,000		1,927,800		2,027,760
					28,723,136		32,805,783
Software — 2.6%
Roofstock, Inc., Preferred Series E	Mar 2022		339,154		9,999,990		7,831,066
Tradeshift Holdings, Inc., Preferred Series E	Jun 2021		910,183		6,527,786		15,964,610
					16,527,776		23,795,676
Transportation — 3.1%
Clearmotion, Inc., Preferred Series A-3	Mar 2022		2,075,885		341,068		415,177
Clearmotion, Inc., Preferred Series A-4	Mar 2022		12,954,589		908,932		2,590,918
Clearmotion, Inc., Preferred Series B	Mar 2023		2,484,760		500,000		571,495
Flexport, Inc., Preferred Series A	Jun 2022		580,165		8,489,030		3,800,081
Flexport, Inc., Preferred Series B-1	Jul 2022		69,790		944,665		457,124
Flexport, Inc., Preferred Series D-3	Jul 2022		82,613		1,117,776		541,115
Loadsmart, Inc., Preferred Series D	Jan 2022		500,000		10,000,000		10,000,000
Neutron Holdings, Inc. (d.b.a. Lime), Preferred Series 1-D	Mar 2019		20,618,556		5,000,000		1,301,031
Turo, Inc., Preferred Series D-1	Jun 2018		314,017		2,932,295		9,549,257
					30,233,766		29,226,198
TOTAL PREFERRED STOCK IN PRIVATE COMPANIES					367,093,138		414,691,918
Convertible Notes of Private Companies(b) — 4.9%
AgTech — 0.1%
Farmer's Business Network, Inc., 15.00% 9/28/2025	Sep 2023	$	350,000		350,000		350,000
Artificial Intelligence — 0.3%
Nanotronics Imaging, Inc., 5.00% 4/25/2025	Apr 2023	$	3,000,000		3,000,000		3,087,839

See accompanying Notes to the Schedule of Investments

6

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2024 (Unaudited)

	Acquisition Date	Principal/Units/ Commitment		Cost		Fair Value
Convertible Notes of Private Companies(b) — 4.9% (Continued)
Hosting/Storage — 1.1%
TMGcore, Inc., 4.00% 8/11/2026	Dec 2021	$	10,476,362	$	10,476,362	$	10,476,362
Security — 0.0%
Exabeam, Inc., 12.00% 6/15/2028	Jun 2023	$	87,259		86,464		87,259
Software — 1.5%
Tradeshift Holdings, Inc., 6.00% 11/22/2023(d),(e)	Nov 2021	$	5,484,499		3,059,144		6,009,541
Tradeshift Holdings, Inc., 7.00% 3/25/2024(e)	Mar 2022	$	5,502,558		2,964,506		6,009,541
Tradeshift Holdings, Inc., 12.00% 4/3/2025	Apr 2023	$	2,492,835		2,492,835		2,238,768
					8,516,485		14,257,850
Transportation — 1.9%
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 6/1/2027	Jun 2020	$	253,169		252,362		446,575
Neutron Holdings, Inc. (d.b.a. Lime), 5.50% 10/29/2025(d)	Oct 2021	$	16,581,986		16,581,986		17,285,182
					16,834,348		17,731,757
TOTAL CONVERTIBLE NOTES OF PRIVATE COMPANIES					39,263,659		45,991,067
Warrants of Private Companies (a),(b) — 0.3%
Analytics/Big Data — 0.0%
Content Square SAS, Exercise Price $0.0001, Exercise Date 6/11/2025	Dec 2023		14,553		153,658		153,658
Software — 0.3%
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 11/21/2031	Nov 2021		213,797		2,425,355		596,493
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 9/9/2031	Dec 2021		427,594		4,570,844		1,192,987
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 3/25/2032	Mar 2022		213,797		2,538,052		596,494
					9,534,251		2,385,974
Transportation — 0.0%
Neutron Holdings, Inc. (d.b.a. Lime), Exercise Price $0.01, Exercise Date 6/2/2027	Jun 2020		1,016,483		807		27,750
TOTAL WARRANTS OF PRIVATE COMPANIES					9,688,716		2,567,382
Simple Agreement for Future Equity of Private Companies(a),(b) — 0.1%
Aerospace — 0.1%
Xplore, Inc.	Feb 2022		1,000,000		1,000,000		1,000,000
Artificial Intelligence — 0.0%
Cubefabs, Inc.	Nov 2023		250,000		250,000		250,000
TOTAL SIMPLE AGREEMENT FOR FUTURE EQUITY OF PRIVATE COMPANIES					1,250,000		1,250,000
Special Purpose Vehicles/PRIVATE FUNDS(a),(b) — 0.2%
Private Funds — 0.2%
Northgate Growth Fund III	Dec 2022				1,450,000		1,413,603
TOTAL SPECIAL PURPOSE VEHICLES/PRIVATE FUNDS					1,450,000		1,413,603

See accompanying Notes to the Schedule of Investments

7

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2024 (Unaudited)

	Acquisition Date	Cost		Fair Value
Short-Term Investments — 10.3%
MUTUAL FUNDS — 10.3%
Goldman Sachs Government Fund, 5.13%(f)		$	44,072,531	$	44,072,531
UMB Money Market II Special, 5.18%(f)			51,456,076		51,456,076
TOTAL SHORT-TERM INVESTMENTS			95,528,607		95,528,607
TOTAL INVESTMENTS — 100.0%			805,224,629		930,639,197
Other assets less liabilities — 0.0%					307,903
NET ASSETS — 100.0%				$	930,947,100

(a)	Equity positions are non-income producing and debt positions are income producing.
(b)	Investments in private companies, and in some cases public companies, may be subject to restrictions on disposition imposed by the issuer. All positions held are non-controlled and non-affiliated investments, as defined by the Investment Company Act of 1940, as amended (“1940 Act”). As of March 31, 2024 restricted securities represented 89.70% of the net assets of the Fund.
(c)	These securities have been purchased through Special Purpose Vehicles/Private Funds in which the Fund has a direct investment of ownership units of the Vehicles. The shares, cost basis and fair value stated are disclosed 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 March 31, 2024.
(e)	These Notes will be converted upon the agreement of legally binding documentation between the Company and HSBC (“HSBC”) with respect to the joint venture between the Company and HSBC (the “HSBC Transactions”), into the right to receive a number of shares of Series E Preferred Stock at the closing of the joint venture between the Company and HSBC (the “Tranche 2 Closing”) equal to the outstanding principal amount of these Notes and all accrued and unpaid interest on these Notes (including PIK interest).
(f)	Represents the 7-day effective yield as of March 31, 2024.

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

See accompanying Notes to the Schedule of Investments

8